J.P. Morgan Asset Management – Risks & disclosures Cover page U.S. 3Q 2025 As of June 30, 2025
Guide to the Markets
Easily illustrate key investing topics during client conversations.
Create custom presentations Listen to audio commentary for each slide Read Dr. David Kelly's speaker notes Global Market Insights Strategy team Page reference
S&P 500 index at inflection points
S&P 500 valuation measures
P/E ratios and equity returns
Sources of earnings growth and profit margins
S&P 500: Index concentration
Magnificent 7 performance and earnings dynamics
Value vs. Growth: Valuations, earnings and performance
Valuation dispersion
Small caps, mid caps and large caps
Returns and valuations by style
Returns and valuations by sector
Bull and bear markets
Annual returns and intra-year declines
Economic growth and the composition of GDP
Components of GDP growth
Recession determinants
U.S. expansions and recessions
Long-term growth drivers
Labor demand
Labor supply
Unemployment and wages
Artificial Intelligence: Investment and implementation
Inflation components
Oil markets
Dollar drivers
Tariffs on U.S. imports
Consumer finances
Federal finances
Consumer confidence and the stock market
The Fed and interest rates
Interest rates and inflation
Fixed income market dynamics
Fixed income investment universe
Yield curve
U.S. Treasury debt dynamics
Credit market dynamics
Fixed income yields
Global fixed income
Municipal finance
Fixed income yields and forward returns
Bond market intermediary capacity and exchange volumes
Global equity markets
Global equity performance and the U.S. dollar
Global equity return composition
Global equity return themes
Global equity valuations
Global equity earnings
Global economic activity momentum
Foreign ownership of U.S. assets
Alternatives: Correlations, returns and yields
Sources of global infrastructure returns
Real estate correlation to equities
U.S. public vs. private equity
Alternatives and manager selection
Asset class returns
Time, diversification and the volatility of returns
Risk investing and the power of compounding
Cash versus a 60/40 portfolio
Investing at all-time highs
Manager dispersion
60/40 portfolio drift
60/40 returns and stock-bond correlation
Single-stock volatility and equity market returns
Capital gains by investment vehicle
Growth and evolution of the ETF market
J.P. Morgan Asset Management – Index definitions J.P. Morgan Asset Management – Index definitions & disclosures J.P. Morgan Asset Management – Risks & disclosures Cover page U.S. 3Q 2025 As of June 30, 2025
Guide to the Markets
Easily illustrate key investing topics during client conversations.
Create custom presentations Listen to audio commentary for each slide Read Dr. David Kelly's speaker notes Global Market Insights Strategy team Page reference
S&P 500 index at inflection points
S&P 500 valuation measures
P/E ratios and equity returns
Sources of earnings growth and profit margins
S&P 500: Index concentration
Magnificent 7 performance and earnings dynamics
Value vs. Growth: Valuations, earnings and performance
Valuation dispersion
Small caps, mid caps and large caps
Returns and valuations by style
Returns and valuations by sector
Bull and bear markets
Annual returns and intra-year declines
Economic growth and the composition of GDP
Components of GDP growth
Recession determinants
U.S. expansions and recessions
Long-term growth drivers
Labor demand
Labor supply
Unemployment and wages
Artificial Intelligence: Investment and implementation
Inflation components
Oil markets
Dollar drivers
Tariffs on U.S. imports
Consumer finances
Federal finances
Consumer confidence and the stock market
The Fed and interest rates
Interest rates and inflation
Fixed income market dynamics
Fixed income investment universe
Yield curve
U.S. Treasury debt dynamics
Credit market dynamics
Fixed income yields
Global fixed income
Municipal finance
Fixed income yields and forward returns
Bond market intermediary capacity and exchange volumes
Global equity markets
Global equity performance and the U.S. dollar
Global equity return composition
Global equity return themes
Global equity valuations
Global equity earnings
Global economic activity momentum
Foreign ownership of U.S. assets
Alternatives: Correlations, returns and yields
Sources of global infrastructure returns
Real estate correlation to equities
U.S. public vs. private equity
Alternatives and manager selection
Asset class returns
Time, diversification and the volatility of returns
Risk investing and the power of compounding
Cash versus a 60/40 portfolio
Investing at all-time highs
Manager dispersion
60/40 portfolio drift
60/40 returns and stock-bond correlation
Single-stock volatility and equity market returns
Capital gains by investment vehicle
Growth and evolution of the ETF market
J.P. Morgan Asset Management – Index definitions J.P. Morgan Asset Management – Index definitions & disclosures J.P. Morgan Asset Management – Risks & disclosures 
