Report published September 1, 2026
J.P. Morgan Alternatives Relative Value Outlook 3Q 2026
Source and citation context
- Issuer
- J.P. Morgan
- Report date
- September 1, 2026
- Analysis as of
- June 30, 2026
Authors / editors: Pulkit Sharma, CFA, CAIA
Finvaulta summarizes J.P. Morgan's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
J.P. Morgan Asset Management's AISS team outlines its 3Q 2026 relative value outlook over a 12–24 month horizon, highlighting higher conviction in Global Infrastructure, Transport, U.S./APAC Real Estate, U.S. REITs, and Private Equity secondaries. Conversely, U.S. Commercial Mortgage Loans and Global Timberland are positioned at lower conviction due to spread compression and higher-for-longer interest rate pressures.
Key Takeaways
- 1.Global infrastructure, global transport, U.S. and APAC real estate, U.S. REITs, and private equity secondaries carry higher relative value conviction over a 12–24 month horizon.
- 2.Global timberland has been downgraded from neutral to lower conviction due to macroeconomic uncertainty and a higher-for-longer interest rate environment impacting product demand.
- 3.Commercial mortgage loans (CMLs) warrant lower conviction as spread compression across property types and potential rate hikes diminish the risk-adjusted return relative to junior debt or equity positions.
Table of Contents
- In brief
- Important considerations for the AISS relative value outlook
- AISS 3Q 2026 outlook: Pricing power and dislocation opportunity
- Credit-like alternatives
- Hybrid alternatives
- Equity-like alternatives
- J-curve alternative asset classes
- Implementing relative value views in a portfolio
- Relative value convictions evolve over time: Approximately 70% accuracy based on historical track record
- Alternatives Investment Strategy & Solutions (AISS)
- Footnotes
Report data
Exhibit 1: AISS 3Q 2026 relative value conviction across asset classes — as of June 30, 2026.
| Metric | Estimate | Context |
|---|---|---|
| J.P. Morgan Asset Management Alternatives Assets Under Management (Gross Asset Value) | 326 USD Billion | Total gross asset value across JPMAM alternatives platform ($248B on NAV basis) |
| J.P. Morgan Asset Management Alternatives Assets Under Management (NAV) | 248 USD Billion | Total NAV of JPMAM alternatives assets |
| Historical Directional Accuracy of AISS 12-24 Month Convictions | 70% | Track record of forward-looking relative value calls |
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Authors / Editors
Reported Data Context
- J.P. Morgan Asset Management Alternatives Assets Under Management (Gross Asset Value): 326 USD Billion (2026-06-30) · Source: J.P. Morgan Asset Management
- J.P. Morgan Asset Management Alternatives Assets Under Management (NAV): 248 USD Billion (2026-06-30) · Source: J.P. Morgan Asset Management
- Historical Directional Accuracy of AISS 12-24 Month Convictions: 70 % · Source: J.P. Morgan Asset Management - AISS