Alternatives Relative Value Outlook Q2 2026

J.P. Morgan's 2Q 2026 outlook for alternatives highlights high conviction in U.S. REITs, infrastructure, and transport leasing amid global macro uncertainty. The report emphasizes the role of AI and geopolitics in driving structural demand for real assets.

Key Takeaways

• 1.U.S. REITs have been upgraded to higher conviction due to strong operating fundamentals and compelling pricing relative to private market valuations.
• 2.Global Infrastructure and utilities are major beneficiaries of the energy demand surge driven by data centers and high-tech manufacturing.
• 3.Geopolitical disruptions are creating a favorable environment for global transport leasing by extending trade routes and increasing asset values.

Table of Contents

• In brief
• Important considerations for the AISS relative value outlook
• AISS 2Q 2026 outlook
• US REITs – Strong operating fundamentals at compelling pricing
• Infrastructure
• US real estate
• J-curve alternative asset classes
• Global transport leasing
• Additional Relative Value Conviction Highlights
• Implementing relative value views in a portfolio
• Relative value convictions evolve over time
• Alternatives Investment Strategy & Solutions (AISS)

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