J.P. Morgan Personal Investing

In our 2026 investment outlook, we set out our key investment themes for the coming year. Our wealth experts also provide their key takeaways for the start of a new year, now there is firm ground on the the back of an action-packed Autumn Budget.

If you want the detail and analysis that underpins these themes, you can access our full, written 2026 investment outlook on our website: https://www.personalinvesting.jpmorgan.com/guides/our-investment-outlook

This podcast features:

- Pacome Breton, Head of Portfolio Management

- Scott Gardner, Investment Strategist

- Brad Holland, Director of Investment Strategy

- Bola Onifade, Portfolio Manager

- Chris Liebetrau, Senior Wealth Manager & Financial Planner.

About this update: This update was recorded on 8 December 2025.

Sources: MacroBond, J.P. Morgan Personal Investing and Bloomberg.

Risk warning: As with all investing, your capital is at risk. The value of your portfolio can go down as well as up and you may get back less than you invest. Past performance and forecasts are not a reliable indicator of future performance. We do not provide investment advice in this update. Always do your own research.

In our latest investor update, Brad Holland, Director of Investment Strategy, reviews a positive month for global equities and explains why we saw such a notable drop in UK government bond yields.

About this update: This update was recorded on 6 November 2025. All figures, unless otherwise stated, relate to the month of October 2025.

Sources: MacroBond, J.P. Morgan Personal Investing and Bloomberg.

Risk warning: As with all investing, your capital is at risk. The value of your portfolio can go down as well as up and you may get back less than you invest. Past performance and forecasts are not a reliable indicator of future performance. We do not provide investment advice in this update. Always do your own research.

In our October investor update, Pacome Breton, Head of Portfolio Management, explains why investor enthusiasm over the Federal Reserve's September rate cut outweighed more mixed news elsewhere, lifting most markets.

About this update: This update was recorded on 7 October 2025. All figures, unless otherwise stated, relate to the month of September 2025.

Sources: MacroBond, Nutmeg and Bloomberg.

Risk warning: As with all investing, your capital is at risk. The value of your portfolio with Nutmeg can go down as well as up and you may get back less than you invest. Past performance and forecasts are not a reliable indicator of future performance. We do not provide investment advice in this update. Always do your own research.

In our latest investor update, Brad Holland, Director of Investment Strategy, takes a look at what moved financial markets in August and explains how portfolios are positioned.

About this update: This update was recorded on 2 September 2025. All figures, unless otherwise stated, relate to the month of August 2025.

Sources: MacroBond, Nutmeg and Bloomberg.

Risk warning: As with all investing, your capital is at risk. The value of your portfolio with Nutmeg can go down as well as up and you may get back less than you invest. Past performance and forecasts are not a reliable indicator of future performance. We do not provide investment advice in this update. Always do your own research.

In our latest Investor Update, James McManus, Head of Investments, takes a look at financial markets in July and explains how portfolios are positioned.

About this update: This update was recorded on 5 August 2025. All figures, unless otherwise stated, relate to the month of July 2025.

Sources: MacroBond, Nutmeg and Bloomberg.

Risk warning: As with all investing, your capital is at risk. The value of your portfolio with Nutmeg can go down as well as up and you may get back less than you invest. Past performance and forecasts are not a reliable indicator of future performance. We do not provide investment advice in this update. Always do your own research.

In our latest investor update, Pacome Breton, Head of Portfolio Management, takes a look at financial markets in June, and reflects on the first half of the year.

About this update: This update was recorded on 8 July 2025. All figures, unless otherwise stated, relate to the month of June 2025.

Sources: MacroBond, Nutmeg and Bloomberg.

Risk warning: As with all investing, your capital is at risk. The value of your portfolio with Nutmeg can go down as well as up and you may get back less than you invest. Past performance and forecasts are not a reliable indicator of future performance. We do not provide investment advice in this update. Always do your own research.

In our latest investor update, Brad Holland, Head of Investment Strategy outlines the adjustments the Nutmeg investment team is making to portfolios, and runs through what moved financial markets in May.

About this update: This update was recorded on 3 June 2025. All figures, unless otherwise stated, relate to the month of May 2025.

Sources: MacroBond, Nutmeg and Bloomberg.

Risk warning: As with all investing, your capital is at risk. The value of your portfolio with Nutmeg can go down as well as up and you may get back less than you invest. Past performance and forecasts are not a reliable indicator of future performance. We do not provide investment advice in this update. Always do your own research.

In our latest investor update, Pacome Breton, Head of Portfolio Management, takes a step back to review what has happened in a very busy month, and outlines how the Nutmeg investment team is managing portfolios.

About this update: This update was recorded on 6 May 2025. All figures, unless otherwise stated, relate to the month of April 2025.

Sources: MacroBond, Nutmeg and Bloomberg.

Risk warning: As with all investing, your capital is at risk. The value of your portfolio with Nutmeg can go down as well as up and you may get back less than you invest. Past performance and forecasts are not a reliable indicator of future performance. We do not provide investment advice in this update. Always do your own research.

In our latest investor update, Brad Holland, Head of Investment Strategy, talks tariffs, increased uncertainty for investors, and how the investment team at Nutmeg is responding.

About this update: This update was recorded on 8th April 2025. All figures, unless otherwise stated, relate to the month of March 2024.

Source: MacroBond, Nutmeg and Bloomberg. Risk warning: As with all investing, your capital is at risk. The value of your portfolio with Nutmeg can go down as well as up and you may get back less than you invest. Past performance and forecasts are not a reliable indicator of future performance. We do not provide investment advice in this update. Always do your own research.

In our March update, James McManus, Head of Investments, explains what happened in financial markets in February and how the Nutmeg investment team is shaping portfolios.

About this update: This update was recorded on 4th March 2025. All figures, unless otherwise stated, relate to the month of February 2024.

Source: MacroBond, Nutmeg and Bloomberg. Risk warning: As with all investing, your capital is at risk. The value of your portfolio with Nutmeg can go down as well as up and you may get back less than you invest. Past performance and forecasts are not a reliable indicator of future performance. We do not provide investment advice in this update. Always do your own research.