Is your portfolio keeping up? The case for alternatives.

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Investing in alternative assets involves higher risks than traditional investments, including, without limitation, limited liquidity and valuation risk, and is suitable only for investors with sufficient knowledge and sophistication to evaluate the merits and risks of such investments. Alternative investments should not be deemed a complete investment program and distributions are not guaranteed. They may not be tax efficient, and an investor should consult with their tax professional prior to investing. Alternative investments often have higher fees than traditional investments and they may also be highly leveraged and engage in speculative investment techniques, which can magnify the investment loss or gain-including risk of loss of the entire investment. For comprehensive details around unique set of risks for specific alternative investments, please consult the offering memorandum.

Sitara Sundar, Head of Alternative Investment Strategy and Market Intelligence, J.P. Morgan Private Bank. Sitara stands in front of an office window, wearing a white blazer over a black shirt.

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SITARA SUNDAR: The world is rewiring how it builds, invests, and grows. Is your portfolio keeping up? For decades, investing came down to two tools-- stocks for growth and bonds for stability. Those tools still matter, but their job is getting harder as three forces come together-- economic nationalism, technology adoption, and capital rewiring.

The result, more uneven growth, more frequent supply shocks, and inflation, rates, and market swings that stay more volatile than we got used to. That's why we think alternatives can play a strategic role in a portfolio, not as a short-term trade, but as part of the long-term plan.

And today, they play two critical roles. Role number 1, broaden your growth engine. Since ChatGPT launched, roughly half of the S&P 500 returns have come from the Magnificent Seven-- Apple, Microsoft, Amazon, Alphabet, Meta, NVIDIA, and Tesla. It's been a great run.

It also means that much of a typical portfolio is riding on a single theme. Private equity provides access to global return streams that differ from the index. Consider this. About 40% is outside of the US when you think about global private equity, and about 3/4 is outside of tech.

It also reaches a much bigger universe of companies. 85% to 95% of companies worldwide with more than $100 million in revenue are private. And companies are staying private longer. Today's typical tech company is about 1 and 1/2 times older and 4 and 1/2 times bigger at IPO than in the '90s.

The bottom line, by the time a company rings the opening bell, much of its early growth may have already happened. And that matters even more as AI enters its next chapter. As AI moves beyond tech and into the real economy, the opportunity widens. And many of those businesses are private.

In a higher for longer world, cheap debt can't do the heavy lifting anymore. Returns have to come from actually growing the business. Companies that put AI to work in their day-to-day operations could get an extra boost. And for investors looking to invest in the next wave of innovation, the next frontier, that's where access to venture and growth plays a critical role.

Role number 2, expand your diversification. For years when stocks fell, bonds caught you. That's no longer a given. With rolling inflation shocks and bigger rate swings, our long-term capital market assumptions expect a higher correlation between stocks and bonds over the next 10 to 15 years.

Core bonds still play a strategic role, especially when growth slows. They just can't do the job alone. Today, diversification isn't about owning more, it's about owning different. Alternatives, importantly, can involve higher fees, longer term commitments, and may require a higher risk tolerance.

But for the right investor, they can add differentiated return drivers and potentially improve portfolio resilience. Hedge funds, for example, can provide returns built for volatility.

Macro and relative value funds aim to generate returns from market swings and mispricings. Private credit can provide income beyond public bonds, diversify across senior secured direct lending, asset-backed finance, and secondaries. And remember who you lend with matters.

Infrastructure gives you access to inflation resilient income, backed by long term contracts that sit behind essential assets like grids, pipelines, and transport. Real estate can provide income with a recovery tailwind. Rents can rise with prices. And after a significant repricing, US commercial real estate appears to be in the early stages of recovery.

So, what does this add up to? How do you fund it? Alternatives can replace a slice of what you already own. Growth alternatives like private equity and venture come mainly from your stocks. Diversifying in income alternatives come mainly from your bonds.

The right mix depends on your liquidity needs, taxes, time horizon, and risk tolerance. And the manager you choose matters more than almost anything else, because the gap between the best and the worst managers is wide.

That's why we diversify across managers, vintages, and strategies, and work with experienced teams that have been through full market cycles. For investors who can accept those trade-offs, the question is no longer why own alternatives, it's what could my portfolio be missing without them? Talk to your JPMorgan team today to learn more.

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