(DESCRIPTION)

Grace Peters, Global Head of Investment Strategy, J.P. Morgan Private Bank.

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And when we're thinking about a strong growth in a fragile world, there are also many security-driven opportunities that we see in equity markets. So take us through how you're thinking about that.

(DESCRIPTION)

Nataliia Lipikhina, Head of EMEA Equity Strategy.

(SPEECH)

Yeah, absolutely, grace.

(DESCRIPTION)

Grace sits across a low table from Nataliia. Two men sit on either side of Nataliia.

(SPEECH)

If you look into the world right now, you're seeing the very high geopolitical tensions. You have cyber attacks, and we're having the climate risk. So therefore, the security becomes a very important theme right now. And that is interesting. That encompasses a lot of different things-- national defense, the reshoring and nearshoring as well as resilient supply chains, and the security from a cybersecurity and energy security perspective.

So when we look into the corporates and governments, we're seeing how they are ramping up their spending, very innovative spending, making a lot of investments, opportunities for investors. When you look into reshoring, for example, more than $320 billion of reshoring was announced since 2021. We're seeing how countries around the world increase in defense spending, especially countries within the NATO, but also energy. Energy is going through a big transition because countries globally are trying to reinvigorate what will be the right way going forward in terms of securing their energy sources, but also having clean energy.

So it's a global theme, a multiyear theme. Cyber also is a risk that's front of mind for many of our clients in their own businesses and in their personal lives, as much as in the investment portfolio.

A very growing theme. Cyber attacks now cost $10 billion per annum, which is a very big number and something that we're seeing a lot of corporates are increasing their spending on.

(DESCRIPTION)

Text: J.P. Morgan Private Bank.

(SPEECH)

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This information is provided for informational purposes only. We believe the information contained in this video to be reliable: however, we do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of the use of any information in this video. The views expressed herein are those of the speakers and may differ from those of other J.P. Morgan employees, and are subject to change without notice. Nothing in this video is intended to constitute a representation that any product or strategy is suitable for you. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees to you. You should consult your independent professional advisors concerning accounting, legal or tax matters. Contact your J.P. Morgan team for additional information and guidance concerning your personal investment goals.

(SPEECH)

It is

(DESCRIPTION)

Mark Hempstead, Head of Alternative Investments, E M E A

(SPEECH)

this core asset because you're thinking of things which are essential services to everyday society. So it's roads, it's bridges, it's sanitation, it's water treatment, all of these things together.

Pretty boring, pretty defensive.

Purposely boring, purposely boring.

But long-term contracts.

So when you have those long-term contracts, these essential assets, it provides diversification. This is something which is delivering returns or delivering growth that's not necessarily tied to what's going on in the broad economy. The fact is because it is such a core asset, when you're thinking of those, these are elements which have very inelastic demand.

You always need these things. They're at the base of what our societies, our municipalities are run on. So the fact that you have that stable demand, it is an asset that provides long-term, stable income. It can provide protection from inflation. But then when you add these different elements like AI demand, renewable energy demand, that's the growth.

(DESCRIPTION)

Grace Peters, Global Head of Investment Strategy, J.P. Morgan Private Bank

(SPEECH)

So what I'm hearing is that we've got the defensive, more steady eddy type of the infrastructure space, but also because of new capital expenditure that's being driven by governments and also companies, we've now got these new parts of the market delivering GDP plus type growth.

And we think both work in a portfolio. You have that stable, core income-generating, low correlation to broad markets. But then you can combine that with the growth element as well. And that's why it's a very interesting space.

When you look since 2020, you've seen profits of infrastructure companies grow by 16% per annum. But yet returns in the markets have only been 4%. So that also gives a unique opportunity for investors to take advantage of that dislocation that is existing right now.

(DESCRIPTION)

Logo: J.P.Morgan Private Bank

(SPEECH)

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(DESCRIPTION)

Disclaimer: KEY RISKS: This material is for informational purposes only and may inform you of certain products and services offered by private banking businesses part of JPMorgan Chase & Ca.("IPM"). Products and services described, as well as associated fees, charges and interest rates are subject to change in accordance with the applicable account agreements and may differ among geographic locations. Not all products and services are offered at all locations. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at accessibility.support@jpmorgan.com for assistance. Please read all important Information. GENERAL RISKS & CONSIDERATIONS: Any views, strategies or products discussed in this material may not be appropriate for all individuals and are subject to risks. Investors may get back less than they invested and post performance is not a reliable indicator of future results. Asset allocation/diversification does not guarantee profit or protect against loss. Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. You are urged to consider carefully whether the services, products, or classes (e.g. equities, fixed income. alternative investments commodities etc. or strategies discussed are suitable to your needs. You must also consider the objectives risks, charges and expenses associated with an investment service product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals/situation, contact your J.P. Morgan team

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