Asia Pacific Equity Research 26 August 2025 J P M O R G A N Fund Manager Radar The Flow Paradox Australia Australia Equity Strategy Jason Steed AC (61-2) 9003-8609 jason.h.steed@jpmorgan.com Roisin Kiernan roisin.kiernan@jpmorgan.com J.P. Morgan Securities Australia Limited Performance of Love Index movers | STOCK | Jul-25 REL | 3M REL | | --- | --- | --- | | POSITIVE MOVERS | | | | ORI | 7.3% | 10.1% | | COH | 3.7% | 13.7% | | GMG | 0.4% | 3.2% | | SCG | 3.0% | -1.5% | | S32 | -1.3% | -7.3% | | NEGATIVE MO ...

ETF Market Trends - ETFs are on pace for a record year, with over $700 billion flowing in YTD, including $120 billion in July alone [1] - The industry is projected to reach $12 trillion to $13 trillion in inflows, surpassing last year's $11 trillion record [2] - Equity ETFs have received $360 billion, while fixed income ETFs have seen $230 billion in inflows [2] - The fourth quarter is historically the strongest for ETF inflows, suggesting potential acceleration [2] - ETFs now offer exposure to various strategies, including active management, crypto, hedge fund strategies, and option strategies [2] AI and IPOs - AI is considered a significant innovation area, attracting substantial investment [5] - Companies are integrating AI into their solutions across the tech stack [6] - Companies are refining their AI narrative in preparation for IPOs, addressing investor inquiries about AI integration and potential disruption [7][8]