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      "text": "The J.P. Morgan US Tech Leaders Strategy (net of fees) returned 16.12% vs. 13.13% for the Russell 1000 Equal Weight Technology index in 2025.",
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      "text": "Source: J.P. Morgan Asset Management, Frank Russell Company. Past performance is not a reliable indicator of current and future results...",
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      "text": "Flexibility shined: While the AI theme and tech sector in general drove performance for broader US equities, the flexibility to invest outside of technology was a tailwind for the Strategy. Robinhood was the top contributor. Investing across market caps also drove performance. None of the top 10 contributors were Mag 7 companies, and the top three contributors all started the year below $30B in market cap.",
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      "text": "Outlook/Positioning: Constructive on AI infrastructure and the broader adoption of technology across sectors—the team's December Silicon Valley meetings with 20+ companies reinforced this view. We expect hyperscaler & AI lab capex to rise as competition intensifies across models, semis, and networking to unify larger, faster chip clusters. Market-cap flexibility enables us back the likely beneficiaries. Innovation & broadening adoption creates opportunities across sectors – areas like fintech with Lemonade, medtech with Tempus AI, and auto/industrial with Tesla and Rivian.",
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      "text": "Stock selection: The financial sector (Robinhood) was the top contributor followed by the consumer digital services subsector. This was offset by underweights to computer hardware and production technology equipment. An underweight to SanDisk was a top detractor. Volatility in 4Q led to some previous YTD contributors giving back some of their gains, leading to the Strategy underperforming in 4Q. Oracle detracted due to concerns around its reliance on OpenAI. We've reduced the position but continue to believe Oracle's partnership with OpenAI is underappreciated. Conversely, Ciena helped as it benefits from rising data center spending and the growing focus on networking to support better AI models.",
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