New York, July 14, 2026, 07:09 (EDT)
Three new institutional holdings alerts for JPMorgan Chase & Co. NYSE:JPM are showing nearly twice the selling compared to the numbers reported in filings from Sumitomo Mitsui Trust Group (TYO:8309), LMCG Investments, and Steigerwald Gordon & Koch. The news stories say these managers sold off 724,719 shares in Q1. But if you look at the SEC filings, it’s a drop of 376,930 shares, or 5.6%. The real story is all about data quality here.
Gap’s in focus. JPMorgan posted adjusted EPS of $6.14 Tuesday, beating the $5.59 estimate by 9.8%. Revenue hit $57.35 billion, ahead of the $51.09 billion consensus by about 12%. Shares were up about 1% in premarket trade. Some investors are looking at July alerts and using them as bearish signals now, but that’s mixing old data with a result that doesn’t match. Timing is an issue.
Quarterly 13F forms show what big fund managers held in U.S.-listed securities at the end of March. The filings came in between April 28 and April 30. Managers have up to 45 days after quarter-end to file. The July 10-14 dates are just when the alerts went out, not when trades happened. The headlines here are new, but the positions are not.
| Manager | Shares on Dec. 31 | Shares on March 31 | Change shown by SEC filings | Change stated in linked alert | March 31 value |
|---|---|---|---|---|---|
| Sumitomo Mitsui Trust | 6,474,962 | 6,110,549 | -364,413, down 5.6% | -364,413, down 5.6% | $1.797 billion |
| LMCG Investments | 149,475 | 137,569 | -11,906, off 8.0% | -11,906, off 8.0% | $40.47 million |
| Steigerwald Gordon & Koch | 120,488 | 119,877 | -611, down 0.5% | -348,400, down 74.4% | $35.26 million |
| Combined | 6,744,925 | 6,367,995 | -376,930, down 5.6% | -724,719 implied | $1.873 billion |
Share change numbers come from back-to-back SEC filings; alert numbers are from the three articles linked here.
The Steigerwald article explains nearly all of the difference. According to the article, the manager sold 348,400 shares and kept 119,877, so the starting figure comes out to 468,277 shares. The earlier SEC filing reported 120,488 shares, so between both SEC filings, the drop is just 611 shares. But the numbers don’t line up.
Sumitomo did most of the confirmed selling but still had 6.11 million shares left. The three managers together kept almost 6.37 million JPMorgan shares as of March 31, valued at $1.873 billion, with Sumitomo making up close to 96% of the total. That’s a cut, not a full exit.
At JPMorgan’s $334.53 close on Monday, the retained shares would have been valued around $2.13 billion. That’s about $257 million higher than what was reported at the end of the quarter. At that close, JPMorgan stock was 13.7% over the $294.16 quarter-end price shown by the filings, before the impact of Tuesday’s earnings. This is a mark-to-market estimate. It doesn’t say each manager kept every share after March 31. The filings give an old snapshot that understates what those shares were worth.
| Investor measure | Latest figure | Comparison | Difference |
|---|---|---|---|
| Adjusted Q2 EPS | $6.14 | $5.59 consensus | +9.8% |
| Reported Q2 revenue | $57.35 billion | $51.09 billion consensus | +12.2% |
| Net income excluding significant items | $16.9 billion | Year-earlier adjusted result | +13% |
| Monday share price | $334.53 | March 31 filing mark of about $294.16 | +13.7% |
FactSet consensus data cited by Barron’s; company earnings from JPMorgan’s report.
Net income came in at $21.16 billion, but the headline number was padded by a $4.6 billion net gain from Visa Inc. NYSE:V shares and another $1.0 billion in gains from other equity investments. Without those, profit was $16.9 billion, up 13% from last year. The operating beat stayed strong even with those one-off items taken out.
Core growth showed up across the board. Markets revenue was up 35% to $12.1 billion, equities trading surged 86%, and investment banking fees climbed 30%. Average loans were up 10%, while deposits increased 7%. CEO Jamie Dimon described it as “a particularly favorable environment with an elevated level of market activity” and said the U.S. economy had shown “notable resiliency this year.” Core results were broadly higher.
The analysis has its limits. Looking at quarter-end holdings doesn’t show what price trades went through at, why trades were made, or what changed after March 31. Results on Tuesday got a lift from big trading volumes and major investment gains. Dimon cited persistent inflation, high government deficits, geopolitical risks and high asset prices. If trading drops or credit gets worse, first-quarter cuts may look better in hindsight. The risk cuts both ways.
For investors, the takeaway isn’t institutional selling across the board at JPMorgan. Instead, Sumitomo trimmed its stake, but then the value of what’s left moved higher after earnings. Trading and deals boosted profits. Filings are only an early signal, not the whole story—the market wants more to go on.
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