JPMorgan's 13F shows a massive, diversified portfolio with heavy SPAC exposure and significant hedging via put options on broad market ETFs and high-beta names. Traders should monitor for any subsequent filings (13D, 8-K) that might indicate activist intent or material changes in these positions, particularly the large SPAC stakes which may signal upcoming de-SPAC mergers. The substantial put positions suggest a cautious or hedged macro view.
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Executive Summary
JPMorgan Chase & Co. filed its quarterly 13F-HR for the period ending March 31, 2026, disclosing a portfolio of over 300 positions heavily concentrated in SPACs (common stock, rights, warrants, units), corporate bonds, and options. The filing reveals a large, diversified portfolio with significant holdings in SPAC vehicles, convertible preferred stocks (NextEra Energy, Microchip Technology), and corporate bonds (Alibaba, Sarepta Therapeutics, Strategy Inc.), alongside substantial put option positions on major ETFs and individual equities (NVIDIA, Super Micro Computer, iShares Bitcoin Trust). No prior quarter comparison data was provided, preventing analysis of portfolio rotation or new/exited positions.
Key Facts
- Portfolio includes over 300 positions, predominantly SPAC-related securities (common, rights, warrants, units).
- Largest disclosed common stock positions include Electronic Arts ($110.6M), Hologic ($62.0M), Wix.com ($38.2M), Enviri Corp ($34.3M), and Brighthouse Financial ($26.3M).
- Significant convertible preferred holdings: NextEra Energy ($40.1M), Microchip Technology ($8.6M), Shift4 Payments ($8.0M).
- Major corporate bond holdings: Alibaba Group ($68.5M), Sarepta Therapeutics ($54.7M), Ironwood Pharmaceuticals ($46.1M), Nio Inc. ($36.9M), Strategy Inc. ($35.5M across three issues).
- Large put option positions: SPDR S&P 500 ETF ($316.0M), iShares Trust ($433.5M on one series), Super Micro Computer ($67.2M), NVIDIA ($29.4M), iShares Bitcoin Trust ($21.8M).
- Substantial call option positions: iShares Trust ($65.1M and $31.0M on two series).
- Notable SPAC common stock positions: GigCapital7 ($18.5M), Roman DBDR Acquisition ($18.0M), SpacSphere Acquisition ($13.7M), Graf Global Corp ($16.2M).
- No prior quarter data available for comparison; portfolio changes cannot be assessed.
Financial Impact
Total portfolio value exceeds $1.55 trillion as reported in the filing summary line (1557139501048). Individual positions range from under $100 to over $433 million.
Risk Factors
- SPAC holdings carry high risk of devaluation if target mergers fail or underperform.
- Large put option positions indicate potential downside hedging or bearish directional bets on broad market and specific high-growth names.
- Concentration in convertible preferred and corporate bonds exposes portfolio to credit and interest rate risk.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 13F-HR Filing (Primary) | 0000019617-26-000212 |
| Document: 0000019617-26-000212-index.html | 0000019617-26-000212 |
| Document: 0000019617-26-000212.txt | 0000019617-26-000212 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 21d ago | Court Ruling | $356.23 $349.67 | ▼ −1.84% | ▼ −1.50% | $333.32 (−6.43%) |
Sep 10, 2026 22d ago | Court Ruling | $353.56 $349.31 | ▼ −1.20% | ▼ −1.83% | $333.32 (−5.72%) |
Sep 9, 2026 23d ago | Court Ruling | $354.71 $348.92 | ▼ −1.63% | ▼ −0.54% | $333.32 (−6.03%) |
Sep 3, 2026 29d ago | Court Ruling | $362.06 $356.23 | ▼ −1.61% | ▼ −0.46% | $333.32 (−7.94%) |
Sep 1, 2026 4w ago | Court Ruling | $354.95 $354.71 | ▼ −0.07% | ▼ −0.15% | $333.32 (−6.09%) |
Aug 31, 2026 4w ago | Court Ruling | $356.02 $353.51 | ▼ −0.70% | ▼ −0.56% | $333.32 (−6.38%) |
Aug 31, 2026 4w ago | Court Ruling | $356.02 $353.51 | ▼ −0.70% | ▼ −0.56% | $333.32 (−6.38%) |
Aug 27, 2026 5w ago | Court Ruling | $354.22 $362.06 | ▲ +2.21% | ▲ +1.94% | $333.32 (−5.90%) |
Aug 26, 2026 5w ago | Court Ruling | $356.50 $356.22 | ▼ −0.08% | ▲ +0.04% | $333.32 (−6.50%) |
Aug 19, 2026 6w ago | Court Ruling | $357.26 $356.54 | ▼ −0.20% | ▲ +0.18% | $333.32 (−6.70%) |
US Market Status
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