In its Q2 2026 investor letter, Giverny Capital Asset Management highlighted JPMorgan Chase & Co. (NYSE:JPM).
JPMorgan Chase & Co. (NYSE:JPM) is a leading financial services company that provides financial, commercial, asset and wealth management as well as investment banking services
On July 21, 2026, JPMorgan Chase & Co. (NYSE:JPM) closed at $345.23 per share, reflecting a market capitalization of $917.69 billion. JPMorgan Chase & Co. (NYSE:JPM) posted a one-month return of 3.53%, while its shares gained 16.33% over the past 52 weeks. Giverny Capital Asset Management stated the following regarding JPMorgan Chase & Co. (NYSE:JPM) in its Q2 2026 investor update: “Roughly 40% of the Index outperforming the average and 60% underperforming is not so unusual, but two-thirds of that lagging group underperforming by more than 10 percentage points seems like a lot.
Even this level of dispersion might make sense if most of the earnings growth in the Index was concentrated in the 200 stocks that were up double digits. This is not the case. We own Index constituents such as Charles Schwab, JPMorgan Chase & Co. (NYSE:JPM), Mastercard and Progressive Corp. that continue to grow their earnings per share at healthy rates and in some cases at higher rates than usual, but whose stock prices are lagging.