Is JP Morgan copying Pantar.ai?

Have we become so famous that JP Morgan is trying to copy what we do?

Well, first things first.

Well done Spain - Campeones del Mundo!!

By the way, also JP Morgan is looking at AI for asset allocation

Pantarai has developed our AI system - CARTESIO - over the past two years and we have already launched an active ETP 9 months ago.

Not bad to be a couple of years ahead of the best bank on the planet.

Our idea does not look so stupid anymore, doesn’t it?

Let’s assume that you invest with a famous, reputable private bank in your country.

Your investment portfolio - carefully crafted, well diversified - would likely not include BRENT (=oil) as an asset class: it is too volatile and expensive, with futures rolling-over in any Brent ETF, to own steadily. So you would just own a bunch of stocks and bonds subject to your risk appetite.

Wouldn’t be great if you could buy Brent while Middle East tensions rise again?

Yes, I know it would be great 😏

But your banker will struggle to make a fast, timely purchase for you - when to buy? Plus admin, logistics, compliance, signatures.

The opportunity gets lost quickly.

What if your portfolio could autonomously interpret market dynamics itself, call the trade and buy Brent ONLY when it is the right time to do so? That would mean to ADAPT your portfolio asset allocation to shifting market conditions, effortlessly.

Adapting your asset allocation to market conditions - constantly - translates in capturing asymmetric, emerging market opportunities when the time is ripe, and defend your portfolio when issues arise.

Adaptive asset allocation - that’s what we do.

(ps - by the way, Cartesio added to Pantarai ADAPT a 10% allocation to Brent and the commodities basket in general last Thursday - see below, bottom right)

The US carried out a ninth straight day of airstrikes on Iran to stop shipping attacks and reopen the Strait of Hormuz. If Donald Trump knows where he wants to take the war (he doesn’t), he’s giving few public signals, saying only that Iran has been hit “very hard” as the US death toll rose to 17 (and normal Iranians in the tens of thousands according to Al Jazeera)

As Oil prices have moved higher, equity markets have been weaker - but not dramatically. A snapshot at Europe at the time of writing (Monday morning 20 Jul) with the Eurostoxx 50 marking -0.5% last week:

US stock markets suffered more, with a larger -1% performance seen last week in the S&P 500 and -3% for the Nasdaq:

On top of disorderly geopolitics, weaker US markets suffer the fact the AI trade is put under test again. With hysterical shifts, global investors turn from ecstatic to fearful day in and day out on the AI hyper-scalers and chip makers.

The fear that big AI companies are spending too much vs their prospective revenues has risen again.

Notice the lower green bubble “Financials” doing very well in July after an unimpressive year in 2026, a call we have made in this newsletter for two weeks in a row. Away from Energy and Banks, in general terms it has been wise to invest in defensive equity sectors away from the Nasdaq.

With the conflict ramping up again, in a context of rising inflation (see below for the US) and rising bond yields, there is nowhere to hide if equities underperform. Adding commodities to your portfolio is a way to mitigate ongoing issues.

Stay tuned to Cartesio Studio to monitor what happens as markets shift.

Speak soon

Nico