JPMorgan Chase simply planted a huge $2.93 billion flag in maybe one of many hottest corners of the market.
The massive financial institution’s funding arm disclosed a whopping multibillion-dollar stake in Eli Lilly (LLY) in its contemporary 13F submitting, making it the stand-out addition in its power-packed portfolio.
The pertinent transfer has all the pieces to do with the GLP-1 revolution.
Eli Lilly, particularly, has ridden the weight-loss wave into a category of its personal.
For perspective, over the previous few months, it briefly crossed the $1 trillion market cap threshold, CNBC reported, with Mr. Market going all-in on the ever present weight problems and diabetes trade reshaping world well being care.
Over the previous six months, Eli Lilly inventory has rewarded buyers handsomely, delivering a 58% acquire.
Nonetheless, since I final coated Eli Lilly on Dec. 20, 2025, it’s down about 3%.
On the similar time, Lilly has been delivering multibillion-dollar quarters, powered by surging demand for Mounjaro and Zepbound.
Furthermore, market estimates peg the weight problems drug market at $100 billion by 2030, with Lilly dominating it.
So clearly, JPMorgan’s multibillion-dollar allocation aligns with what seems to be a significant structural shift in drugs and client conduct.
JPMorgan disclosed a $2.93 billion stake in Eli Lilly in its newest 13F submitting.
Picture by Bloomberg on Getty Photos
Inside JPMorgan’s 13F exercise
- Market worth: $1.59 trillion (prior: $1.67 trillion)
- Inflows (outflows) as proportion of whole MV: 6.26%
- New purchases: 638 shares
- Added to: 2,643 shares
- Bought out of: 605 shares
- Diminished holdings in: 3,425 shares
- Prime 10 holdings focus: 26.3%
- Turnover: 15.6%
- Turnover (alt): 5.5%
Supply: WhaleWisdom
Dominating the weight-loss gold rush
The GLP-1 engine has been buzzing alongside exceptionally effectively, and Eli Lilly’s outcomes clearly replicate that.
In This autumn 2025, Eli Lilly generated an eye-popping $19.3 billion in gross sales, up 43% 12 months over 12 months, and posted $7.54 in adjusted EPS, beating expectations by a cushty margin.
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Mounjaro introduced in practically $7.4 billion, whereas Zepbound added roughly $4.3 billion.
As we glance forward, issues are solely going to get extra profitable, with Lilly guiding to $80 billion to $83 billion in gross sales and $33.50 to $35.00 in EPS, leaning closely on the relentless demand for weight problems and diabetes therapies.
GLP-1/obesity-drug market progress estimates
- Goldman Sachs expects the worldwide anti-obesity drug market to leap to roughly $95 billion by 2030, spearheaded by GLP-1 therapies.
- JPMorgan forecasts the broader GLP-1 market to rise to $100 billion by 2030, break up between diabetes and weight problems demand.
- Morgan Stanley initiatives that the obesity-drug market may attain practically $150 billion by 2035.
Market share good points reinforce the story.
Zepbound overtook Novo Nordisk’s Wegovy in U.S. prescriptions at a number of factors final 12 months, in line with Reuters, and a few sector snapshots confirmed Eli Lilly holding greater than half of the U.S. obesity-drug market in 2025, BioPharma Dive reported.
For perspective, that unbelievable lead is way from unintended.
Head-to-head trial knowledge from SURMOUNT-5 confirmed that tirzepatide (Eli Lilly’s dual-action GLP-1 drug) posted superior weight reduction when pitted towards semaglutide at 72 weeks.
Lilly additionally advantages immensely from model fairness.
Mounjaro dominates the profitable diabetes market, whereas Zepbound anchors the weight problems house, and prescribers have change into much more snug with a selected molecule throughout each lanes.
JPMorgan’s largest buys and sells
Prime buys (largest worth)
- State Road SPDR S&P 500 (put): $7.10 billion
- JPMorgan BetaBuilder: $4.14 billion
- iShares U.S. Treasury: $3.53 billion
- Eli Lilly: $2.93 billion
- Amphenol: $2.35 billion
Supply: WhaleWisdom
Prime sells (by % change)
- Meta Platforms: 0.59%
- Vanguard S&P 500 ETF: 0.54%
- Microsoft: 0.44%
- iShares Core S&P 500: 0.41%
- Oracle: 0.33%
Supply: WhaleWisdom
13F holdings abstract (proportion of portfolio)
- Nvidia: 5.34%
- Microsoft: 4.49%
- Apple: 3.85%
- Amazon.com: 2.32%
- Broadcom: 2.04%
Supply: WhaleWisdom
Hedging strikes and tech tilt
Outdoors of Eli Lilly, JPMorgan’s 13F basically reads like a sturdy portfolio that’s tailored for each offense and protection.
Maybe the largest headline is the financial institution’s huge $7.1 billion put choice on the S&P 500 (SPY), WhaleWisdom famous.
Because the index hovers close to document highs, it feels extra like an institutional-scale insurance coverage, defending towards a broad market drawdown. With a $1.59 trillion fairness ebook, danger administration turns into crucial.
On the expansion aspect, JPMorgan added $4.14 billion to its BetaBuilders ETF lineup, leaning closely on broad stock-market publicity by low-cost index autos. Moreover, it allotted $3.53 billion right into a U.S. Treasury ETF, locking in enticing yields whereas making certain flexibility.
On the tech aspect, JPMorgan wager massive on Amphenol, including $2.35 billion to its stake within the fashionable connector and sensor maker.
Amphenol has been a extremely rewarding “picks and shovels” participant in AI knowledge facilities, fiber, and high-speed connectivity.
The corporate has posted eye-catching 40% natural income progress in current quarters, reported Investing.com, pushed by sturdy demand for AI infrastructure, and has seen an amazing 71% inventory market acquire over the previous 9 months.
In the meantime, trims in Meta, Microsoft, and Oracle principally appear to be profit-taking, not retreat. Nvidia, Microsoft, Apple, Amazon, and Broadcom nonetheless account for practically 18% of the portfolio.
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