SW6 CapitalJP Morgan FundCFC-JPM

Reporting · Unaudited

Quarterly Earnings

SW6 Capital reports on the JP Morgan Fund by calendar quarter. Goals scored are recognised as revenue. Goals conceded are booked as a non-cash operating expense and excluded from adjusted earnings. Net goal difference is reported as EBITDA.

  1. Q3 20261 reported · 5 scheduled32+1

    Trading opened on 24 August at Craven Cottage under new executive leadership. One fixture reported, profitable, and at no point comfortable. The Fund recognised revenue inside the first minute and the firm then conceded twice, which management characterises as operating to plan. Six fixtures fall in the period, including entry to the League Cup, whose counterparty is assigned by draw on 26 August and is therefore not yet known.

    Fixtures

    1. 2026-08-24LeagueFulham(A)3–2
    2. 2026-08-29LeagueBrighton & Hove Albion(H)Scheduled
    3. 2026-09-05LeagueArsenal(A)Scheduled
    4. 2026-09-12LeagueHull City(H)Scheduled
    5. 2026-09-19LeagueBrentford(A)Scheduled
    6. w/c 21 Sep 2026League CupThird RoundCounterparty subject to draw(N)Scheduled

    Revenue contributors

    ContributorGoalsAssists
    Cole Palmer11
    João Pedro11
    Morgan Rogers10
    Maxence Lacroix01

    Outlook. Revenue guidance raised. Expense guidance also raised. Net position unchanged.

  2. Q4 202613 scheduled——Guidance

    The densest reporting period of the financial year: thirteen fixtures, including the festive schedule and a December in which Liverpool and Manchester City fall within a week of one another. Management has historically treated December as a single continuous liquidity event. Shareholders are advised that the 26th and the 30th are four days apart and that the Compliance Department has requested, but not received, additional headcount.

    Fixtures

    1. 2026-10-10LeagueAFC Bournemouth(H)Scheduled
    2. 2026-10-17LeagueEverton(A)Scheduled
    3. 2026-10-24LeagueTottenham Hotspur(H)Scheduled
    4. 2026-10-31LeagueManchester United(H)Scheduled
    5. 2026-11-07LeagueSunderland(A)Scheduled
    6. 2026-11-21LeagueLeeds United(H)Scheduled
    7. 2026-11-28LeagueNottingham Forest(A)Scheduled
    8. 2026-12-02LeagueCrystal Palace(H)Scheduled
    9. 2026-12-05LeagueLiverpool(H)Scheduled
    10. 2026-12-12LeagueManchester City(A)Scheduled
    11. 2026-12-19LeagueAston Villa(H)Scheduled
    12. 2026-12-26LeagueCoventry City(A)Scheduled
    13. 2026-12-30LeagueIpswich Town(A)Scheduled

    Revenue contributors

    No revenue recognised in this period.

    Outlook. No clean sheets forecast. None sought.

  3. Q1 202713 scheduled——Guidance

    Thirteen fixtures, including entry into the FA Cup and the January transfer window, during which the firm expects to dispose of at least one asset held for sale and reinvest the proceeds exclusively in the final third. Later rounds of both domestic cups are contingent on qualification and are not recognised on the balance sheet until achieved.

    Fixtures

    1. 2027-01-02LeagueNewcastle United(H)Scheduled
    2. 2027-01-06LeagueCrystal Palace(A)Scheduled
    3. w/c 4 Jan 2027FA CupThird RoundCounterparty subject to draw(N)Scheduled
    4. 2027-01-16LeagueSunderland(H)Scheduled
    5. 2027-01-23LeagueLeeds United(A)Scheduled
    6. 2027-01-30LeagueNottingham Forest(H)Scheduled
    7. 2027-02-06LeagueManchester United(A)Scheduled
    8. 2027-02-10LeagueNewcastle United(A)Scheduled
    9. 2027-02-20LeagueIpswich Town(H)Scheduled
    10. 2027-02-27LeagueAston Villa(A)Scheduled
    11. 2027-03-03LeagueCoventry City(H)Scheduled
    12. 2027-03-13LeagueArsenal(H)Scheduled
    13. 2027-03-20LeagueHull City(A)Scheduled

    Revenue contributors

    No revenue recognised in this period.

    Outlook. Proceeds from any disposal will not be allocated to defending.

  4. Q2 20278 scheduled——Guidance

    The run-in. Eight fixtures across April and May, in which the entire financial year is retrospectively judged, closing at home to Brentford. Management has no plan for this period beyond the plan already in force, which is to score more than the opposition scores. Shareholders experiencing palpitations between the 75th and 95th minute should consult a physician rather than the board.

    Fixtures

    1. 2027-04-10LeagueFulham(H)Scheduled
    2. 2027-04-17LeagueBrighton & Hove Albion(A)Scheduled
    3. 2027-04-24LeagueManchester City(H)Scheduled
    4. 2027-05-01LeagueLiverpool(A)Scheduled
    5. 2027-05-08LeagueTottenham Hotspur(A)Scheduled
    6. 2027-05-15LeagueEverton(H)Scheduled
    7. 2027-05-23LeagueAFC Bournemouth(A)Scheduled
    8. 2027-05-30LeagueBrentford(H)Scheduled

    Revenue contributors

    No revenue recognised in this period.

    Outlook. Actual results may differ materially, but will still be positive on net.

Full year to date1 reported · 39 scheduled32+1

Figures unaudited. The auditors resigned after the second half. Select a quarter for the fixture list, contributor tally and management commentary. Quarters with no reported fixtures carry forward-looking guidance only.

Forward-looking statements

This report contains forward-looking statements, including but not limited to: “we’ll be fine,” “one more goal and that’s it,” and “we don’t need a clean sheet, we just need one more.” Actual results may differ materially, but will still be positive on net, because we score more than you.