Macquarie Group's share price has outperformed the global investment bank sector average by about ten per cent since its March 2014 financial year results, banking analysts at JP Morgan Australia said in a note to clients, ahead of the group's 24 July annual general meeting. JP Morgan attributed this result to a "backdrop of improved signs of deal activity, strong mortgage volumes and upcoming MIRA performance fees". (The bank's tie up last year with Yellow Brick Road is likely to again prove prescient, if mortgage activity continues to follow the same pattern of 2013.)However, with the consensus among analysts already sitting at ten per cent above management's current "flat earnings" guidance, JP Morgan said there was "limited scope for further EPS upgrades". Their expectation that Macquarie will come back to the field extends out to the 2016 financial year. JP Morgan's analysts believe that Macquarie will have trouble continuing to outperform its peers because the investment bank benefited from a series of one-off revenue increasing events in the first few months of the 2014 calendar year. The items highlighted were: unexpected gas price volatility from the freezing US Polar Vortex in the last 6 weeks of Macquarie's financial year, which boosted the group's commodity business trading revenue by around A$250 million; a $230 million gain on distribution of Sydney Airport stapled securities; and a modest appreciation of the Aussie dollar since the group's 2H14 results.