UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS Asset Management Americas bucked the quarter's trend among mega-managers: its 13F book rose to $481.0B in Q1 2026 from $473.0B, even as nearly every peer shrank. The portfolio is also the most top-heavy of the group, with Nvidia alone at 7.21% ($34.7B), Apple at 5.57%, and Microsoft at 4.91% — the three combined approach a fifth of the entire book. Despite that concentration, UBS trimmed its leaders this quarter (MSFT -$5.5B, NVDA -$1.8B, TSLA -$1.75B, META -$1.39B) and rotated toward healthcare and hardware, adding Johnson & Johnson (+$1.2B), Micron (+$716M), and Applied Materials (+$670M). It exited a cluster of software names — Salesforce, ServiceNow, Intuit, and Adobe — while opening stakes in Analog Devices, Prologis, TJX, and Gilead.