UBS Group’s $616.68B Q4 2025 13F Looks Rebuilt: Every Top Holding Shows Up as New

UBS Group AG did not file the kind of Q4 2025 portfolio that invites a simple ‘they bought Nvidia’ takeaway. Yes, the Swiss bank reported a massive $616.68B U.S. equity book, led by NVDA, MSFT, AAPL and SPY. But the more important clue is structural: every top holding in the fact pack shows up as a NEW position. For a firm still digesting the Credit Suisse takeover, that looks less like a clean quarter of fresh conviction and more like a filing entity whose U.S. book is still being reshaped by migration, consolidation and reporting perimeter changes.

That distinction matters. Retail investors who read UBS’s filing as a standard stock-picking quarter risk over-interpreting portfolio plumbing as active alpha. The better read is that Q4 2025 shows what the post-merger UBS platform now looks like when a huge global wealth business gets reported through one 13F lens.

TL;DR

• AUM: UBS Group AG reported $616.68B for 2025Q4, down -3.4% from $638.37B in 2025Q3.
• Top of book: NVDA at $20.07B, MSFT at $18.68B and AAPL at $16.25B.
• ETF anchor still matters: SPY remained a top-four position at $12.34B.
• Breadth expanded: the filing history shows 24,019 holdings lines in Q4 2025 versus 22,854 in Q3 2025.
• Why the filing is tricky: every top holding in the brief is labeled NEW position, which is unusually broad for a mature mega-filer and fits a post-integration reporting reset better than a literal from-zero buying spree.
• Context: UBS has said publicly that Credit Suisse integration and client migrations were still progressing through late 2025, so the 13F should be read with merger mechanics in mind.

Filing Snapshot

Metric	2025Q4	2025Q3
Reported AUM	$616.68B	$638.37B
QoQ move	-3.4%	+10.5%
Holdings lines	24,019	22,854
WhaleScore	62.75	—
Largest holding	NVDA — $20.07B	—
Fourth-largest holding	SPY — $12.34B	—

Why this 13F looks rebuilt, not merely rebalanced

The obvious reading is that UBS leaned into mega-cap U.S. technology and broad-market beta. That part is true. The top positions are liquid, scalable and familiar to a global wealth platform: NVIDIA, Microsoft, Apple, SPY, Amazon, Broadcom, Alphabet Class A, Meta and Alphabet Class C. What is not normal is seeing that many large positions all flagged as new at the same time inside a book this large.

That is why the Credit Suisse context matters. A 13F is not a perfect x-ray of investment intent; it is a quarter-end snapshot of what sits inside one reporting entity. When a cross-border banking merger is still flowing through custody systems, account migrations and legal-entity consolidation, previously existing economic exposure can suddenly appear in a new place. In late-2025 investor updates and later annual-report coverage, UBS described the integration as still in progress, with client migrations and platform consolidation continuing. That makes Q4 2025 look more like a post-merger map redraw than a single-quarter buying binge.

What did UBS Group buy in Q4 2025?

If you only look at the filing labels, UBS bought almost the entire visible top of its U.S. book in one shot. The better question is what the rebuilt top book now emphasizes. The answer is clear: highly liquid U.S. mega-caps and benchmark exposure.

Ticker	Value	Weight	Status in brief
NVDA	$20.07B	4.08%	NEW position
MSFT	$18.68B	3.80%	NEW position
AAPL	$16.25B	3.31%	NEW position
SPY	$12.34B	2.51%	NEW position
AMZN	$9.43B	1.92%	NEW position
AVGO	$9.33B	1.90%	NEW position
GOOGL	$9.06B	1.84%	NEW position
META	$7.39B	1.50%	NEW position

That lineup says a lot about what the merged UBS franchise wants its visible U.S. equity core to look like: scalable, globally recognizable, easy to explain to clients and easy to move across platforms. Even SPY staying near the top tells you this is still a wealth-distribution machine as much as a pure active manager.

The merger lens matters more than the ticker list

Investors should be careful not to confuse UBS Group AG with the separate UBS Asset Management filing entity. This article is about the UBS Group filing only. That distinction is especially important after the Credit Suisse acquisition, because merger integration can change which positions land in which filing entity without changing the firm’s overall strategic view of U.S. equities.

Seen through that lens, the Q4 2025 filing tells a cleaner story. UBS’s U.S. book still centers on mega-cap compounders and benchmark tools, but the way those positions show up suggests the reporting container is still settling. That is also consistent with UBS’s own public messaging around integration progress: the bank has framed the process as ongoing rather than fully finished. For 13F readers, that means structure is part of the signal.

AUM history says the integration effect did not end in one quarter

The history line is just as important as the holdings table. UBS moved from $401.54B in 2024Q1 to $541.09B in 2024Q4, then climbed again to $638.37B in 2025Q3 before easing to $616.68B in 2025Q4. That is not the profile of a static book. It is the profile of a platform that got materially bigger and more complex, then kept changing shape as accounts and mandates were absorbed.

The Q4 dip should not be mistaken for a reversal of the larger post-merger expansion. The more important clue is that holdings lines still rose to 24,019 even as AUM slipped from the prior quarter. In plain English: the book became broader even while the headline value eased. That is exactly the kind of pattern you get when integration continues to alter how a giant wealth platform is assembled and reported.

How should retail investors read UBS’s filing now?

• Do not take every NEW label literally. In a merger-integration phase, a new 13F line can reflect migration as much as fresh conviction.
• Focus on the shape of the visible core. UBS’s top U.S. exposures are liquid mega-caps plus benchmark tools, which fits a wealth-platform model better than a concentrated hedge-fund model.
• Watch the next quarter for stabilization. If the same top holdings remain in place without another broad reset, the post-Credit Suisse reporting picture will look more settled.

Questions investors are really asking

Did UBS Group suddenly buy all of these stocks in Q4 2025?

Probably not in the simple sense implied by the labels. The fact pack marks the top holdings as new, but UBS was still integrating Credit Suisse operations and client platforms. That makes a reporting reset a more credible explanation than assuming a zero-to-massive build in every top name.

Why is SPY still so large if UBS is a stock-picking platform?

Because UBS is also a global wealth manager. A filing like this can include model portfolios, strategic asset-allocation sleeves and client benchmark exposure, not just high-conviction active bets.

What is the cleanest takeaway from this quarter?

The cleanest takeaway is that post-merger UBS now reports a very large, very broad U.S. equity book anchored by mega-cap technology and index exposure, and that the Credit Suisse integration still appears to influence how that book surfaces in the 13F.

Bottom line

UBS Group’s Q4 2025 filing is best read as a post-merger interpretation exercise, not a standard leaderboard of fresh stock picks. The $616.68B headline tells you scale. The NEW position labels across the top book tell you structure. Put those together, and the most useful conclusion is that the Credit Suisse acquisition still shapes what UBS’s U.S. portfolio looks like on paper. For investors tracking the name on its filer page, the next key question is whether future quarters look calmer, more continuous and less like a rebuilt filing perimeter.