UBS Group's $617B U.S. Portfolio: 8,980 Positions, 12.5% Top-5 Concentration, and $6.8B of Its Own Stock

If you want to see what the world's largest wealth manager thinks about U.S. equities, UBS Group's 13F filing is the place to look. The Swiss banking giant — which absorbed Credit Suisse in 2023 to create a $5.7 trillion global wealth platform — filed Q4 2025 with $617 billion across 8,980 unique U.S. equity positions. That's the most diversified portfolio of any filer in our coverage, and the top-5 concentration of 12.5% means no single stock commands even 3.3% of the total. But within that ultra-flat distribution, UBS made some dramatic moves — most notably halving its SPY position from $27 billion to $12 billion.

TL;DR

• AUM: $616.7 billion (-3.4% QoQ, +34.4% YoY) — reflects UBS's post-Credit Suisse integration
• Most diversified filer: 8,980 unique positions — more than Morgan Stanley's 8,095
• Flattest concentration: Top-5 at 12.5%, Top-10 at 18.9% — the lowest of any mega-filer
• SPY halved: From $27B (#1 in Q3) to $12.3B (#4 in Q4) — the most aggressive passive-to-active rotation we've seen
• NVIDIA takes #1: $20.1B (3.25%) — overtook SPY as individual stocks gained relative priority
• Own-stock holding: UBS holds $6.8B of its own stock (UBS Group AG) at #12 — corporate treasury position
• Gold at #14: GLD at $5.1B — joining Susquehanna as the only mega-filers with gold in top 15
• QQQ cut 39%: From $11.5B to $7.1B — dual ETF rotation alongside SPY

Filing Snapshot

Metric	Q4 2025	Q3 2025	Change
Total AUM	$616.7B	$638.4B	-$21.7B (-3.4%)
Unique Holdings	8,980	~8,800	+180
Line Items	24,019	22,854	+1,165
Report Date	Dec 31, 2025	Sep 30, 2025	—
Top-5 Concentration	12.5%	~14%	-1.5 pp
Top-10 Concentration	18.9%	~21%	-2.1 pp
WhaleScore	65.25	—	—

The SPY Collapse: From $27 Billion to $12 Billion in One Quarter

UBS's most dramatic move is unmistakable: the SPDR S&P 500 ETF (SPY) dropped from #1 at $27.0 billion to #4 at $12.3 billion — a 54.2% reduction that represents roughly $14.7 billion exiting a single passive vehicle. This is the most aggressive ETF reduction among any mega-filer this quarter, exceeding Goldman Sachs' $11B SPY cut in both absolute and percentage terms.

For a global wealth manager, this shift is significant. UBS's advisors serve ultra-high-net-worth clients across Europe, Asia, and the Americas. When they collectively move $14.7 billion out of the U.S. equity index benchmark, it signals either a tactical call on U.S. equity valuations, a rotation into individual stocks for tax or customization reasons, or a shift toward non-U.S. equity markets not captured in the 13F.

NVIDIA Takes the Crown: A Global Wealth Manager Goes AI-First

NVIDIA's rise to #1 at $20.1 billion was less about NVIDIA being added and more about SPY being cut. NVIDIA actually declined 10.0% QoQ (from $22.3B), but SPY's 54% collapse pushed NVIDIA to the top spot by default. Still, the result is symbolically important: UBS's U.S. equity allocation is now led by an AI chipmaker rather than the broad market index.

This pattern — individual AI stocks rising as passive ETFs decline — is the defining structural shift across all mega-filers this quarter. Morgan Stanley reduced SPY by $7B, Goldman cut $11B, and now UBS cut $14.7B. The collective message from the world's largest wealth platforms: clients want direct AI exposure, not indexed exposure.

12.5% Top-5: The Flattest Portfolio in Institutional Finance

UBS's 12.5% top-5 concentration is the lowest among all eight mega-filers analyzed this quarter:

Filer	Top-5 Concentration	Unique Positions
Capital World Investors	19.8%	574
FMR LLC (Fidelity)	26.5%	5,359
Susquehanna	25.4%	6,348
Goldman Sachs	18.5%	5,335
JPMorgan Chase	18.0%	7,331
Northern Trust	21.9%	4,441
Morgan Stanley	15.3%	8,095
UBS Group	12.5%	8,980

UBS is both the most diversified (most positions) and the flattest (lowest concentration) — a direct reflection of its global wealth management model. With clients spanning dozens of countries and thousands of advisors making independent allocation decisions, the aggregate 13F is the ultimate diluted portfolio.

The Own-Stock Position: $6.8 Billion in UBS Group AG

UBS holds $6.8 billion of its own stock (UBS Group AG) as its #12 position (1.10%). This is a standard corporate treasury position — banks and financial conglomerates frequently hold their own shares for employee compensation plans, regulatory capital purposes, and market-making in their own stock. But $6.8 billion is substantial: it's larger than UBS's Meta position ($7.4B is close) and signals that UBS views its own stock as a core allocation worth maintaining at significant scale.

Gold and Small Caps: UBS's Hedging DNA

SPDR Gold Trust (GLD) at $5.1 billion and iShares Russell 2000 ETF (IWM) at $5.3 billion both sit in UBS's top 15. The gold position — shared only with Susquehanna among mega-filers — reflects the Swiss banking heritage of portfolio diversification and inflation hedging. UBS's wealth management culture has always emphasized capital preservation alongside growth, and gold is the traditional expression of that philosophy.

The IWM position adds small-cap U.S. equity exposure that counterbalances the mega-cap dominance of the individual stock holdings. Together, GLD and IWM represent UBS's answer to the "what if the Magnificent Seven trade ends?" question — diversified alternatives already sitting in the portfolio.

Alphabet Added, Meta Cut: The Global Consensus Confirmed

UBS added GOOGL (+22.9%) and GOOG (+17.5%) while trimming Meta (-12.3%). This is the seventh mega-filer in our Q4 2025 coverage to execute the same rotation. When a Swiss bank serving clients on five continents makes the same trade as a Boston-based fund complex, a New York investment bank, and a Philadelphia quant firm, the "Alphabet over Meta" thesis has been unanimously confirmed by the largest pools of capital in the world.

From $289B to $617B: The Credit Suisse Integration Effect

UBS's 13F AUM more than doubled from its $289 billion Q3 2022 trough to the current $617 billion. The growth story has two distinct phases: organic recovery from the 2022 bear market (2022-2023), and the Credit Suisse integration that added roughly $100-150 billion in managed U.S. equity assets during 2024. The Q4 2024 jump from $459B to $541B (+17.9%) was particularly notable, likely reflecting the final batch of CS wealth management accounts being consolidated under UBS's reporting umbrella.

The Q4 2025 decline (-3.4%) breaks the growth trend but is largely attributable to the massive SPY/QQQ reductions — the total capital under management may not have decreased, but may have rotated into non-13F asset classes (fixed income, alternatives, non-U.S. equity).

Frequently Asked Questions

How large is UBS's U.S. equity portfolio?

UBS Group AG's Q4 2025 13F filing reported $617 billion across 8,980 unique positions — the most positions of any institutional filer in our coverage. This represents the U.S.-listed equity portion of UBS's broader $5.7 trillion global wealth management platform.

Why did UBS halve its SPY position?

UBS cut SPY from $27B to $12.3B (-54.2%) in Q4 2025, the most aggressive passive ETF reduction among mega-filers. This likely reflects a global wealth management decision to shift from U.S. index exposure toward individual stocks, non-U.S. markets, or alternative asset classes.

Why does UBS hold its own stock?

UBS holds $6.8B of UBS Group AG stock (#12 position) for corporate treasury purposes — employee compensation plans, regulatory capital, and market-making in its own securities. This is standard practice for large financial institutions.

How does UBS compare to other global wealth managers?

UBS's 12.5% top-5 concentration and 8,980 positions make it the flattest and most diversified institutional portfolio filed. Morgan Stanley is the closest comparison (15.3% top-5, 8,095 positions), but UBS carries lower conviction per position due to its global client base spanning more diverse mandates.