According to disclosures from the U.S. Securities and Exchange Commission (SEC), Switzerland-based international wealth management leader UBS Group has released its second quarter U.S. equity holdings report (13F) for the period ending June 30, 2025. Latest statistics show UBS's Q2 U.S. equity holdings totaled approximately $580 billion in market value, compared to about $540 billion in the previous quarter, representing a 7% quarter-over-quarter increase. In its Q2 U.S. equity portfolio, UBS added 1,084 new individual stocks, increased positions in 4,403 stocks, reduced holdings in 4,324 stocks, and completely exited 1,055 stocks. The top ten holdings accounted for approximately 14.79% of UBS's total Q2 holdings market value.
Among UBS Group's top ten heavy-weight positions in Q2 2025, UBS reduced holdings across all major U.S. tech giants, highlighting the institution's cautious stance toward the investment wave in tech stocks driven by AI enthusiasm, thus achieving profit-taking of a certain scale in Q2 while adopting a defensive posture against downward trends. The changes in UBS's Q2 portfolio highlight a "profit-taking on tech giants + targeted hedging against Nasdaq 100" style—namely, against the backdrop of "unprecedented AI boom driving the Magnificent Seven to lead gains in the Nasdaq 100 index and the U.S. broad market benchmark S&P 500 index to new highs," UBS reduced allocation weights in multiple leading tech stocks in Q2 while increasing protective positions targeting the Nasdaq 100 direction.
U.S. tech giant Microsoft successfully replaced NVIDIA to become UBS's top holding in Q2, with holdings of approximately 31.6 million shares, representing a market value of about $15.7 billion and accounting for 2.72% of the investment portfolio, with overall holdings decreasing slightly by 3.95% compared to the previous quarter.
"AI chip leader" NVIDIA ranked second, with holdings of approximately 96.19 million shares, representing a market value of about $15.2 billion and accounting for 2.63% of the investment portfolio, with holdings decreasing by 5.16% compared to the previous quarter.
Apple ranked third, with holdings of approximately 54.13 million shares, representing a market value of about $11.1 billion and accounting for 1.92% of the investment portfolio, with holdings decreasing by 10.86% compared to the previous quarter.
Amazon.com ranked fourth, with holdings of approximately 35.88 million shares, representing a market value of about $7.9 billion and accounting for 1.36% of the investment portfolio, with holdings decreasing by 4.52% compared to the previous quarter.
Broadcom ranked fifth, with holdings of approximately 25.52 million shares, representing a market value of about $7.0 billion and accounting for 1.22% of the investment portfolio, with holdings decreasing by 7.53% compared to the previous quarter.
UBS Group's sixth through tenth largest holdings in Q2 were: Facebook parent company Meta Platforms, Inc., S&P 500 Index ETF (SPY), JPMorgan Chase, Nasdaq 100 Index put options (QQQ PUT), and Alphabet.
Among UBS's top 1-10 major holdings, except for Nasdaq 100 Index put options which saw a significant 84% increase, all other major holdings were reduced by UBS in Q2, indicating that UBS's Q2 strategy was to achieve profit-taking on U.S. tech giants as much as possible while preparing hedging work for future corrections in the Nasdaq 100 index, where "tech stock bellwethers" like NVIDIA and Microsoft carry high weights. Therefore, the significant increase in QQQ PUT positions while reducing SPY PUT highlights a preference for hedging/betting on "relative pullbacks" of the Nasdaq 100 index—a stance consistent with UBS's global equity strategy team's cautious position on high-valuation U.S. tech giants, rather than taking a unidirectional bearish view on the entire U.S. stock market.
From the perspective of position proportion changes, UBS's top five purchases in Q2 were: Nasdaq 100 Index put options (QQQ PUT), NVIDIA put options (NVDA PUT), S&P 500 Index call options (SPY CALL), Netflix, and Alcon Inc call options (ALC CALL).
UBS's top five sales in Q2 were: S&P 500 Index put options (SPY PUT), Apple, UnitedHealth Group, S&P 500 Index ETF (SPY), and UBS Group stock (UBS).
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