2026-Q1 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 13F Filing: UBS AM's +$1.80B PLD addition leads Q1 real estate push.

UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC, filed its 13F for Q1 2026, showing a quarter of active portfolio repositioning with both large new bets and significant trims.

Why did UBS AM add to NVIDIA despite a decline in the holding's dollar value?

UBS AM added shares of NVIDIA this quarter, but the dollar value of the position still fell. According to the filing, shares were added (real buying), but the dollar value fell because the stock price dropped more than the added shares were worth. NVIDIA's position value dropped from $36.53B to $34.70B, and its portfolio weight slipped from 7.72% to 7.21%. This was not a sell — UBS AM actually bought more shares.

Which new real estate positions did UBS AM build in Q1?

UBS AM poured capital into Prologis (PLD) and Welltower (WELL) during the quarter. PLD went from $67.0M to $1.87B, growing from a negligible 0.01% weight to 0.39%. WELL similarly jumped from $4.2M to $1.62B, now representing 0.34% of the portfolio. Both were pure additions, with no prior position of meaningful size.

What position did UBS AM nearly exit entirely?

Digital Realty (DLR) was drastically reduced in Q1. UBS AM trimmed $748.7M down to just $5.1M, taking the weight from 0.16% to effectively zero. This was a deliberate sell-down, not just a weight drift. Similarly, AutoZone (AZO) was cut from $458.7M to $4.1M.

How did UBS AM's sector allocation shift?

UBS AM reduced its Information Technology exposure from 37.78% to 35.95%, while increasing Industrials from 7.63% to 8.57%. Consumer Discretionary edged down from 10.61% to 10.28%. The portfolio's overall turnover ratio rose from 0.144 to 0.180, showing more active trading this quarter.

What does this mean for other investors?

UBS AM rotated toward real estate and selectively trimmed tech, but many of the largest weight changes were driven by price moves, not active sales. True active decisions — like the DLR and AZO trims — stand apart from price-driven drift, as seen in stocks like NVDA where buying was masked by falling prices.