Ubs Group Ag2026-Q2
No move in UBS Group AG's 2026-Q2 filing was bigger than the build in MU: +$10.71B of fresh money lifted the position from 0.51% to 1.80% of the entire book in a single quarter.
TL;DR: UBS Group AG's latest 13F shows a busier, more concentrated book: line items slipped to 9044 from 9112, the turnover ratio jumped to 0.317383 from 0.270371, and the HHI concentration measure rose to 0.006318 from 0.005053. Fresh money rotated into MU, LLY and the two benchmark ETFs SPY and QQQ, while XOM, GLD, HYG and LQD were cut back. Several top positions — NVDA chief among them — were trimmed even as their dollar values rose, because share-price gains outweighed the value of the shares sold.
By the Numbers
| Ticker | Action | Value Change |
|---|---|---|
| MU | Add | +$10.71B |
| SPY | Add | +$9.21B |
| NVDA | Trim | +$2.52B — real selling; the increase came from price gains, not buying |
| 84615Q103 | New Buy | $2.93B position opened |
| HON | Sold Out | $1.06B position erased |
On paper, the quarter looks like housekeeping: as of June 30 the book held 9044 line items, down from 9112 three months earlier. The trading underneath was anything but routine. Turnover climbed to 0.317383 from 0.270371, and the HHI concentration measure expanded to 0.006318 from 0.005053 — fewer parts, heavier convictions.
The conviction showed up first on the buy side. MU absorbed +$10.71B, the largest single active addition among the filing's top moves, taking its weight from 0.51% to 1.80%. LLY ran close behind, growing by +$9.62B as its weight climbed from 0.63% to 1.76%. UBS also bought size in the two benchmark ETFs: SPY grew by +$9.21B (weight 1.98% to 2.85%) and QQQ by +$6.48B (1.57% to 2.15%). Large existing positions took fresh money as well — AMZN, GOOGL, AVGO, AAPL, MSFT and JPM all show adds — though MSFT's weight still slipped from 2.23% to 2.16%, because the rest of the book grew even faster.
NVDA is the quarter's quietest contradiction: UBS sold NVDA shares throughout the period, yet the position still grew by +$2.52B — the stock's climb outran the selling.
That contradiction runs through the entire trim column. NVDA, TSM, AMD, INTC, MRVL, PANW — even UBS's own shares under ticker UBS — were all actively trimmed during the quarter. In every one of these cases, shares were trimmed (real selling), but the dollar value rose because the stock price gained more than the trimmed shares were worth; none of these were buys. NVDA's weight eased from 2.95% to 2.82% even as the line swelled by +$2.52B, while AMD rode the same price-driven mechanics from 0.44% to 1.02%.
Every rotation needs funding, and the sell side supplied it. XOM was cut hard, with -$2.49B coming off the position as its weight dropped from 0.55% to 0.15%. The ETF sleeve thinned in parallel — GLD -$2.09B, HYG -$1.34B, LQD -$1.09B, EEM -$1.17B — and HON was sold out altogether, erasing a $1.06B position. Into the space stepped a brand-new line: identifier 84615Q103, opened at $2.93B for a 0.37% weight. The sector ledger confirms the tilt: Information Technology's mapped weight rose from 0.3096 to 0.3599, Health Care climbed from 0.0898 to 0.1026 as LLY and UNH took in fresh capital, while Energy slid from 0.0542 to 0.036, Consumer Staples from 0.0452 to 0.0374, and Financials eased from 0.1334 to 0.1257 despite a +$2.57B add to JPM.
Strip away the line items and one shape remains: a 9044-position book that turned over at 0.317383, concentrated further (HHI 0.006318) around a handful of outsized convictions led by MU and LLY. Whatever next quarter brings, UBS spent this one pressing its winners harder — and letting the market's own gains carry part of the weight.