Ubs Am A Distinct Business Unit Of Ubs Asset Management Americas 13F Portfolio

The biggest fresh money allocation is not into a headline AI name at all, but into Western Digital. A 63.4% increase in shares and about $1.18B of added value pushes the storage vendor to 0.55% of the book — a bold call that the AI build‑out will strain memory and storage capacity just as much as compute.

The same story shows up across the semiconductor complex. Broadcom’s stake rose 2.9% by shares with roughly $430.9M in incremental value, and Marvell’s position was lifted 20.4%, adding about $460.1M; both are direct plays on networking, custom silicon and data‑center plumbing rather than general‑purpose CPUs. KLAC gets a 5.5% share boost and about $183.0M of added value, reinforcing the process-control side of the wafer equipment chain.

Security and software adjacent to that hardware stack are also in favor. Palo Alto Networks saw an 8.7% share increase and roughly $240.8M in added value, expressing a view that every incremental GPU rack drags security spend with it. Microsoft, despite already being a 4.37% anchor position, still gets a 0.9% share add and about $202.6M more capital, underscoring confidence in its cloud AI monetization.

Outside of tech, they are quietly building long-duration fee platforms. Visa’s position was raised 13.0%, adding about $620.5M, and Amgen’s shares climbed 12.7%, with roughly $219.4M more at work. Those two moves extend the same thesis into payments and biotech: scale incumbents with structural demand that’s less sensitive to where we are in the AI hype cycle.

Funding for those infrastructure bets came overwhelmingly from successful, liquid winners. Advanced Micro Devices was cut by 8.6% of shares, freeing about $955.2M, while NVIDIA was reduced modestly (‑2.3% by shares) but still yielded roughly $919.4M in value; both positions remain large and deeply in the green. Intel and Micron — each showing triple‑digit percentage gains versus average cost — also saw trims, giving up about $912.1M and $803.8M respectively.

They didn’t stop at semis. Amazon was reduced by 5.3% of shares for about $936.4M of capital, and Alphabet’s GOOG line was trimmed by 5.7% (around $611.3M) despite gains well over 200% versus cost. Apple’s cut is smaller in share terms (‑1.4%) but still releases roughly $436.8M; Applied Materials gives up another $422.8M after a strong run in wafer equipment.

The pattern is disciplined: sell liquid, consensus AI and e‑commerce winners where gains are already locked in, and recycle into second‑derivative names with more operating leverage to the same themes. Outside technology, they shave at the edges of banks and defensives — Bank of America, Goldman Sachs, and UnitedHealth all see single‑digit share reductions — suggesting these are more funding sources than a macro call. There’s no evidence of a broad factor unwind; it’s a valuation and crowding cleanup inside a still‑bullish stance.

On the surface, sector allocations look unchanged: technology barely moves, from an estimated 65.82% to 65.71% of the book, and health care sits exactly flat at 7.59%. But beneath that, they’re trading what kind of tech they own — away from megacap, brand‑centric exposure and into the guts of the data center.

Within semiconductors and equipment, they’re rotating from front‑page GPU and PC names into storage, networking, specialty accelerators and process control. Adds to Western Digital, Marvell, Broadcom and KLA, alongside cuts to NVIDIA, AMD, Intel, Micron, Applied Materials, Texas Instruments, Analog Devices and Qualcomm, reweight the complex toward bits, bandwidth and yield rather than just raw FLOPS. Cybersecurity and infrastructure software via Palo Alto Networks and Microsoft further emphasize the recurring revenue layer around that hardware.

Outside tech, sector shifts are incremental but telling. Real estate as reported rises from an estimated 3.78% to 4.03%, driven by higher allocations to Visa, Prologis and a maintained stake in Welltower — effectively treating global fee and rent collectors as quasi‑infrastructure. Consumer discretionary nudges down from 10.42% to 10.22% after trims in Amazon, Home Depot, Walmart and Netflix, offset by adds to Costco and TJX, which tilts the sleeve toward value‑oriented and traffic‑resilient retail. Financials, industrials and staples all see light pruning, consistent with their role as ballast rather than primary risk engines.

Taken together, the 2026‑Q2 book reads like a manager convinced the AI capex wave is durable but increasingly wary of paying peak multiples for the most obvious proxies. They are leaving the sector weight largely intact while trading out of celebrity AI exposure into the vendors that get paid on every incremental watt, bit and packet. That’s a bet that the market has underpriced the second‑ and third‑order beneficiaries of hyperscaler and enterprise spending.

The modest build in card networks and REITs, plus stable health‑care exposure, points to a desire for durable, inflation‑resilient cash flows to sit alongside high‑beta tech. Amgen and Eli Lilly lean into structural demand in biotech and obesity/oncology, while Johnson & Johnson, Merck and AbbVie trims are small and look like calibration rather than a reversal of the pharma thesis.

Crucially, there is no sign of fear in the aggregate risk posture. Technology remains two‑thirds of the disclosed portfolio, and the biggest buys are into cyclical, capital‑intensive semis and storage — not a move a manager makes if they expect AI spending to roll over imminently. Instead, this looks like a quality upgrade inside a very aggressive core bet: more exposure to infrastructure, security and fee platforms; slightly less to crowded megacap narratives. If the AI build‑out keeps compounding and rates stay restrictive but stable, this mix should amplify earnings sensitivity while keeping valuation risk a bit more contained.