Universal- Beteiligungs- und Servicegesellschaft MBH 13F Portfolio

The biggest incremental dollars this quarter are a clear tell: Universal is leaning hardest into companies that monetize long, capex-heavy cycles and structurally tight capacity rather than near-term AI headlines.

• KLA (0.60%, up to $392.8M) is the standout. Shares are up +936.4%, yet the position shows a -73.6% mark-to-cost, implying the fund averaged in aggressively into weakness. That is classic high-conviction process: accept short-term pain to own the metrology and process-control oligopoly that every advanced fab needs.
• Booking Holdings (0.34%, $221.5M) jumps +2416.7% in share count, a $212.7M add, signaling a strong view that global travel demand still has legs and that online travel agencies retain pricing power even late in the cycle.
• IBM (0.41%, $265.4M) is boosted +24.1% by shares, while Salesforce (0.39%, $252.0M) is up +6.1%. Both are underwater versus average cost, yet capital is going in, not out — a bet that cash-generative enterprise stacks and mission-critical SaaS will re-rate once the market looks past front-page AI glamour.

Smaller but telling increases in Eli Lilly (+2.9%), Welltower (+6.2%), Costco (+2.0%), Procter & Gamble (+1.5%), Analog Devices (+1.3%), and incremental Broadcom and Johnson & Johnson illustrate a preference for high-quality duration: drug innovation, aging demographics, membership retail, branded staples, and analog/ RF content in an AI and connectivity-heavy world.

If the buys tell you where they want to be in three to five years, the trims tell you what they think has already done its job. The biggest sources of cash are exactly the stocks that have already delivered huge mark-to-cost gains and now fund more differentiated exposures.

• Nvidia (-4.7% in shares, -$206.4M), Alphabet (GOOGL -6.6%, -$162.6M; GOOG -5.8%, -$80.6M), Amazon (-4.2%, -$94.3M), and Meta (-7.4%, -$88.7M) are all slight reductions into strength, with gains ranging from roughly +35% (Amazon) to near +99% (Alphabet GOOGL). The thesis isn’t broken; the position sizes are.
• Micron sheds -8.6% of shares and -$110.1M despite a massive +615.5% gain versus cost. Intel (-11.5%, -$54.1M) and a host of other chips and hardware suppliers like Marvell (-14.4%, -$44.8M), Western Digital (-16.9%, -$50.8M), Qualcomm (-18.6%, -$54.2M), KLA’s peer WDC, and AMAT/LRCX trims show profit-taking in the more cyclical or commoditized parts of the stack.
• Financials are a significant cash machine: JPMorgan (-10.5%, -$65.0M) and Bank of America (-6.0%, -$16.9M) are cut back, even as both sit well above cost. Mastercard and Visa are nudged lower too, with -5.5% and -1.9% share reductions.

Elsewhere, incremental trims in consumer bellwethers like Walmart, Home Depot, McDonald’s, PepsiCo, and Booking’s e-commerce cousin MercadoLibre show a willingness to cull more vanilla consumer cyclicality to pay for higher-conviction travel, health, and semicap positions.

On the surface, sector weights barely budged: Technology ticks from 64.46% to 64.08%, Consumer Discretionary edges up from 11.56% to 12.09%, and Health Care nudges from 6.08% to 6.18%. The real story lies within those sectors: a rotation away from mega-cap platforms toward enablers, picks-and-shovels, and long-tailed demand drivers.

Within technology, the manager is subtly rebalancing from front-line AI and consumer internet to equipment, components, and enterprise. Trims in Nvidia, Alphabet, Meta, Micron, Intel, Marvell, Western Digital, Qualcomm, and Palo Alto Networks free capital for KLA, Analog Devices, IBM, Salesforce, and a small uptick in Broadcom. The portfolio still rides AI, but increasingly through fabs, tooling, and B2B software rather than just ad and GPU oligopolies.

Consumer Discretionary’s slight increase is structurally interesting. It’s less about classic U.S. big-box (with Walmart and Home Depot cut) and more about travel, experience, and membership economics: Booking gets a huge weight increase, Costco is quietly added to, and Netflix is modestly trimmed despite being near cost. Health Care’s modest lift is anchored in Eli Lilly and Welltower, hinting at a blend of GLP-1 optionality and aging/demand for healthcare real estate.

Finance and Energy exposures slip marginally as banks and Exxon Mobil are trimmed, while Real Estate is effectively flat despite Welltower adds and Equinix reductions. The shape of the book is that of a tech-and-consumer growth engine buffered by durable health, staples, and REIT cash flows.

Put together, this quarter paints a manager who believes the AI and digital infrastructure boom is real but prefers to compound through its less glamorous beneficiaries. The shift from front-line GPU and ad giants toward KLA, Analog Devices, IBM, Salesforce, and travel platforms suggests a focus on capacity bottlenecks, recurring B2B spend, and experience-driven consumer demand.

The way they are funding these moves matters. They are systematically recycling gains from mega-cap tech, hyper-profitable banks, and early-cycle winners like Micron and Intel into names that are either temporarily out of favor (IBM, CRM, PG, PepsiCo) or early in multiyear investment cycles (KLA, Welltower, Eli Lilly). That is a forward-looking, not backward-looking, posture.

Going forward, expect Universal- Beteiligungs- und Servicegesellschaft mbH to keep technology as its center of gravity but with more emphasis on semicap, analog, and enterprise software than on the loudest AI headlines. Consumer exposure is likely to continue favoring travel, membership, and premium global brands over undifferentiated retail. The rising health-care and REIT ballast hints at an awareness of macro and rate risk, cushioning a high-growth core with durable, cash-generative assets. For outside observers, the message is clear: they still want to own the super-cycles, just not at any price and not only through the obvious tickers.