**Executive Summary**
– 瑞银集团 (UBS Group), managing over $7 trillion in assets, executed a significant batch reduction of its holdings in premier U.S. technology stocks during Q4 2025, including major减持 of 英伟达 (Nvidia), 苹果公司 (Apple Inc.), and 微软 (Microsoft).
– This UBS减持 occurred alongside a robust market rally, creating a divergence that signals potential valuation reassessments and strategic portfolio rebalancing by one of the world’s largest wealth managers.
– UBS’s own Q4 financial performance exceeded analyst expectations with a 56% jump in net profit, but its global wealth management unit reported disappointing net new money inflows of $8.5 billion, highlighting operational headwinds.
– In a contrasting move, UBS增持阿里巴巴集团 (Alibaba Group), indicating a nuanced, selective approach to Chinese equities amidst broader adjustments, offering a critical signal for investors focused on China’s market.
– The episode underscores the need for investors to monitor institutional flows, regulatory changes like Swiss capital requirements, and long-term themes such as AI-driven transformation to inform strategic decisions in both U.S. and Chinese equities.
The $49 Trillion减持: Unpacking UBS’s Portfolio Shift
The recent 13F filing from 瑞银集团 (UBS Group) has sent a powerful signal across global financial markets. As a behemoth overseeing approximately $7 trillion—or 49 trillion yuan—in client assets, its investment decisions are meticulously analyzed for clues about institutional sentiment. The filing with the 美国证券交易委员会 (U.S. Securities and Exchange Commission, SEC) for the quarter ending December 31, 2025, reveals a deliberate and widespread减持 of iconic U.S. technology companies. This batch reduction by the Swiss banking giant is not an isolated event; it is a strategic maneuver reflecting deep-seated views on valuation, sector risk, and global allocation. For investors, particularly those with exposure to the intertwined fortunes of U.S. and Chinese tech sectors, understanding this UBS减持 is essential. It provides a rare window into how one of the world’s most influential asset managers is navigating an environment marked by artificial intelligence euphoria, geopolitical tensions, and shifting economic indicators.
Scope and Scale: A Detailed Look at the减持 Figures
The numbers from UBS’s 13F filing are both specific and sweeping. In the fourth quarter of 2025, the bank减持英伟达 (Nvidia) by 10.04 million shares, representing an 11.47% reduction from the previous quarter. For 苹果公司 (Apple Inc.), the减持 amounted to 5.27 million shares, a 10.57% decrease. 微软 (Microsoft) saw a cut of 2.32 million shares (down 7.64%), while 谷歌 (Google) was reduced by 2.21 million shares (a 9.05% decline). 亚马逊 (Amazon) and 特斯拉 (Tesla) faced减持 of 1.66 million and 0.71 million shares, corresponding to drops of 4.57% and 15.09%, respectively. Notably, among the so-called ‘Magnificent Seven’ U.S. tech stocks, only Meta Platforms Inc. received a modest增持 of 78,600 shares.
– This UBS减持 extended beyond these giants to include other technology firms: 美光科技 (Micron Technology) was cut by 1.62 million shares, 甲骨文 (Oracle) by 0.22 million shares, and positions in AMD and 西部数据 (Western Digital) were also reduced.
– Despite these cuts, UBS’s top ten holdings, which include these tech names, still constituted 14.52% of its total portfolio value of $616.68 billion at the end of Q4, indicating their continued weight even after the reduction.
The breadth of this减持 is striking. It suggests a systematic reassessment rather than a reaction to isolated company news. For market participants, this batch reduction serves as a data point suggesting that even long-term believers in the tech growth story are taking some chips off the table amid historic valuations.