UBS Asset Management Americas LLC

UBS Asset Management Americas employs a large-cap, growth-oriented core equity strategy with a pronounced tilt toward mega-cap technology, as evidenced by the top five holdings—NVIDIA, Apple, Microsoft, Amazon, and Alphabet—representing 23.6% of the portfolio. The concentrated position in NVIDIA at 7.2% signals strong conviction in AI and semiconductor leadership, while the broader technology sector allocation of 34.3% underscores a thematic bet on innovation across software, hardware, and cloud infrastructure. Despite holding over 19,000 positions across $481 billion in assets, the portfolio is weighted heavily toward a narrow set of high-conviction names, with the top fifteen holdings alone comprising 39.0% of total assets. This structure reveals a barbell approach: a core of dominant growth franchises paired with broad diversification in smaller positions, reflecting a disciplined style that balances conviction in secular trends with risk management through breadth.