13F Position Changes mega passive
Significant institutional position changes detected
Actionable Insight ▲ Bullish
Traders should watch for follow-through buying in energy (XLE, CVX, OXY), semiconductor equipment (LRCX, AMAT), and high-beta tech (COIN, RIVN, MSTR). The massive reduction in SPY and IWM could signal reduced confidence in passive index returns, favoring active sector rotation. Monitor for potential short-term pressure on BLK and LRCX due to forced selling implications.
Final — all horizons settled through T+60d ⚠ clustered
UBS ▲ +19.89% at T+60d
LONG call ✓ call won +19.89% · α vs SPY +10.57% · entry $39.85 → $47.78
T+1d
-2.89%
call -2.89% · α -1.97%
$38.70
settled 7mo ago
T+5d
-5.50%
call -5.50% · α -4.30%
$37.66
settled 7mo ago
T+20d
-10.30%
call -10.30% · α -2.36%
$35.75
settled 6mo ago
T+60d
+19.89%
call +19.89% · α +10.57%
$47.78
settled 4mo ago
Executive Summary
UBS, acting as a mega-passive fund, made significant portfolio adjustments in 2024-Q4, trimming large positions in broad market and volatility-sensitive ETFs like SPY, IWM, and SLV, while aggressively adding to energy, semiconductors, financials, and select tech names. Notably, it exited BlackRock (BLK) and Lam Research (LRCX) after initiating and doubling down on positions in Alibaba, Coinbase, and Boeing, signaling a thematic rotation toward value, energy, and economically sensitive tech.
Key Financial Metrics
New Positions
2
Exits
2
Increased
37
Trimmed
5
Per-Ticker Signals
| Ticker | Signal | Reason |
|---|---|---|
| SPY | ▼ BEARISH | 32.2% reduction in holdings signals reduced appetite for broad U.S. equity exposure. |
| IWM | ▼ BEARISH | 38.2% trim indicates reduced confidence in small-cap performance. |
| AMD | ▲ BULLISH | 31.4% increase shows growing conviction in semiconductor demand. |
| XLE | ▲ BULLISH | 83.1% increase reflects strong bullish positioning in energy sector. |
| CVX | ▲ BULLISH | 43.9% add demonstrates confidence in integrated oil majors. |
| HYG | ▲ BULLISH | 87.6% increase suggests appetite for high-yield credit exposure amid stable rates. |
| TLT | ▼ BEARISH | 27.6% trim indicates reduced demand for long-duration Treasuries. |
| EFA | ▲ BULLISH | 45.4% increase shows renewed interest in developed international equities. |
| GS | ▲ BULLISH | 33.4% add reflects confidence in investment banking and capital markets recovery. |
| SLV | ▼ BEARISH | 31.1% reduction signals waning interest in silver and precious metals. |
| HON | ▲ BULLISH | 74.9% increase indicates strong conviction in industrial automation and aerospace. |
| TXN | ▲ BULLISH | 26.7% add shows continued confidence in analog semiconductor demand. |
| PANW | ▲ BULLISH | Position more than doubled, reflecting strong belief in cybersecurity growth. |
| MSTR | ▲ BULLISH | Shares increased 418.9%, signaling aggressive bet on Bitcoin-linked equity. |
| BA | ▲ BULLISH | Position increased 156%, indicating improved outlook for aerospace recovery. |
| XLI | ▲ BULLISH | 83.4% increase shows growing exposure to industrial sector. |
| MU | ▲ BULLISH | 33.3% add reflects confidence in memory chip cycle rebound. |
| BLK | ▼ BEARISH | Exited position after new purchase, suggesting rapid reversal or rebalancing. |
| NOW | ▲ BULLISH | 34% increase indicates continued confidence in enterprise SaaS growth. |
| INTC | ▲ BULLISH | 25.1% add shows support for turnaround in semiconductor manufacturing. |
| UBER | ▲ BULLISH | 58.1% increase reflects optimism in mobility and delivery economics. |
| BABA | ▲ BULLISH | 68.1% increase signals renewed confidence in Chinese e-commerce recovery. |
| DE | ▲ BULLISH | 62% increase shows strong belief in agricultural and equipment demand. |
| PLTR | ▲ BULLISH | 37.9% add indicates continued government and commercial data analytics confidence. |
| PSX | ▲ BULLISH | Position more than doubled, reflecting bullish view on refining margins. |
| AMAT | ▲ BULLISH | 41.3% increase shows confidence in semiconductor equipment spending. |
| LBRDK | ▲ BULLISH | 50.4% increase suggests belief in broadband asset value unlock. |
| NEM | ▲ BULLISH | 41.8% add indicates renewed interest in gold as a hedge. |
| COIN | ▲ BULLISH | Position increased over 12x, signaling major bullish bet on crypto adoption. |
| PWR | ▲ BULLISH | 62.8% increase reflects confidence in energy infrastructure growth. |
| IEF | ▼ BEARISH | 56% trim shows reduced appetite for intermediate Treasuries. |
| NKE | ▲ BULLISH | 98.3% increase indicates strong consumer brand confidence. |
| PDD | ▲ BULLISH | 36% add reflects optimism in Chinese discount e-commerce growth. |
| LRCX | ▼ BEARISH | Exited position after new purchase, suggesting short-term trading or model reversal. |
| BKNG | ▲ BULLISH | 27.6% increase shows confidence in travel demand resilience. |
| DIA | ▲ BULLISH | 89.2% increase suggests growing preference for Dow Jones blue chips. |
| KWEB | ▲ BULLISH | 115.7% increase reflects renewed appetite for Chinese tech ETFs. |
| WDAY | ▲ BULLISH | 85.8% increase signals confidence in enterprise HR software demand. |
| SHW | ▲ BULLISH | 62.4% add indicates belief in housing and industrial coatings demand. |
| APO | ▲ BULLISH | 66.7% increase shows confidence in alternative asset management. |
| SLB | ▲ BULLISH | 33.1% add reflects continued support for oilfield services. |
| BMY | ▲ BULLISH | 25.1% increase suggests confidence in pharmaceutical pipeline. |
| ASHR | ▲ BULLISH | Position increased 16x, signaling massive bet on Chinese A-shares. |
| OKE | ▲ BULLISH | 28.4% add shows continued interest in midstream energy. |
| FCX | ▲ BULLISH | 75.7% increase reflects strong conviction in copper and mining exposure. |
| CME | ▲ BULLISH | 44.7% add indicates confidence in derivatives and interest rate volatility. |
| RIVN | ▲ BULLISH | Position more than tripled, reflecting aggressive bet on EV market share growth. |
| OXY | ▲ BULLISH | 26.3% add shows continued support for oil and carbon capture strategy. |
Key Facts
- UBS trimmed SPY by 32.2% ($9.9B reduction) and IWM by 38.2% ($4.6B), indicating reduced exposure to broad U.S. equities and small caps.
- Major adds include XLE (+83.1%), CVX (+43.9%), HYG (+87.6%), and EFA (+45.4%), reflecting a pro-energy, high-yield, and international tilt.
- Semiconductor and tech exposure increased via AMD (+31.4%), MU (+33.3%), PANW (doubled), MSTR (up 419%), and new position in LRCX ($785M).
- Exited BLK and LRCX despite recent new and increased positions, suggesting rapid thesis reversal or rebalancing.
- Doubled down on COIN (+1268%), RIVN (+312%), BA (+156%), and ASHR (+1614%), signaling strong conviction in crypto, EVs, aerospace, and Chinese equities.
Financial Impact
Net capital deployment was significantly positive — over $20B in new/additional exposure added, outweighing exits and trims. Largest single add was $9.9B reduction in SPY, but offset by numerous large-scale additions across energy, tech, and financials.
portfolio_allocationsector_exposureequity_demandmarket_sentiment
Risk Factors
- Exits in BLK and LRCX after recent buys suggest potential forced rebalancing or model-driven trading, not fundamental conviction.
- Aggressive bets on volatile names like RIVN, COIN, and MSTR increase portfolio risk if macro conditions deteriorate.
Market Snapshot
Exchange
NYSE
Investment Themes
Traditional Finance
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| 13F-CHANGES Data (Synthetic) | 13f-changes-0001610520-2024-Q4 |
US Market Status
Market Open — Closes in 52m
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