2026-Q1 UBS Group AG 13F Filing: UBS piles into IEFA and gold in global shift

UBS Group AG's 2026-Q1 13F filing displays a portfolio with 9,112 holdings and a turnover ratio of 0.27, revealing an active rebalancing away from domestic equity concentration. The bank plowed capital into international and fixed-income ETFs while trimming its own stock and several large-cap tech names.

• IEFA was a major add, with +$4.35B in new capital, lifting its weight from 0.31% to 0.94%.
• QQQ also received an add, growing by +$3.38B and weight moving from 1.15% to 1.57%.
• UBS was trimmed, shedding -$2.18B and weight from 1.10% to 0.69%.
• GLD saw a significant add, increasing by +$1.59B with weight from 0.82% to 1.00%.
• AZN was a new buy, with $1.24B in value and a weight of 0.19%.
• MSFT was added to during the quarter, though its value contracted from $18.68B to $14.83B, and weight shifted from 3.03% to 2.23%.

The near-parabolic growth in international ETF holdings such as IEFA and IEMG, combined with the build-up in gold (GLD) and corporate bonds (USIG, HYG), points to a deliberate destocking of U.S.-centric risk. This is a portfolio-level bet that non-U.S. markets and fixed income will outperform, not a tactical tweak.

The trimming of UBS's own shares, alongside cuts in GOOG, BAC, and JPM, suggests the bank is monetizing recent gains to fund these new positions. The addition of AZN and scaling up in TSM and ASML align with a move toward international value and semiconductor supply chains, making this a portfolio makeover, not a minor rotation.

• The most significant capital deployment was into IEFA, QQQ, and GLD, reflecting a preference for international developed markets, tech proxies, and gold.
• Trims in UBS, GOOG, and BAC freed up capital for these moves, indicating a clear rotation away from domestic winners.
• New and expanded positions in AZN, TSM, and ASML reveal a thematic tilt toward overseas pharma and semiconductors.