03/08/2026 16:39

Portfolio Amendments – International Equities

We are making two changes to the International Equities Portfolio

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30/07/2026 09:30

UBS Group (NYSE: UBS) $US51.80

UBS dropped their 2Q results this week and it was solid as expected. Earnings, wealth inflows and investment banking all ahead of expectations. The bank also announced a new US$3 billion buyback.

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15/07/2026 09:39

UBS Group AG (NYSE: UBS) US$53.82

Like YETI covered above, UBS has now also reached our initial target and is trading toward the top of its recent range following a solid recovery in the share price. We continue to like the business and remain comfortable holding it in the International Equities Portfolio, although the near-term risk-reward is less compelling after the recent gains.

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30/04/2026 09:44

UBS (NYSE:UBS) $42.72

UBS delivered a very strong first-quarter result overnight, comfortably beating expectations with earnings momentum driven by huge beats in trading revenue after a volatile period, and momentum in the Wealth Management franchise. Shares traded up ~1.5%.

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06/08/2025 09:33

UBS Group (UBS US) $US37.54

UBS, the world’s largest global wealth manager, recently highlighted a shift in sentiment among their ultra-high-net-worth clients.

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26/03/2025 09:51

UBS Group (UBS US) $US29.09

UBS made a great acquisition of Credit Suisse in 2023, and while the integration is complex and there are some uncertainties around regulatory capital requirements in the short term, we ultimately believe the larger group is incredibly well positioned to take advantage of the resilience shown in Europe, and ultimately, underpin a further push into the US.

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05/02/2025 09:52

UBS Group (UBS) $US32.41

Given the acquisition and ongoing integration of Credit Suisse, the numbers from UBS are a little messy, however, Q4 results overnight were ahead of expectations, though, there was a key variable with some uncertainty around regulatory capital requirements, which saw the stock trade down ~7%. That was the key focus on the call overnight, which overshadowed a very solid result.

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21/01/2025 09:42

UBS Group AG (UBS US) $US34.04

In October, Swiss bank UBS smashed third-quarter expectations with $US1.4 billion in profit, which was about double expectations, though there are a few swings and roundabouts in thinking about these numbers given the accounting complexity following the takeover of stricken Credit Suisse.

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01/11/2024 09:24

UBS Group (UBS US) $US30.68

This week, Swiss giant UBS smashed earnings expectations with its $1.4bn result, but the stock has slipped since as we see the risks of chasing stocks at elevated levels.

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15/08/2024 09:19

UBS Group (UBS) $US30.89

2Q24 results were out for UBS in Switzerland just as our market was closing yesterday, and overall, they were stronger than expected, with shares trading 5.6% higher overnight.  While profit for the quarter was about twice expectations, the focus was more on the integration of Credit Suisse, which is on track, resulting in faster cost savings and the sell-off of non-core assets, though, they implied regulatory processes were still taking time.

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