UBS cuts tech giants in Q3, Apple, Microsoft cut for third straight quarter

Among the top five long positions, S&P 500 ETF put options ( $SPDR S&P 500 ETF(SPY.US)$ , PUT) ranked first, with a position of 16.29 million shares, the market value of the position is about $6.96 billion, accounting for 2.40% of the portfolio, the number of positions rose by 22.35% from the previous quarter.

$Microsoft(MSFT.US)$ came in second, with a position of 21.84 million shares, a position with a market capitalization of about $6.9 billion, or 2.38% of the portfolio, and a 4.38% decrease in the number of positions from the previous quarter, marking the third consecutive quarterly reduction.

$Apple(AAPL.US)$ came in third, with a position of about 37.22 million shares, a position with a market capitalization of about $6.37 billion, or 2.20% of the portfolio, and a 4.15% decrease in the number of positions from the previous quarter, also a third consecutive quarterly reduction.

Nasdaq 100 ETF Put Options ( $Invesco QQQ Trust(QQQ.US)$ , PUT) came in fourth, with a position of about 11.37 million shares, a position with a market capitalization of about $4.07 billion, or 1.40% of the portfolio, an increase of 58.83% in the number of positions from the previous quarter.

The S&P 500 ETF ( $SPDR S&P 500 ETF(SPY.US)$ ) came in fifth, with a position of about 9.01 million shares, a position with a market capitalization of about $3.85 billion, or 1.33% of the portfolio, and an increase in the number of positions by 10.78% from the previous quarter.

In terms of percentage change in positions, the main underlying buyers were Nasdaq 100 ETF ( $Invesco QQQ Trust(QQQ.US)$ ), S&P 500 ETF, iShares Russell 2000 ETF ( $iShares Russell 2000 ETF(IWM.US)$ ) & iShares MSCI ACWI ETF ( $iShares MSCI ACWI ETF(ACWI.US)$ ). Major underlying sellers were SPDR Industrials Index ETF ( $Industrial Select Sector SPDR Fund(XLI.US)$ ), $MercadoLibre(MELI.US)$ , $Apple(AAPL.US)$ & iShares Inflation Bond Index ETF ( $iShares TIPS Bond ETF(TIP.US)$ ).

Notably, UBS reduced its holdings in Microsoft and Apple in the third quarter, in addition to tech stocks such as $Amazon(AMZN.US)$ , $Alphabet-A(GOOGL.US)$ / $Alphabet-C(GOOG.US)$ , $NVIDIA(NVDA.US)$ , $Tesla(TSLA.US)$ , $Broadcom(AVGO.US)$ and $Cisco(CSCO.US)$ .