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美股Q2 机构持仓大动作:科技股分歧加剧,巨头策略各有侧
贝塔投资智库·2025-08-18 04:16

Core Viewpoint - The article discusses the contrasting strategies of major financial institutions regarding their holdings in the U.S. stock market, particularly in technology stocks, amidst the AI boom and market volatility [3]. Group 1: UBS's Strategy - UBS reduced its holdings in major tech stocks like Apple (down 10.86%), Nvidia (down 5.16%), and Microsoft (down 3.95%), while increasing its position in Nasdaq 100 index put options by 84.21%, indicating a defensive stance [4][5]. - The overall market value of UBS's U.S. stock holdings increased by 7% to $580 billion, but the firm opted to take profits and hedge against potential declines in tech stocks rather than the entire market [5]. Group 2: Wells Fargo's Approach - Wells Fargo showed strong confidence in the broader market, increasing its total holdings by 9.77% to $483 billion, with a significant 47.29% increase in the S&P 500 ETF [6]. - The bank exhibited a "structural increase" in tech stocks, notably boosting its position in Google by 30.89% and adding Broadcom to its top holdings, reflecting a commitment to the AI supply chain [6]. Group 3: Nomura's Aggressive Position - Nomura's holdings grew by 13% to $60.5 billion, with a focus on AI applications and individual stock volatility, notably increasing its position in Meta call options by 10.98% [7]. - The firm employed a unique strategy with Tesla, simultaneously increasing both call and put options, indicating a bet on significant price volatility amid uncertainties [7]. Group 4: Hedge Fund Strategies - Hedge fund managers displayed varied strategies, with Ackman focusing on consumer stocks like Amazon and Alphabet, while Soros Fund increased its positions in S&P 500 put options by 168.75% [8][9]. - Michael Burry's shift from shorting tech stocks to buying call options in healthcare and tech reflects a significant change in market sentiment, aligning with the broader market rebound [9]. Group 5: Market Signals - The analysis of institutional holdings reveals three key market signals: the division within tech stocks, the standardization of hedging tools, and a balance between defensive and offensive strategies [10]. - Institutions are increasingly using derivatives to manage risks, indicating a shift from a "one-sided rally" to a "volatile market" where structural opportunities are sought [10].