Equities Tactical Top Picks

This report outlines UBS's current tactical equity top picks across Switzerland, EMEA, Americas, and APAC, including a new buy recommendation for Lloyds Banking Group.

Key Takeaways

• 1.UBS maintains a tactical portfolio of global equity 'Top Picks' with a new addition of Lloyds Banking Group (LLOY LN) as of May 11, 2026.
• 2.The tactical portfolio's closed ideas for year-to-date 2026 have achieved an average absolute performance of 1.4% and an annualized alpha of 16.2%.
• 3.Investment strategies for open positions focus on specific catalysts such as ASML's tech leadership in EUV lithography and BYD's expansion into large-scale battery energy storage systems (BESS).

Table of Contents

• Equities - Tactical Top Picks Overview
• Performance Overview of Closed Ideas - Year-to-Date
• Performance Overview of Closed Ideas - Full Year 2025
• Performance Overview of Closed Ideas - Since Inception
• Switzerland
• Europe
• Americas
• Asia-Pacific
• Appendix
• UBS Research Valuation & Risk Statements
• Important Information

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