Recurring series

Equity Preference List

Finvaulta tracks 13 editions of Equity Preference List from UBS, published between August 17, 2026 and October 5, 2026. Each edition is summarized on its own page.

Latest edition · October 5, 2026

UBS Equity Preference List Beneficiaries of Japan s inflation Closure 2026 10 05

UBS Chief Investment Office is closing its 'Beneficiaries of Japan's inflation' theme and removing all 25 constituent equities on 5 October 2026. The core thesis that Japan would exit deflation has largely been realized, and the theme is being folded into the broader Japan Equity Preference List.

UBS CIO GWM has retired its 'Beneficiaries of Japan's inflation' equity preference theme, removing all 25 holdings—each previously weighted at 4.0%—effective 5 October 2026. UBS notes that the core thesis of Japan's transition away from deflation has largely materialized, with wage and price normalization now entrenched. Japanese equities are increasingly influenced by broader cyclical and structural themes such as AI-related capex, global manufacturing recovery, and corporate governance and ROE enhancements, leading UBS to subsume the strategy into its main Japan Equity Preference List.

Read the latest edition in full

Key takeaways from the latest edition

1.UBS is closing the 'Beneficiaries of Japan's inflation' theme as its core thesis of Japan's transition away from deflation has largely been realized.
2.The theme is being subsumed into the broader Japan Equity Preference List (EPL) to better assess the increasingly multifaceted structural and cyclical drivers of Japanese equities.
3.Japanese equity performance is now driven by broader factors beyond inflation, including AI-driven capital expenditures, global manufacturing recovery, and ongoing corporate governance and capital efficiency reforms.

What this series covers

Equity preferences
Most Preferred
Positioning and key trends
Equity selection
About the authors

Edition archive

Series at a glance

Editions tracked: 13
First edition: August 17, 2026
Latest edition: October 5, 2026

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