UBS Says CTAs Dumped 75% of Equities, Sees Sage AI Pricing Power and Reworks High-Yield Desk

UBS reported Tuesday that commodity trading advisers—those trend-following, model-based funds—have slashed global equity holdings by 75% since the Middle East conflict erupted. The Swiss bank, meanwhile, stuck to its upbeat view on Sage’s AI pricing strength. In a separate update, UBS is said to be revamping a European high-yield trading desk focused on lower-rated corporate debt.