Strategic Portfolio Rebalance
UBS OCONNOR A Makes Major Portfolio Moves, Investing $13.7M in CRH Shares
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Key Points
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Beyond UBS OCONNOR A’s 77.1% trim of Vertiv, the filing notes analyst activity: Morgan Stanley raised its Vertiv price target from $285 to $350 and reiterated an “overweight” rating (with other coverage also shifting, such as a move from “strong-buy” to “buy”).
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Iron Horse Acquisitions II Corp. shares (IRHOU) were described with near-term market context when the new position was reported: the stock opened at $10.22, after a 12-month low of $9.94 and 12-month high of $11.29, and the article cites a 50-day moving average of $10.15.
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For CRH, the article adds company/market context beyond OCONNOR A’s purchase size, stating CRH opened at $111.45 and that “Institutional investors and hedge funds own 62.50% of the company’s stock.”
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In C.H. Robinson Worldwide (CHRW), while OCONNOR A cut its position by 74.7%, the article details other investors adding shares: for example, Vestcor Inc increased its CHRW stake by 0.8% (to 6,403 shares), and Horizon Investments LLC increased by 3.1% (to 1,950 shares).
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For Delta Air Lines (DAL), the article provides additional details on investor activity alongside OCONNOR A’s 49.0% reduction, including that IFM Investors Pty Ltd increased its stake by 0.5% (to 28,167 shares) and HBK Sorce Advisory LLC increased by 2.6% (to 6,022 shares), and notes institutional/hedge-fund ownership of 69.93%.
UBS Asset Management Americas' O'Connor A division has taken a $13.68 million stake in construction materials giant CRH, making it the fund's 15th-largest holding at 1.5% of its portfolio, according to Watchlist News. The move is part of a sweeping quarterly portfolio reshuffle that saw the fund slash its positions in Vertiv, Delta Air Lines, and C.H. Robinson while also entering a new SPAC position.
The trades, disclosed in a Form 13F filed with the SEC, paint a clear picture: O'Connor A is moving money out of tech-adjacent and logistics stocks and into hard infrastructure. CRH, the world's largest building materials company, opened at $111.45. Institutions and hedge funds already own 62.50% of the company's stock, per Ticker Report.
CRH Bet Signals a Push Into US Infrastructure
O'Connor A bought 109,645 shares of CRH, worth about $13.7 million, according to Watchlist News. CRH shifted its primary stock listing from London to the New York Stock Exchange in September 2023. That move was designed to capture US investor interest in federal infrastructure spending. The Infrastructure Investment and Jobs Act has funneled billions into roads, bridges, and green energy — exactly the markets CRH serves.
CRH has also grown through acquisitions, including a $2.1 billion purchase of Martin Marietta's Texas assets. With institutions now owning nearly two-thirds of CRH shares, the stock is increasingly sensitive to large fund movements. O'Connor A's entry adds weight to the view that value-focused funds see CRH as a long-term winner.
Vertiv Stake Cut 77% as Morgan Stanley Turns More Bullish
O'Connor A trimmed its Vertiv holdings by 77.1%, leaving just 22,057 shares worth about $3.6 million, per Watchlist News. Vertiv makes cooling systems for AI data centers and became a Wall Street favorite in 2024 and 2025. The fund's big cut looks like classic profit-taking after a massive run-up in the stock.
The timing creates a sharp contrast with analyst sentiment. Morgan Stanley raised its Vertiv price target from $285 to $350 and kept an "overweight" rating — a strong buy signal. Some analysts also moved their rating from "strong-buy" to "buy." O'Connor's exit while Morgan Stanley turns more bullish has sparked debate about whether the stock has room left to run or has simply gotten too expensive.
C.H. Robinson and Delta Positions Slashed Amid Sector Doubt
O'Connor A cut its C.H. Robinson Worldwide stake by 74.7%, leaving just 18,170 shares worth about $2.9 million, according to Watchlist News. C.H. Robinson is a freight brokerage firm, and the logistics industry has been stuck in a prolonged slump. Shipping rates have stayed weak for nearly two years. The deep cut suggests O'Connor sees little reason to wait for a rebound.
Not everyone agrees with that view. Vestcor Inc. raised its C.H. Robinson stake by 0.8% to 6,403 shares. Horizon Investments LLC increased its position by 3.1% to 1,950 shares. For Delta Air Lines, O'Connor cut holdings by 49.0% to 58,731 shares worth about $4.1 million. Yet IFM Investors Pty Ltd increased its Delta stake by 0.5% to 28,167 shares, and HBK Sorce Advisory LLC raised its position by 2.6% to 6,022 shares. Institutions and hedge funds own 69.93% of Delta overall.
New SPAC Bet on Iron Horse Acquisitions II Raises Eyebrows
O'Connor A also started a brand-new position in Iron Horse Acquisitions II Corp., a Special Purpose Acquisition Company, or SPAC. SPACs raise money through a stock listing and then hunt for a private company to buy. O'Connor purchased 100,000 units worth about $994,000, per Watchlist News. Iron Horse shares opened at $10.22, with a 50-day moving average of $10.15 and a 12-month low of $9.94.
Those numbers tell a cautious story. The stock's 12-month low of $9.94 sits just below the typical $10 SPAC trust value, which means the market has shown little excitement. The SPAC model collapsed broadly in 2022 and 2023 after a wave of poor-performing deals. O'Connor's small entry may signal selective interest in the model rather than a broad bet on a SPAC comeback.
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