OCONNOR A Portfolio Rotation
UBS OCONNOR A Shifts Holdings, Acquiring TE Connectivity and Wabtec, Trimming Delta and Vertiv
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Key Points
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OCONNOR A Distinct Business Unit reported that after trimming Delta Air Lines by 49% it held 58,731 shares, having sold 56,417 shares in the quarter; the position was valued at about $4.076 million in its most recent SEC filing. The article also notes 69.93% of Delta stock is held by institutional investors.
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For Cameco, the article adds company-specific context: it cites a debt-to-equity ratio of 0.14, a quick ratio of 2.09, and a current ratio of 3.08, along with a listed market cap of about $46.59 billion and a price-to-earnings ratio of 99.04.
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TE Connectivity: the report includes an insider transaction, stating that insider Shadrak W. Kroeger sold 9,400 shares at an average price of $215.00 (total value $2.021 million). After the sale, the insider reportedly owned 25,976 shares.
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Wabtec: the article also reports an insider sale by CEO Rafael Santana—selling 1,163 shares at an average price of $261.06 (total proceeds shown as $...), with the transaction dated Monday, June 8.
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Vertiv: beyond generic “buy” coverage, the report specifies price targets and ratings—Roth Mkm reiterated a “buy” and set a $355.00 target, while Morgan Stanley raised its target to $350.00 from $285.00 and maintained an “overweight” rating.
UBS Asset Management Americas' O'Connor unit has taken a new $5.67 million stake in TE Connectivity, buying 26,355 shares, while also entering Wabtec for the first time with 10,000 shares worth roughly $2.61 million, according to Watchlist News. The moves came as the same unit slashed its Delta Air Lines position by 49% and cut its Cameco holding by nearly 85%.
The filings paint a clear picture: O'Connor is rotating out of high-flying sectors like nuclear energy and AI data centers, and into industrial components and rail logistics infrastructure.
O'Connor Dumps Cameco and Vertiv to Fund New Bets
O'Connor cut its Cameco stake by 84.9%, leaving just 7,138 shares worth about $653,000, according to Watchlist News. Cameco trades at a price-to-earnings ratio of 99.04 and carries a market cap of roughly $46.59 billion. Despite strong liquidity — a current ratio of 3.08 and a quick ratio of 2.09 — O'Connor appears to view the valuation as stretched after the uranium sector's two-year rally.
The unit also cut Vertiv by 77.1%, reducing its stake to 22,057 shares. It sold off roughly 74,200 shares during the quarter. That exit came even as Morgan Stanley raised its Vertiv price target to $350.00 from $285.00 and kept an "Overweight" rating. Roth MKM went further, reiterating a "Buy" and setting a $355.00 target. O'Connor's move suggests it believes the easy gains in AI data center stocks are already behind them.
TE Connectivity and Wabtec Signal Industrial Pivot
O'Connor's new 26,355-share stake in TE Connectivity is valued at approximately $5.67 million. TE Connectivity makes connectors and sensors used in electric vehicles and high-speed data systems — the "picks and shovels" of industrial modernization. The unit also added 10,000 shares of Wabtec, a rail equipment maker, worth about $2.61 million. Both are first-time positions, signaling a deliberate shift toward hard industrial infrastructure.
The timing is notable. Wabtec CEO Rafael Santana sold 1,163 shares at $261.06 each on June 8, even as O'Connor was building its new position. At TE Connectivity, insider Shadrak W. Kroeger sold 9,400 shares at $215.00 per share — a $2.021 million transaction — leaving him with 25,976 shares. Insider sales are often pre-scheduled, but the simultaneous buying by O'Connor and selling by executives creates a visible contrast in short-term conviction.
Delta Air Lines Trimmed as Institutional Owners Hold Steady
O'Connor cut its Delta Air Lines position by 49%, selling 56,417 shares and keeping 58,731. The remaining stake is worth about $4.076 million. The move stands out because 69.93% of Delta's float is held by institutional investors — and many of them are moving in the opposite direction, adding to their positions rather than cutting.
The split reflects a broader debate about the airline sector. O'Connor appears to be hedging against a possible consumer slowdown. Other large institutions, by contrast, are betting that international travel demand stays strong. Neither side has made a definitive call — the divergence simply shows that smart money is not reading the same playbook right now.
What the Rotation Tells Us About Market Sentiment
Taken together, O'Connor's trades tell a coherent story. The unit is locking in profits from sectors that have already had big runs — nuclear energy, AI cooling systems, and airline recovery plays. It is redeploying that capital into companies tied to re-industrialization: rail infrastructure and electronic components for EVs and data transmission.
If other hedge fund units follow O'Connor's lead out of Vertiv, the stock could hit a ceiling despite the bullish analyst targets. Cameco's near-85% reduction may also signal a cooling period for uranium stocks more broadly. For now, the filings show one well-resourced unit making a clear, directional bet — away from hype and toward hard infrastructure.
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