UBS On-Air: Market Moves House Call: Talking Equity Markets with UBS Asset Management
Apr 7, 2026
Jeremy Zirin, Senior Portfolio Manager and head of the US private client equity team at UBS Asset Management, gives market commentary and portfolio positioning color. He discusses recent market volatility drivers, oil’s impact on growth and inflation, earnings trends and AI strength in semiconductors, leadership rotation from mega-cap tech to cyclicals and defensives, and current portfolio opportunity areas.
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Drivers Behind Recent Market Volatility
- Recent market volatility is driven by higher energy prices, trade policy uncertainty, and softer economic data.
- Jeremy links March volatility to Middle East tensions pushing oil near $100/barrel and revised weaker Q1 GDP forecasts to 0.7%.
Avoid Reacting To Short Term Market Shocks
- Long-term investors should avoid reacting to short-term volatility and focus on long-horizon goals like retirement or wealth transfer.
- Jeremy notes past shocks (e.g., 2020 COVID) saw rapid recoveries: big drawdowns were followed by new highs within months.
Earnings Broadening Beyond AI Leaders
- Fourth quarter earnings showed broadening beyond AI-dominant winners with ~12-13% year-over-year earnings growth.
- Jeremy highlights one-third of incremental S&P EPS came from AI leaders in semiconductors and software, with healthy margins and top-line gains.