Cbus Trustee Cuts Nebius 20.5% and Zoetis 95.6% in Q2 13F

For allocators and portfolio managers, Q2 13Fs separate signal from noise. United Super's 20.5% trim of Nebius and 95.6% collapse in Zoetis provide a case study in how Australian superannuation trustees are repositioning across AI infrastructure and defensive animal-health equities.

United Super Pty Ltd, acting as trustee for the Construction & Building Unions Superannuation Fund, disclosed in its Q2 2026 Form 13F filing that it cut its stake in Nebius Group N.V. by 20.5% and nearly exited its position in Zoetis Inc., reducing that holding by 95.6%. The Nebius reduction involved selling 3,390 shares, leaving 13,147 shares valued at $3,631,000 as of the filing. The Zoetis reduction was far more aggressive: the trustee sold 251,749 shares, leaving just 11,600 shares worth $834,000. The contrast between a modest trim in an AI-infrastructure name and a near-total liquidation in an animal-health leader is the core of this 13F story, even though the dollar amounts are small relative to the broader institutional landscape.

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The reported position value of $3,631,000 on 13,147 shares implies roughly $276 per share, while Geode Capital Management's disclosed 2,046,799 shares valued at $169,840,000 from the prior quarter implies about $83 per share.

The broader context is that 13F filings are quarterly snapshots required from institutional managers with over $100 million in discretionary U.S. equities, and they arrive roughly 45 days after quarter-end. This report reflects decisions made between April 1 and June 30, 2026, not necessarily current positioning as of the mid-August publication date. The caution is especially relevant for Nebius, which has been a volatile AI-infrastructure play. The reported position value of $3,631,000 on 13,147 shares implies roughly $276 per share, while Geode Capital Management's disclosed 2,046,799 shares valued at $169,840,000 from the prior quarter implies about $83 per share. The wide gap likely stems from different valuation dates, reporting formats, or data aggregation artifacts in these auto-generated summaries, so readers should treat the dollar values as filing estimates rather than precise market marks.

The institutional flow picture is mixed and instructive. On the Nebius side, several managers were adding in the same window. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake by an extraordinary 34,371.3% in Q4 2025 to 93,762 shares worth $7,848,000. Geode Capital Management increased its Nebius position by 1,095.7% in Q4 2025 to 2,046,799 shares worth $169,840,000. Amundi lifted its stake by 10.6% in Q1 2026 to 1,343,954 shares worth $139,449,000. Smaller allocators including Lombard Odier Asset Management, HB Wealth Management, Empirical Financial Services, Wealth Alliance, and Aspen Grove Capital all added or initiated positions. Against that backdrop, United Super's 20.5% trim is notable but not necessarily a signal of deteriorating fundamentals; it may simply reflect portfolio rebalancing or profit-taking.

For Zoetis, the contrast is even starker. The mega-institutional community was overwhelmingly adding in Q4 2025. Vanguard Group increased its Zoetis stake by 12.9% to 47,780,974 shares worth $6,011,802,000. J. Stern & Co. lifted its position by 12,431.2% to 24,069,492 shares worth $3,028,423,000. State Street grew its stake by 0.8% to 19,796,891 shares worth $2,490,845,000. Geode added 1.7% to reach 11,327,679 shares worth $1,420,294,000. Norges Bank initiated a new position worth about $734,425,000. United Super's 95.6% cut therefore looks like a portfolio-specific or reallocation decision rather than a broad institutional retreat, because Zoetis institutional ownership stands at 92.80%.

The market impact of this specific filing is limited by the small dollar size. United Super's Nebius stake of $3.6 million and Zoetis stake of $834,000 are immaterial compared with Vanguard's $6 billion Zoetis position or Geode's $170 million Nebius position. However, for finance professionals who track fund flows, the filing is a useful data point in a larger mosaic: AI infrastructure names like Nebius are attracting new institutional capital despite their volatility, while animal-health leaders like Zoetis are widely held but occasionally see sharp single-manager drawdowns for reasons unrelated to consensus fundamentals.