UBS has described the UK equity market as an "incomplete plate rather than an empty one" in its latest monthly strategy note, concluding that disciplined stock selection rather than broad index exposure is the right approach. The bank's REVS framework, which assesses regime, earnings, valuation and sentiment across a two to six month tactical horizon, assigns the UK market a fragile score, one notch below constructive, with earnings now the strongest supportive pillar and sentiment the most significant drag.