DNB Asset Management reduced its stakes in Magnificent Seven members Apple, Microsoft, and Tesla in the first three months of 2024, a filing with the U.S. Securities and Exchange Commission revealed.
During the same period, the investment arm of Norway’s largest bank doubled its holdings in Palantir Technologies, the maker of data analytics software.
DNB, which manages 945 billion Norwegian Krone ($86 billion), declined to provide comment regarding its tech investment strategy.
Here is a breakdown of the asset manager’s tech bets this year so far.
📉 Apple
DNB sold over 668,000 shares of Apple stock in the first quarter of 2024, leaving it with 3.6 million shares worth about $624 million. The move comes as the tech giant has been struggling with hardware sales this year, especially in China. iPhone sales fell 9.6% year over year to 50.1 million smartphones from January to March.
Last week, Apple CEO Tim Cook said the company will invest more in its Vietnam suppliers as it pivots away from China.
Its stock is down 11% from the start of the year through March.
📉 Tesla
The Norwegian asset manager sold 103,2000 shares of Tesla, keeping about 600,000 shares valued at about $105 million.
This comes as the Elon Musk-led EV-maker has been facing shrinking demand for its vehicles and staff layoffs. Telsa deliveries in the first quarter dropped 8.5% year over year to 386,810 EVs. Last week, the company announced it was laying off 10% of it workforce.
Tesla stock plummeted 29% in the first three months of the year and keeps falling.
📉 Microsoft
Microsoft is fairing a lot better than Apple and Tesla this year. Still, DNB cut its position in the tech company by 750,000 shares to 3.5 million, worth about $1.5 billion.
Microsoft’s stock was up 12% from January to March.
📈 Palantir
Instead of maintaining its position in Magnificent Seven companies, DNB has doubled-down on Palantir.
The data management software company reached record-profit in the three months ending Dec. 31 as AI-demand boosted its revenue. In the fourth of 2023, the company generated $608 million in revenue, up 9% from the same period the prior year.
Its stock soared 34% in the first quarter.