Norway's central bank has reduced its exposure to Apple Inc (NASDAQ: AAPL) while at the same time purchased shares of chipmaker Nvidia Inc (NASDAQ: NVID).
What Happened: In a revised form filed with the Securities and Exchange Commission last week, Norges Bank revealed the sale of 26.8 million Apple shares (NASDAQ:AAPL) to end the fourth quarter. The bank was left holding 142.1 million shares of the iPhone maker at the end of last year.
Apple stock was up 33.8% last year, but shares have slipped 13% so far this year.
Norges bank, meanwhile, more than tripled its Nvidia holdings, buying 15.4 million shares for a total of 21.3 million NVID shares in its possession at the end of 2021. Nvidia's stock has so far dropped 25% year to date in 2022.
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Why It Matters: Norges Bank had total assets of $1.47 trillion as of the end of 2021. The bank's sovereign wealth fund (Government Pension Fund Global) recently opposed Apple's executive compensation plan, which includes the $99 million pay package awarded last year to Chief Executive Officer Tim Cook.
The revised SEC filing indicated that Norges Bank also bought 2.6 million additional Plug Power Inc (NASDAQ: PLUG) shares in the fourth quarter, and 3.2 million more NIO Inc (NYSE: NIO) ADRs.
The bank was holding a total of 7.4 million Plug Power shares and 13.7 million ADRs of NIO at the end of 2021.
Photo: Courtesy of Norges Bank on Flickr
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