The asset manager of Norway’s largest bank just made big changes in its U.S.-traded stock portfolio, including more than doubling a position in a maker of electric vehicles, and selling off tech names that had strong runs in the first three quarters of 2023.
DNB sold 578,619 Intel shares to end the third quarter with 2.5 million shares of the chip maker. Intel stock surged 35% in the first nine months of 2023, after tumbling 49% in 2022. For comparison, the S&P 500 index tacked on 12% in the first nine months of 2023, after a 19% slide in 2022. So far in the fourth quarter, Intel shares are down 1.8% compared with a 1.5% drop in the index.
Salesforce stock rocketed 53% in the first three quarters of 2023, after a 48% plunge in 2022. So far in the fourth quarter, shares are flat. DNB sold 1.1 million Salesforce shares in the third quarter, slashing its investment to 238,197 shares.