Norway's Central Bank Reduced Exposure To Apple While Buying Up Nvidia

Norway's central bank has reduced its exposure to Apple Inc AAPL while at the same time purchased shares of chipmaker Nvidia Inc 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 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 PLUG shares in the fourth quarter, and 3.2 million more NIO Inc 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