Apple Stake Boosted By Power Corp Of Canada While JPMorgan, Alphabet Class A Stocks Get Dropped In Q1

The Power Corporation of Canada, a management and holding company that focuses on financial services in North America, Europe and Asia, has significantly trimmed its holdings in certain mega-cap stocks while upping its stake in Apple Inc AAPL during the first quarter.

The company purchased over 172,000 shares of the iPhone maker during the period, taking the total holding in Apple stock to over 311,000 shares, according to 13F filings with the Securities and Exchange Commission.

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However, a notable addition to the company's portfolio during the quarter was the stock of multinational automotive manufacturing corporation Stellantis NV STLA. Power Corp of Canada bought over 3.29 million shares of the company in a fresh stake buy during the quarter. Shares of Stellantis have gained over 15% since the beginning of 2023.

Stake Reductions: The company also made some significant stake reductions during the quarter in some well-known mega-cap stocks. It sold off its entire stake in JPMorgan Chase & Co JPM, having unloaded over 58,000 shares of the lender during the period.

The company also sold off its entire stake in Class A shares of Alphabet Inc GOOG GOOGL while it trimmed over 99% of its holdings in Class C shares of the tech giant during the quarter. Both shares have registered over 37% gains on a year-to-date basis, according to Benzinga Pro.

Power Corp of Canada also sold a significant chunk of its holdings in Amazon.com, Inc. AMZN in Q1.

Top Holdings: Lion Electric Co LEV and Stellantis are the top two holdings of the company, according to whalewisdom.com.

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