Norway’s Government Pension Fund Global has turned into a net seller of Swedish equities, offloading shares worth just over SEK 6bn (EUR 0,55bn) in the past month, writes the Swedish media EFN.
The fund, which only invests outside Norway and now owns nearly 1.5% of all listed shares worldwide, manages a total of SEK 20.9tn (EUR 1,9tn) in capital.
”The result reflects a quarter with challenging market conditions. We saw limited impact on interest‑bearing assets and real estate, but it was the decline in equities, especially among large American technology companies, that determined the outcome,” says Trond Grande, deputy CEO, according to EFN.
In Sweden the fund’s holdings are worth approximately SEK 290bn (EUR 27bn), with AstraZeneca as its largest position at SEK 59bn and sizeable stakes in ABB, Atlas Copco and Nordea, according to Holdings.
In April alone it sold 7.7 million Nordnet shares for SEK 2.5bn, 7.1 million Essity shares for SEK 1.8bn, exited Embracer completely and cut its stakes in Epiroc and Hexagon.