The Swiss National Bank reduced its investment in Apple stock, slashed positions in Lucid Group and Shopify, and bought more shares of Virgin Galactic Holdings in the first quarter.
Among other things, the bank reported the trades on a form it submitted to the Securities and Exchange Commission.
Regarding its modifications to investments, the bank declined to comment. According to its most recent annual report, Swiss National Bank’s assets at the end of 2023 were $869 billion, $95 billion less than a year earlier “mainly due to foreign currency sales.”
Swiss National Bank Report
In the first quarter, Apple’s stock fell 11% while the S&P 500 index increased by 10%. In the second quarter, shares have gained 11%, and the index has increased by 1.0%.
After Apple announced a robust March quarter in early May and increased its stock repurchase program by $110 billion, shares surged.
Some investors and customers were upset that Xiaomi, a Chinese competitor in smartphones and consumer electronics, was able to produce an automobile after Apple had halted its program to build one.
In order to reduce its holding to 44 million shares, Swiss National Bank sold 4.9 million Apple shares during the first quarter.
To close the first quarter with 1.8 million shares of the electric vehicle manufacturer, the bank sold one million Lucid shares.
Lucid shares fell earlier this month when the company reported a disappointing first-quarter loss. Sherry House, Lucid’s previous chief financial officer, has been hired as Ford Motor’s next CFO, effective in early 2025. House formerly worked for Alphabet’s self-driving car unit, Waymo.
Lucid stock fell 32% in the first quarter and is down 2.5% so far in the second.
Shopify stock fell 1% in the first quarter and is already down 26% in the second quarter.
Shares of the e-commerce platform fell earlier this month after Shopify warned of weaker sales growth and reduced margins in the current quarter.
Chief Financial Officer Jeff Hoffmeister stated that U.S. consumers remain resilient, but the projection includes a stronger dollar and lower spending in Europe.
Swiss National Bank sold 270,500 Shopify shares in the first quarter, totalling 3.6 million.
In the first quarter, the bank purchased 62,400 additional shares of Virgin Galactic, bringing its total investment in the space tourism company to 749,800 shares.
KeyBanc Capital Markets said earlier this month that Virgin Galactic spent less cash than planned in the first quarter.
The company also stated in its earnings report that it expects to use less cash in the second quarter, despite a poor revenue estimate.
The stock of Virgin Galactic fell 40% in the first quarter and is already down 42% in the second.
Inside Scoop is a frequent Barron’s feature that covers stock transactions by corporate executives and board members (known as insiders), as well as significant shareholders, politicians, and other notable figures
Because of their insider status, these investors are obligated to report stock trades to the Securities and Exchange Commission and other regulatory bodies.
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Source
Reported by Barrons.com
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