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An NIO vehicle. DNB Asset Management bought more Apple and NIO shares, took a stake in Li Auto, and halved an investment in Intel.
GREG BAKER / AFP via Getty Images
A major asset manager recently made some big changes to his investment portfolio.
DNB Asset Management bought more
Apple
(ticker: AAPL) and
NIO
(NIO), initiated an investment in
Li Auto
(LI) and halved a position in
Intelligence
(INTC) in the second trimester. The unit of Norway’s largest financial services company, DNB, disclosed the transactions in a form it filed with the Securities and Exchange Commission.
DNB Asset, which manages more than $ 70 billion in assets, declined to comment on the investment changes.
DNB Asset bought an additional 423,239 Apple shares to end the second quarter with 3.9 million shares of the iPhone maker.
Apple stock trailed the market in the first half of 2021, gaining 3.2% while the
S&P 500 Index
increased by 14.4%. So far in July, however, stocks are up 6.0%, compared to the index’s 1.7% gain.
Apple gained traction when investors turned their attention to a potential fall launch of the next iPhone. Last month, we named Apple’s Tim Cook to our list of top CEOs. The company, along with other big tech peers, faces renewed regulatory scrutiny.
DNB Asset bought an additional 582,664 US NIO deposit receipts at the end of June along with 618,585 ADR from the Chinese electric vehicle maker. The asset manager also initiated a position in the Chinese equivalent of Li Auto electric vehicles with the purchase of 14,299 ADR; DNB Asset did not own any at the end of March.
ADR NIO and Li Auto rose 9.2% and 21.2%, respectively, in the first half of the year, but fell 14.4% and 8.9% respectively in July. the country’s regulatory pressure on Didi Global (DIDI), a recently listed ridesharing company in the United States. NIO and Li Auto both reported significant deliveries.
DNB Asset sold 722,908 shares of Intel in the second quarter, reducing its investment to 809,214 shares of the chip giant. Intel stock rose 12.7% in the first half of the year and has remained essentially flat so far in July.
Intel said at the end of June that it was postponing production of a new chip to the first quarter of next year compared to the end of this year. The company, however, has benefited from strong demand for PCs as home office workers have upgraded their equipment to work online. The company revealed that it invested in a payments company in the first quarter.
Inside Scoop is a regular Barron column that covers the stock transactions of corporate executives and board members (called insiders), as well as major shareholders, politicians and other prominent figures. Due to their insider status, these investors are required to disclose stock transactions to the Securities and Exchange Commission or other regulatory bodies.
Write to Ed Lin at [email protected] and follow @BarronsEdLin.
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