NORDEA INVESTMENT MANAGEMENT AB

Nordea Investment Management held $107.2B across 1,994 positions, with a concentrated megacap technology core — NVIDIA (6.4%), Apple (5.3%), Microsoft (4.6%), Amazon and Broadcom. The Q1 filing shows broad trimming of those leaders, headlined by a $2.0B cut to Microsoft, with Alphabet (-$384M), Eli Lilly (-$265M), Mastercard (-$251M), Broadcom, Apple and Meta also reduced. The redeployment leaned defensive and toward power demand: new positions in NextEra Energy, GE Vernova, Fortinet and Verizon. ServiceNow, Salesforce and Tesla were exited. Assets declined from $116.4B to $107.2B over the quarter, with trims roughly matching adds.