Skandinaviska Enskilda Banken AB (publ)

Key Holdings

The portfolio is heavily concentrated in a "Magnificent Seven" style framework, with Technology giants dominating the top ranks.

• NVIDIA (NVDA) is the crown jewel of the portfolio, commanding 9.06% of total assets ($2.26B). The firm increased its stake by 14.2% (adding $584.7M), signaling strong conviction in the AI semiconductor narrative.
• Microsoft (MSFT) and Apple (AAPL) follow as the second and third largest holdings, at 7.92% and 5.42% respectively. While Microsoft saw a modest increase of 2.9%, Apple received a notable capital injection of $263.2M.
• Amazon (AMZN) remains the fourth-largest holding at 3.89%, despite the firm reducing the stake by 20.8% ($252.9M). This suggests a profit-taking move or a reallocation of capital away from consumer cyclical exposure toward other tech areas.
• Meta Platforms (META) and Broadcom (AVGO) round out the top six, both experiencing minor reductions of 7.3% and 9.4% respectively, yet they remain critical components of the portfolio's core.