Swedbank AB

Swedbank's $95.1B U.S. equity book is concentrated in the megacap technology leaders — NVIDIA (8.0%), Microsoft (5.9%), Apple (5.2%) and Broadcom (4.0%). The Q1 2026 filing shows broad de-risking across exactly those names: Microsoft was cut by roughly $1.5B, with Broadcom (-$384M), NVIDIA (-$382M), Amazon, Meta, Alphabet, Mastercard and Eli Lilly all reduced — 29 positions trimmed against 15 added. The lone notable add was Johnson & Johnson (+$239M). New positions in Palantir, AbbVie, AstraZeneca, Ecolab and Emerson lean defensive, while the firm exited software names S&P Global, Intuit, Salesforce, ServiceNow and Roper. Assets fell from $103.4B to $95.1B.