The Swiss National Bank nearly doubled investments in electric-vehicle makers Rivian and Lucis, and sold Apple and GM stock in the second quarter.
The central bank of Switzerland recently made major changes in its investments in technology and automakers.
The Swiss National Bank bought 1.1 million more Rivian shares in the second quarter to lift its investment to 2.3 million shares. Rivian stock crumbled 82% in 2022, and dropped 10% in the first half of this year, far underperforming the S&P 500, which slipped 19% in 2022, and rose 16% in 2023’s first half. The bank’s purchase of Rivian stock looks like a prescient transaction because so far in the third quarter, the stock has surged 39%, trouncing the index’s flat performance.
A disappointing second-quarter report in early August sent Lucid stock lower. The company has been cutting prices of its EVs, and investors are taking that as a sign that demand is flagging.The Swiss National Bank sold 6 million Apple shares in the quarter to trim its investment to 57 million shares of the iPhone maker.
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