Active Portfolio Rebalancing
Lansforsakringar Fondforvaltning Rebalances Portfolio, Trimming ServiceNow and Costco, Boosting UBS Holdings
Key Points
Sumitomo Mitsui Trust Group Inc. boosted its ServiceNow position by 385.9% in the 4th quarter, rising to 2,599,397 shares worth about $398,202,000 after purchasing 2,064,440 additional shares.
Jacqueline P. Canney, an insider, sold 8,927 shares of ServiceNow in a transaction dated Friday, April 24.
Diamant Asset Management Inc. dramatically increased its Costco Wholesale stake by 99,278.0% in the first quarter to 6,726,899 shares worth about $672,690,000 after buying 6,720,130 shares.
Banque Cantonale Vaudoise increased its UBS Group stake by 6.0% in the first quarter to 7,141,370 shares, valued at about $273,109,000 after purchasing 402,440 shares.
Brighton Jones LLC increased its ServiceNow holdings by 1.1% to 2,753 shares, valued at approximately $2.92 million.
Sweden's Länsförsäkringar Fondförvaltning AB trimmed its ServiceNow stake by 8.6% in the first quarter of 2026, cutting its holding to 334,001 shares worth about $34.92 million, according to WatchlistNews. The move is part of a broader rotation by the Swedish asset manager away from high-growth U.S. tech and into European financials.
The fund also slashed its Weyerhaeuser position by 19.7% to 1,506,173 shares worth $36.80 million, and trimmed Costco Wholesale by 4.7% to 67,097 shares valued at $66.86 million. At the same time, it raised its UBS Group stake by 3.2% to 1,410,094 shares worth roughly $53.93 million — a sign of growing confidence in the restructured Swiss bank.
ServiceNow Gets Cut as Tech Sentiment Sours
ServiceNow shares have faced pressure since the company completed a 5-for-1 stock split in late 2025. Shares had traded near $800 before the split. Now priced around $104 on an adjusted basis, the stock sits in a market where analysts warn the AI hype cycle is shifting from excitement to "penalties for missteps." Institutions own roughly 87% of ServiceNow, meaning large fund moves can quickly jolt the price.
Not everyone is selling, though. Sumitomo Mitsui Trust Group boosted its ServiceNow position by a massive 385.9% in the fourth quarter of 2025, adding 2,064,440 shares to reach 2,599,397 shares worth about $398.20 million, according to WatchlistNews. The Japanese institution appears to be betting on a long-term AI infrastructure build-out in 2027 and 2028. ServiceNow insider Jacqueline P. Canney, the company's Chief People & AI Enablement Officer, sold 8,927 shares on April 24 — reducing her personal stake by 23.2%.
Weyerhaeuser Cut Signals U.S. Housing Market Worry
Länsförsäkringar's near-20% reduction in Weyerhaeuser is one of its sharpest single-stock cuts this quarter. Weyerhaeuser is a timber and real estate company closely tied to U.S. homebuilding activity. U.S. housing starts dropped 15% in May 2026 as high interest rates kept buyers on the sideline, according to Clearstead. A weaker housing market directly hurts demand for timber, squeezing Weyerhaeuser's revenue outlook.
The fund also reduced its AppLovin stake by 16.4% to 75,203 shares, cut Parker-Hannifin by 15.0% to 39,762 shares, and trimmed Bank of America by 4.1% to 4,119,363 shares, according to TickerReport. Together these moves paint a picture of a fund actively paring back exposure across U.S. industrials, financials, and tech at the same time.
UBS Bet Grows Despite Swiss Capital Requirement Fight
While selling U.S. assets, Länsförsäkringar moved the other direction on UBS Group, increasing its stake by 3.2% to 1,410,094 shares worth $53.93 million. The Swiss government proposed a $20 billion increase in capital requirements for UBS in April 2026, sending initial shockwaves through European banking stocks. UBS management called the requirements "excessive and misaligned with international standards," according to GuruFocus.
Despite the regulatory friction, other institutions are also buying in. Switzerland's Banque Cantonale Vaudoise raised its UBS stake by 6.0% in the first quarter to 7,141,370 shares worth about $273.11 million after adding 402,440 shares, according to WatchlistNews. The parallel buying by a Swiss cantonal bank suggests investors believe the final capital rules will land closer to the "moderate" end of proposals.
Costco Draws Massive New Bet Even at Stretched Valuation
Diamant Asset Management made one of the most eye-catching moves of the quarter, increasing its Costco stake by 99,278% in Q1 2026. It bought 6,720,130 shares, bringing its total to 6,726,899 shares worth about $672.69 million. That kind of jump usually reflects a fund consolidation or a major strategic pivot, not a routine buy. Costco raised its quarterly dividend by 13% to $1.47 per share in April, signaling strong cash flow.
Costco currently trades at roughly 51 times earnings — nearly triple the retail industry average. Analysts at Intellectia AI warn the "growth engine may be running out of gas" as consumers become more selective with spending. Even so, defenders of the stock argue that Costco's loyal, higher-income membership base makes it one of the safest bets in a bifurcated consumer economy where budget shoppers and premium shoppers are pulling apart.
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