Danica Trims Holdings
Danica Pension Reduces Stakes in Tech, Utility, Financial Giants During First Quarter
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Key Points
1
CFO Michael J. Berry sold 5,000 shares of MongoDB on June 15, while Danica Pension Livsforsikringsaktieselskab's MongoDB stake stood at 172,280 shares (about $42.17 million) after the quarter's activity.
2
NextEra Energy accounts for 1.7% of Danica Pension Livsforsikringsaktieselskab's portfolio and is its 10th-largest holding, after the fund reduced its stake to 949,166 shares (worth about $88.16 million).
3
Block, Inc. makes up about 1.0% of Danica's portfolio and is its 24th-largest position, with 868,370 shares after the quarter's activity (worth about $52.26 million).
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Danica trimmed U.S. Bancorp by 77.5% to 283,081 shares; the stock opened at $63.69 on the report day, and institutional investors own roughly 77.6% of the stock.
Danish pension giant Danica Pension Livsforsikringsaktieselskab made sweeping cuts to its U.S. stock holdings in the first quarter of 2024, slashing positions across tech, utilities, and financial stocks. The fund trimmed stakes in five major companies — MongoDB, Quanta Services, NextEra Energy, Block, and U.S. Bancorp — reducing some by more than half, according to Watchlist News.
The deepest cut came in U.S. Bancorp, where Danica slashed its position by 77.5%, down to just 283,081 shares worth about $14.7 million. The fund also cut its Block stake by nearly 60%, and reduced NextEra Energy by more than 40%.
MongoDB and Quanta Services Stakes Cut Sharply
Danica reduced its MongoDB position by 32.5%, leaving it with 172,280 shares valued at roughly $42.2 million, according to Watchlist News. The trimming came around the same time MongoDB CFO Michael J. Berry sold 5,000 shares on June 15. That insider sale added to the selling pressure on the stock.
In Quanta Services, Danica sold 12,448 shares — a 36.9% reduction — leaving it with 21,313 shares worth about $11.7 million. Quanta builds and services utility infrastructure across North America. The cut signals Danica pulling back from the construction sector after a strong run for the stock.
NextEra Energy Remains a Top-10 Holding Despite 40% Cut
Danica cut its NextEra Energy stake by 40.3%, but the clean energy utility is still the fund's 10th-largest holding. After the reduction, Danica owns 949,166 shares worth about $88.2 million. NextEra makes up 1.7% of the fund's total portfolio, according to Watchlist News.
NextEra Energy is one of the largest producers of wind and solar power in the world. Even after such a large cut, its dollar value dwarfs the other trimmed positions. Danica clearly sees it as a core long-term bet, even as it takes profits.
Block and U.S. Bancorp See the Steepest Reductions
Danica cut its Block stake by 59.8%, leaving 868,370 shares worth around $52.3 million. Block — the fintech company formerly known as Square — now makes up just 1.0% of Danica's portfolio and ranks as its 24th-largest position, according to Watchlist News. That is a significant drop in conviction for one of fintech's biggest names.
The biggest reduction by percentage was in U.S. Bancorp, cut by 77.5% to 283,081 shares worth about $14.7 million. USB stock opened at $63.69 on the day the filing was reported. Institutional investors still own roughly 77.6% of U.S. Bancorp overall, showing Danica's retreat was not an industry-wide trend.
Danica Also Trimmed Colgate and Ally Financial This Quarter
The five headline cuts were not the only moves Danica made. The fund also trimmed its Colgate-Palmolive stake by 4.0% and slashed Ally Financial by 45.3% in the same quarter, according to Ticker Report. The Ally cut was especially sharp, mirroring the fund's broader pullback from U.S. financial stocks.
Taken together, the moves suggest Danica is rotating away from high-growth tech, utilities, and consumer finance names. The fund appears to be reducing risk and locking in gains after a strong stretch for U.S. equities. No new large positions were disclosed alongside the cuts.
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