Harmony's Sector Shift
Harmony Asset Management Expands Financial Sector Holdings While Significantly Reducing Duke Energy Stake
Anonymous
Key Points
1
Duke Energy ownership concentration and notable activist activity: institutional investors and hedge funds hold 65.31% of DUK; AXA S.A. boosted its stake by 523.4% in the last quarter to 42,233 shares, highlighting continued institutional interest in the utility stock alongside Harmony's reduced position to 3,081 shares.
2
Capital One insider activity linking to Harmony's portfolio: Celia Karam, Harmony's insider, sold 1,749 Capital One shares on May 1 at an average price of $192.58, totaling about $336,822.42, a detail not mentioned in the summary.
3
ITT insider transaction providing color on governance activity around Harmony's new ITT stake: Lori B. Marino sold 7,123 ITT shares on May 8 at an average price of $208.27, for about $1.4835 million; after the sale she owned 8,729 ITT shares valued around $1.818 million.
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Cboe Global Markets insider activity linked to Harmony's largest new stake: Director Janet P. Froetscher sold 1,223 Cboe shares on May 18 at $358.09, for about $437,944, reducing ownership by 8.14% to 13,807 shares, in a trade under a pre-arranged Rule 10b5-1 plan.
Harmony Asset Management LLC cut its Duke Energy stake by 74.1% in the first quarter, selling 8,822 shares and trimming its position to just 3,081 shares, according to Watchlist News. The firm simultaneously made its biggest new bet elsewhere — snapping up 74,070 shares of Cboe Global Markets worth about $20.8 million.
The moves signal a clear shift in Harmony's portfolio: less exposure to utilities, more to financial services and market infrastructure. The firm also opened new positions in Capital One Financial and ITT Inc. during the same period.
Harmony Dumps Duke, Doubles Down on Market Infrastructure
Harmony's Duke Energy exit was sharp. The firm went from 11,903 shares to 3,081 — a reduction of nearly three-quarters in a single quarter, according to Watchlist News. Duke Energy is a major U.S. electric utility, a sector Harmony appears to be pulling back from.
In place of that energy exposure, Harmony poured money into Cboe Global Markets. Cboe runs stock and options exchanges — core market infrastructure. The 74,070-share position, valued at roughly $20.8 million, is now Harmony's largest single holding.
New Bets on Capital One and ITT Round Out the Quarter
Beyond Cboe, Harmony opened two smaller new positions. It bought 3,640 shares of Capital One Financial for about $664,000 and 5,265 shares of ITT Inc. for roughly $1 million, according to Watchlist News. Both were brand-new stakes — Harmony had not held either stock before.
The Capital One buy tracks a broader trend. Other hedge funds and institutional investors also shifted exposure in the financial services sector during the same period. Harmony's move fits a pattern of institutions adding financial-sector names in early 2025.
Insiders at All Three New Holdings Sold Shares This Spring
Even as Harmony was buying in, insiders at its new holdings were selling. An insider named Celia Karam sold 1,749 Capital One shares on May 1 at $192.58 each, taking in about $336,822. At ITT, director Lori B. Marino sold 7,123 shares on May 8 at $208.27, collecting roughly $1.48 million. She still held 8,729 shares afterward.
At Cboe — Harmony's biggest new position — director Janet P. Froetscher sold 1,223 shares on May 18 at $358.09 each, for about $437,944. That cut her ownership by 8.14%, leaving her with 13,807 shares. The sale was made under a pre-arranged Rule 10b5-1 plan, a legal tool that lets insiders schedule trades in advance to avoid conflict-of-interest concerns.
Duke Energy Still Draws Big Institutional Interest Despite Harmony's Exit
Harmony's exit from Duke Energy does not mean the stock is out of favor across the board. Institutional investors and hedge funds collectively hold 65.31% of Duke Energy shares. One firm, AXA S.A., moved in the opposite direction — boosting its Duke stake by 523.4% last quarter to reach 42,233 shares.
That kind of divergence is common in institutional investing. One firm trims while another builds. For Harmony specifically, the Duke sale looks like a deliberate reallocation — freeing up capital to fund its new, larger positions in market-infrastructure and financial-services stocks.
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