Swedbank's Q1 Portfolio Moves
Swedbank Reallocates US Equity Portfolio, Increasing Pfizer and American Tower Stakes
Key Points
Pfizer Inc.: Swedbank's position rose to 6,150,865 shares after purchasing an additional 660,593 in the quarter, with a reported value of $172,716,000.
Citigroup Inc.: Swedbank held 9,701,868 shares after selling 632,103, remaining about 1.2% of its portfolio and ranking as the 12th-largest holding, with a market value of $1,100,289,000.
CVS Health Corporation: Swedbank increased its stake to 2,278,233 shares (+5,460) valued at $163,623,000, and CVS traded mid-day at $104.03.
Booking Holdings Inc.: Swedbank's holdings rose to 40,219 shares (+3,175) worth about $169,335,000, with Booking trading mid-day at $182.11.
American Tower Corporation: Swedbank expanded to 953,557 shares (+388,823), valued at approximately $164,565,000.
Swedbank AB raised its stake in Pfizer by 12% during the first quarter of 2025, adding 660,593 shares to bring its total to 6.15 million shares worth about $172.7 million, according to Ticker Report. The move came as Pfizer's FDA-approved product pipeline attracted fresh institutional interest across the market.
The Swedish bank did not stop at Pfizer. It also surged into American Tower Corporation, boosting that stake by 68.9%, while making smaller adjustments across several other major U.S. equities, according to Watchlist News.
Pfizer and American Tower Lead Swedbank's Biggest Bets
Pfizer was one of Swedbank's clearest conviction buys last quarter. The bank added 660,593 shares, pushing its total to 6,150,865 shares valued at $172.7 million, according to Ticker Report. That 12% jump signals growing confidence in Pfizer's drug approvals and revenue recovery after a post-COVID slump.
The bigger surprise was American Tower. Swedbank expanded that position by 68.9%, adding 388,823 shares to reach 953,557 total, worth roughly $164.6 million, according to Watchlist News. That is nearly a 70% increase in a single quarter — an unusually bold move for a large institutional investor.
Booking Holdings and CVS Saw Modest but Steady Gains
Swedbank also nudged up its position in Booking Holdings by 8.6%, adding 3,175 shares to reach 40,219 total. Those shares were worth about $169.3 million, with Booking trading mid-day at $182.11, according to Watchlist News.
CVS Health saw the smallest increase — just 5,460 shares, or 0.2% — bringing Swedbank's total to 2,278,233 shares worth $163.6 million. CVS traded at $104.03 mid-day during the period. The move looks more like a maintenance buy than a strong directional call.
Swedbank Trims Citigroup Despite Keeping It a Top Holding
Not every move was a buy. Swedbank cut its Citigroup position by 6.1%, selling 632,103 shares. It still holds 9.7 million shares worth about $1.1 billion, according to Ticker Report. Citigroup remains Swedbank's 12th-largest holding and about 1.2% of its total portfolio.
The trim suggests Swedbank is rotating some capital away from financials and toward healthcare and real estate infrastructure. Citigroup's size in the portfolio means even a small percentage cut frees up significant capital to redeploy elsewhere.
Broader Pattern: Swedbank Reshuffles Across U.S. Sectors
The Pfizer and American Tower moves fit a larger pattern. Swedbank also raised its holdings in Howmet Aerospace by 47.3% and American International Group by 10.4% in the same quarter, according to Watchlist News. ARM Holdings saw a 15.7% increase and Advanced Micro Devices jumped 37.5%, per Ticker Report.
Taken together, the moves show Swedbank actively rebalancing toward growth sectors — tech, aerospace, healthcare, and infrastructure — while trimming some financial exposure. The scale of buying across so many sectors in a single quarter points to a deliberate strategic shift, not just routine rebalancing.
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