Written by Cláudio Afonso | LinkedIn | X
Sweden’s third largest pension fund, AMF Pensionsforsakring AB, has reduced its position in the electric vehicle (EV) maker Nio by selling 562,700 shares, as revealed in a form filed on Wednesday.
During the second quarter, the fund increased its stake in Geely’s EV brand Polestar by 400 percent by adding 17.5 million shares. AMF’s current position in Polestar is valued at nearly $21 million.
The Stockholm-based fund initiated its investment in the Shanghai-based EV maker in the third quarter of 2020, acquiring over 276,000 shares at approximately $14 per share.
AMF continued to accumulate shares until the first quarter of 2022, by which time Nio was already operational in five European markets. During this period, the fund trimmed its stake for the first time by selling 211,000 shares.
In the subsequent quarter, AMF sold its entire position of 532,000 shares at around $18 per share. One year later, the Swedish pension fund added 344,100 shares in Nio and started re-accumulating until the first quarter of this year.
In a form filed earlier today, AMF reported owning 999,500 shares in Nio which were valued at $4,16 million as of June 30. In the previous filing dated April 16, the fund had reported owning 1,562,200 shares.
This fund cut its position by -36.02% in the second quarter and the current value of the remaining shares stands at $4,497,750.
As of now, Nio has 627 institutional shareholders who collectively hold 346.8 million shares, according to data from Fintel.
In early 2022, the company reached its peak of institutional ownership, with nearly 600,000 shares held by institutional investors when the stock price traded between $20 and $30 per share.
On Saturday, Nio’s Senior Director for Automated Driving in Europe, Mirko Reuter, has announced his departure from the company on his LinkedIn profile.
Last week, the company announced that its Chief Financial Officer Steven Wei Feng has resigned after five years in the company due to “personal and family reasons”.
As the resignation has immediate effect, Nio‘s board has promoted its Senior Vice President of Finance, Stanley Yu Qu, to become the new Chief Financial Officer.
Written by Cláudio Afonso | LinkedIn | X
