Big Investor Sold AMC and Apple Stock. It Bought PayPal and Pfizer.

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An AMC theater


A large European asset manager slashed its investment in the volatile shares of a movie-theater chain, and made other changes in its U.S.-traded stock portfolio.

DNB Asset Management more than halved its position in

AMC Entertainment Holding (ticker: AMC), trimmed a stake in iPhone maker

Apple (AAPL), and materially raised investments in payments firm

PayPal Holdings (PYPL) and Covid-19 vaccine maker

Pfizer (PFE).

The unit of Norway’s largest financial-services firm DNB disclosed the first-quarter trades, among others, in a form it filed with the Securities and Exchange Commission.

DNB, which manages about $98 billion in assets, declined to comment.The asset manager sold 91,259 AMC shares to end the first quarter with 80,805 shares. AMC stock slid 9.4% in the first quarter, compared with a 5% drop in the

S&P 500 index. So far in the second quarter, shares are down 27% compared with a 3% slip in the index.

AMC stock surged near the end of March; since then, it and other so-called meme stocks—shares that investors had touted on social media and investing platforms—have tumbled. AMC may have confused investors by buying a $28 million stake in a gold-mining company in mid-March.

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