We are taking partial profits on shares in the semiconductor sector, which have risen strongly in recent months due to growth across the broader AI cluster (including energy and communication infrastructure). We are reinvesting the proceeds in electricity network operators and in equity positions that, in our view, have been punished too severely because the short‑term impact of AI was overstated. Finally, we have also slightly expanded a number of defensive and smaller positions.
"}},{"componentType":"sectionTitle","title":"We have implemented these changes"},{"componentType":"paragraph","richBody":{"value":"Positions sold:
-
Positions reduced:
TSMC, Corning, Micron Technology, Applied Materials, Texas Instruments and Tesla
Positions increased:
Wheaton Precious Metals, Air Liquide, Adyen, Generali, Prosus, Goldman Sachs, DNB Bank ASA, Nestlé, Carrefour, Schneider, RELX and Adobe
New positions:
E.ON and National Grid
"}},{"componentType":"linkList","iconTitle":{"title":"Read more"},"textLinks":[{"url":"/en/personal/investing/market-news-and-views/overview-portfolio-updates","text":"All portfolio updates"},{"url":"/en/personal/investing/market-news-and-views","text":"Market news and views"}]},{"componentType":"sectionTitle","title":"Good to know"},{"componentType":"paragraph","richBody":{"value":"Investing involves risks and costs. The value of your investment may fluctuate. Past performance is no guarantee of future results. Read more about the risks of investing.
This publication has been prepared on behalf of ING Bank N.V. and is intended for information purposes only. ING Bank N.V. obtains its information from sources deemed reliable and has taken the utmost care to ensure that the information on which it based its views in this publication was not incorrect or misleading at the time of publication. ING Bank N.V. does not guarantee that the information it uses is accurate or complete. The information contained in this publication may be changed without any form of announcement. Copyright and data file protection rights apply to this publication. Data from this publication may be reproduced provided that the source is stated. ING Bank N.V. has its registered office in Amsterdam, commercial register no. 33031431, and is regulated by the Dutch central bank De Nederlandsche Bank (DNB) and the Netherlands Authority for the Financial Markets (AFM). ING Bank N.V. is part of ING Groep N.V.
"}}]}}}