The central bank of Switzerland recently made some major adjustments in its portfolio of U.S.-listed equities. The Swiss National Bank reduced its investment in Apple AAPL 1.66% stock, slashed positions in Lucid Group LCID 2.21% and Shopify SHOP 0.37% , and bought more shares of Virgin Galactic SPCE -5.19% Holdings in the first quarter. The bank disclosed the trades, among others, in a form it filled with the Securities and Exchange Commission. The bank declined to comment on its investment changes. Swiss National Bank’s assets stood at $869 billion at the end of 2023, down $95 billion from a year earlier “mainly due to foreign currency sales,” according to its latest annual report. Apple stock slipped 11% in the first quarter, compared with a 10% rise in the S&P 500 index SPX 0.70% . So far in the second, shares are up 11% while the index is 1.0% higher. Shares soared after Apple reported a strong March quarter in early May, and expanded its stock-repurchase program by $110 billion. Some investors and consumers were disappointed that Apple ended its program to create a car, and that Xiaomi, a Chinese rival in smartphones and consumer electronics, managed to make one. Swiss National Bank sold 4.9 million Apple shares in the first quarter to cut its investment to 44 million shares. The bank sold 1 million Lucid shares to end the first quarter with 1.8 million shares of the maker of electric vehicles. A disappointing first-quarter loss sent Lucid shares dropping earlier this month. Ford Motor just hired Lucid’s former chief financial officer Sherry House, who will become its new CFO in early 2025. House previously worked at Alphabet’s Waymo self-driving-car unit. Lucid stock dropped 32% in the first quarter, and is down 2.5% so far in the second. Shopify stock slipped 1% in the first quarter, and so far in the second it is down 26%. Shares of the e-commerce platform crumbled earlier this month after Shopify warned of slower sales growth and narrower margins in the current quarter. Chief Financial Officer Jeff Hoffmeister noted that U.S. shoppers are resilient, but the outlook includes a stronger dollar, and softer spending in Europe. A morning briefing on what you need to know in the day ahead, including exclusive Swiss National Bank sold 270,500 Shopify shares to end the first quarter with 3.6 million.