The pension fund of one of the largest energy companies in the world cut its investments in a Chinese online giant, and the U.S. pharmaceutical sector.

Shell Asset Management, which handles Royal Dutch Shell‘s pensions, exited Alibaba Group Holding (ticker: BABA), and slashed positions in Pfizer (PFE), Johnson & Johnson (JNJ), and Merck (MRK) in the third quarter. SAMco, as the subsidiary is known, disclosed the stock trades, among others, in a form it filed with the Securities and Exchange Commission.

SAMco…

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