FILE PHOTO: The Ericsson logo is seen at the Ericsson's headquarters in Stockholm, Sweden June 14, 2018. Picture taken June 14, 2018. REUTERS/Olof Swahnberg

STOCKHOLM (Reuters) - Activist investor Cevian Capital has trimmed its holding in Sweden’s Ericsson to 7.4% of share capital, saying the telecom equipment maker’s share of Cevian’s portfolio had become too large.

A filing with the U.S. Securities and Exchange Commission on Friday showed Cevian had cut its stake by about 34 million B-shares and now held 246.9 million B-shares and 339,228 A-shares in Ericsson. Cevian previously held an 8.4% stake in Ericsson.

“With our divestments we have now adjusted the portfolio weight to a suitable level,” Cevian Capital managing partner Christer Gardell told Reuters, adding the firm continued to believe in Ericsson’s potenial.

“The proceeds will be invested in other companies,” Gardell said.