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Investor John Hancock Investments, the largest private-equity firm in the U.S., reported Thursday it is selling its investments in a handful of big companies, including the music streaming company Spotify and the retail giant Wal-Mart.

In a filing with the Securities and Exchange Commission, Hancock said it was reducing its investment in Spotify by nearly half and is also reducing its stake in Wal-mart by nearly 20%.

The company said in its filing that it expects its stake holdings in Spotify, Apple and Amazon to decline by approximately 20% in the three months to March 2019.

The company also said it expects the decline in its investment portfolio in Apple to be less than 3% over the next three years.

Spotify and Amazon’s stock rose as much as 2% in after hours trading Thursday.

Shares of Spotify, which is owned by the Swedish company AB InBev, fell as much or more than 2% to close at $13.84 a share.

Spotify has about a billion subscribers worldwide.

Investors have been hoping the company would take the plunge on a stock that was in the red for the first time since 2011.

Investors had long anticipated the music service company would make a big move to the cloud, but analysts have said it has been unable to capitalize on the trend in music streaming.

“While Spotify’s business model is attractive to many consumers, the company has struggled to make meaningful revenue from streaming,” according to a research note from Credit Suisse in February.

Spotify also faces an antitrust battle with Apple.

The two companies filed a lawsuit last year over whether Spotify should be allowed to charge artists royalties based on how much of the market they reach.

Spotify, meanwhile, has faced a growing number of legal challenges in the past few years over its business practices, including antitrust claims, privacy claims and patent infringement.

Spotify is not alone in cutting deals to reduce its holdings in companies.

In January, Microsoft announced a $50 million fund that will invest in technology companies that make products that use cloud services.

In May, Alphabet Inc. and other Alphabet companies announced a fund that would invest in “technology companies that use artificial intelligence to help drive the adoption of cloud computing.”

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