Canada’s largest pension plan trimmed its investment in Apple and bought more shares in Tesla and Chinese electric-vehicle makers NIO and Li Auto in the fourth quarter.
The Canada Pension Plan manages the largest pension plan for Canadians, and an SEC filing details recent stock transactions for the fund, which had $398 billion in assets at the end of 2022, Barron’s reports.
CPP sold 85% of its stake in Apple in Q4 and sold more of the iPhone maker’s stake as it did in Q3. In the fourth quarter, 3 million Apple shares were offloaded to remain at 504,575 shares.
It seems that the CPP is bullish on electric vehicle manufacturers. The company bought 590,861 more Tesla shares in the fourth quarter to end the quarter with a total of 959,728 shares of Elon Musk’s company worth about $188 million in Friday’s trading session.
The CPP purchased an additional 2.2 million NIO American Depositary Receipts in Q4 and now holds 2.3 million ADRs. Both NIO and Li Auto were down in 2022 amid an industry downturn, with the latter set to report fourth-quarter results on Feb. 27 and the former on March 1, both ahead of the market open.
Shares of Tesla closed at $196.88 on Friday, up nearly 23% over the past month and up 82% year-to-date.
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