Apple, Alibaba, Tesla, Intel, GM — How South Korea Sovereign Wealth Fund Played US Stocks In Q3

South Korea’s sovereign wealth fund has revamped its portfolio — betting big on General Motors Company GM, while shedding investments in Apple Inc AAPL and Alibaba Group Holding Ltd BABA.

What Happened: The Korea Investment Corporation (KIC) sold 255,600 shares of Alibaba in the third quarter and held 1.03 million shares at the end of September, as per a filing made with the United States Securities and Exchange Commission, first noted by Barron's.

The fund holds nearly 14.8 million Apple shares after it sold 1.2 million post-split shares of the iPhone maker. 

KIC sold 370,400 Intel Corporation INTC shares and holds 3.13 million shares of the chipmaker at the end of the reporting period.

Meanwhile, the Korean sovereign fund purchased 3.4 million General Motors shares and now holds nearly 5.4 million shares of the Detroit-based automaker. The fund also holds 257,500 post-split shares of Tesla Inc TSLA.

Why It Matters: KIC held $150 billion in assets under management as of 2019 and added $20.2 billion to South Korea’s national wealth in the time period.

Alibaba shares have climbed 37.7%  on a year-to-date basis, while Apple and General Motors shares have surged 58.8% and 23.1% respectively. 

Meanwhile, Intel shares have declined 20.7% on a year-to-date basis. As a comparison, the S&P 500 has gained 12.6%.

This month Berkshire Hathaway Inc (NYSE: BRK-A), (NYSE: BRK-B) Chairman Warren Buffett sold 36 million Apple shares. 

The iPhone maker still remains one of Buffett’s biggest investments.

Price Action: On Friday, shares of Apple and Intel closed 0.48% and 0.85% higher at $116.59 and $47.45 respectively. 

On the same day, Alibaba and GM shares closed 0.43% and 0.88% lower at $276.48 and $45.06 respectively. 

Related Links:

Intel Analysts See End Of 'Computing Dominance' Amid 7nm Node Delay, Competitive Threat

Alibaba Risks 'Saturation' If It Doesn't Expand To New Markets Soon, Says Analyst

Posted In: Long IdeasNewsEventsTop StoriesTechTrading Ideas13FKorea Investment Corporation
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