Tesla, Apple Stocks Picked Up By Biggest US Public Pension Fund In Q3: Here's What It Offloaded

Zinger Key Points
  • CalPERS bought over 800,000 shares of Tesla during the quarter taking the valuation of its holding to over $1.5 billion.
  • The fund also added over 5 million shares of Apple in Q3 and holds a total of over $4.8 billion worth of the iPhone-maker’s shares.
  • CalPERS offloaded shares of Verizon Communications and Adobe during the quarter.
Tesla, Apple Stocks Picked Up By Biggest US Public Pension Fund In Q3: Here's What It Offloaded

The California Public Employees’ Retirement System, or CalPERS as it is widely known, loaded up on shares of Tesla Inc TSLA and Apple Inc AAPL during the third quarter, according to its SEC filings.

The largest public pension fund in the U.S. bought over 800,000 shares of Tesla during the quarter, taking the valuation of its holding to over $1.5 billion, according to Whale Wisdom.

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Tesla shares have lost more than 18% in the last six months and are down 51% since the beginning of the year. However, the EV-maker has been a favorite of many pension funds and retirement systems. The Retirement Systems of Alabama added over 50,000 shares of Tesla in the third quarter, taking the value of its holdings to over $332 million. The New York State Teachers Retirement System added over 171,000 shares of the EV-maker during the period, taking the valuation of its holding to $837 million.

CalPERS also added over 5 million shares of Apple and as of the third quarter, holds over $4.8 billion worth of the iPhone maker’s stock, according to Whale Wisdom. 

Apple is also the largest holding of the fund, with a 4.46% portfolio weightage, according to the website.

Major Sales: During the quarter, CalPERS offloaded shares of Verizon Communications Inc. VZ, having sold over 416,000 shares of the company, bringing down its holdings to just over $1.02 billion. The fund also sold over 422,000 shares of Adobe Inc ADBE during the quarter, according to Whale Wisdom.

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