Tesla, Apple, And Other Big Techs: How Largest US Pension Fund Shuffled Its Portfolio In Q4

Zinger Key Points
  • CalPERS' portfolio strategy in Q4 appears to be swooping down on beaten-down stocks.
  • The fund also increased its exposure toward big Wall Street firms substantially.

California Public Employees’ Retirement System, aka CalPERS, the biggest pension fund in the U.S., recently filed its 13F for the fourth quarter ended Dec. 30, with the SEC.

Tech Buying Binge: Capitalizing on the steep pullback in tech stocks in the fourth quarter, CalPERS bulked up on many beaten-down big techs. The major changes in tech stocks in its portfolio are as follows:

  • Apple Inc. AAPL holdings increased 22.8% to 43.33 million shares, valued at $5.63 billion.
  • See Also: Best Technology Stocks Right Now
  • Microsoft Corp. MSFT stake was boosted by 8.8% to 20.52 billion shares, valued at $4.92 billion.
  • Amazon Inc. AMZN position hiked by 10.20% to 23.08 billion shares, valued at $1.94 billion.
  • Alphabet Inc. GOOGL GOOG Class C shares raised by 11.5% to 14.99 billion, valued at $1.33 billion; Along with Class A shares, the fund now holds a little under 30 million Alphabet shares, valued at $2.65 billion.

The fund, however, trimmed its Meta Platforms Inc. META stake by 2.96% to 5.07 million, valued at $610.49 million.

Apple is CalPERS' top holding in terms of volume and value.

Other Notable Changes: CalPERS increased its stake in Tesla Inc. TSLA from 5.74 million to 6.41 million, up 11.8%. It boosted its position in Walt Disney Co. DIS by 34.2% to 5.54 million and Salesforce Inc. CRM by 31.4% to roughly 3 million.

CalPERS substantially increased Citigroup Inc. C stake by 49.3% to 6.59 million shares and JPMorgan Chase & Co. JPM by 25.5% to 8.27 billion shares.

On the other hand, the fund divested shares of Walmart Inc. WMT, Adobe Systems Inc. ADBE and Eli Lily & Co. LLY by 21.3%, 19.2% and 11.8%, respectively.

Read Next: Q4 Reporting Season Pushes Past Halfway Mark: Coca-Cola, Cisco Systems, Palantir, Roku Lead Earnings This Week

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