Canada’s largest pension, CPP Investments, purchased 255,943 more Apple shares in the first quarter according to a new regulatory filing.
Canada’s largest public pension was more upbeat on iPhones than electric vehicles in the first few months of 2023.
Canada Pension Plan scooped up Apple stock, and slashed positions in EV makers Tesla, NIO, XPeng, and Li Autoin the first quarter. Canada Pension Plan Investment Board, known as CPP Investments, which manages the pension, disclosed the stock trades, among others, in a form it filed with the Securities and Exchange Commission.
CPP Investments bought 255,943 more Apple shares in the first quarter to lift its stake to 760,518 shares.
The pension slashed positions in EV makers Tesla, NIO, XPeng, and Li Auto to 454,055 shares, 1.6 million American depositary receipts, 61,000 ADRs, and zero ADRs, respectively, from 959,728 shares, 2.3 million ADRs, 621,300 ADRs, and 536,797 ADRs, respectively, at the end of 2022.
MacDailyNews Note: Apple stock rose 27% in the first quarter versus with a 7% rise in the S&P 500 index. In 2Q, shares are up 6.4% while the index is up 2.3%.
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