Tesla, Apple, Microsoft Stakes Slashed By New York State Retirement Fund In Q1: Here's What It Bought

The New York State Common Retirement Fund, a public pension plan for the employees of the New York State government, cut down on its holdings of mega-cap technology stocks in the first quarter, according to its latest 13F filing with the Securities and Exchange Commission.

The fund has sold over 1.2 million shares of Apple Inc AAPL during the period and currently holds over 26 million shares of the iPhone maker, SEC filings show. Apple shares have registered strong gains this year, having risen close to 40% so far.

Also Read: Everything You Need to Know About Apple Stock

Other stocks in which the fund reduced its stake include Tesla Inc TSLA, Microsoft Corp MSFT and Amazon.com, Inc. AMZN. It sold over 672,000 shares of Tesla and over 544,000 shares of Microsoft during the quarter.

The retirement fund appears to have shifted its focus towards chip-based stocks during the first quarter. It bought over 264,000 of Taiwan Semiconductor Mfg. Co. Ltd. TSM during the quarter. Shares of the semiconductor company have gained over 25% since the beginning of 2023.

The fund also loaded up on 24,000 shares of Texas Instruments Inc TXN. However, the stock has gained just over 4% this year so far, according to Benzinga Pro.

Major Sale: According to whalewisdom.com, Charles Schwab Corporation SCHW and Johnson & Johnson JNJ are among the stocks where the fund has reduced its stake the most this quarter. It is noteworthy that both these shares have registered losses on a year-to-date basis. Apple, Microsoft, and Amazon remain the top holdings of the fund as of the quarter.

Read Next: Biden Reportedly Urges Negotiators to Keep Pursuing Debt-Limit Deal Amid Optimism for Resolution