AustralianSuper, one of the world’s largest pension funds, has significantly changed its major stockholdings, Barron’s reports.
The pension has reduced its positions in Apple Inc. AAPL and Microsoft Corp. MSFT, increased its stake in Tesla Inc. TSLA, and initiated a position in Nvidia Corp. NVDA in the second quarter of 2023.
Despite a 49% surge in Apple’s stock in the first half of 2023, AustralianSuper cut its holdings. Apple’s third-quarter report showed mixed results, with earnings beating expectations but a disappointing top line.
AustralianSuper significantly increased its Tesla investment, buying an additional 138,573 shares. Despite beating second-quarter earnings estimates, Tesla shares have slipped due to concerns over the production outlook.
The pension initiated a position in Nvidia, buying 226,955 shares. Nvidia’s stock nearly tripled in the first half of 2023, driven by enthusiasm for artificial intelligence.
AustralianSuper sold 1.5 million Microsoft shares, despite a 42% surge in the company’s stock in the first half of 2023. Microsoft is currently facing scrutiny over a security hack and an antitrust probe in Europe.
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