Tesla Bet Upped By 160%, Apple Dumped And More: How Canada's Largest Pension Fund Shuffled Its Q4 Portfolio

Even as most U.S. fund managers hoarded tech stocks at bargain prices following their sell-off last year, Canada’s biggest pension fund deemed it fit to sell some prominent tech names.

Techs Out Of Favor: Canada Pension Plan Investment Board, also known as CPP Investments, dumped shares of Apple Inc. AAPL in the fourth quarter, 13F filed with the SEC in the past week showed.

See Also: Best Technology Stocks Right Now

As Cupertino’s stock stuttered amid production issues and fell about 6% in the quarter, taking the 2022 loss to 27%, the fund drastically cut its position from roughly 3.5 million shares to 504,575 shares in the third quarter, an 86% reduction.

CPP Investments also reduced its Alphabet Inc.'s GOOG GOOGL Class A shares from 18.32 million to $16.84 million. It also took down its Microsoft Corp. MSFT holdings by over 33% to 1.24 million.

The fund, however, bulked up on Taiwan Semiconductor Manufacturing Company TSM shares. The end-of-fourth position in the Taiwanese chipmaker, whose products power most consumer electronics and new-age technologies, among other things, was 2.06 million, up from 680,000 at the end of the third quarter.

Positive On EVs: CPP Investments increased its bets on Tesla Inc. TSLA from 368,867 in the third quarter to 959,728, up 160%.

The fund increased its stake in Chinese electric vehicle Nio Inc. NIO from 90,740 to 2.29 million. It also substantially increased its position in Nio’s domestic rivals XPeng Inc. XPEV, from 2,087 to 621,300, and Li Auto Inc. LI, from 1,352 to 536,797.

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