Canada Pension Plan Investment Board in the first quarter bought several technology stocks as they fell while unloading carmakers, Barron’s reported Sunday, citing market data and a regulatory filing.
The fund, known at CPP Investments, as of March 31 had total assets of $462.5 billion, making the public pension one of the biggest in the world.
CPP Investments added 7.1 million shares of Apple (NASDAQ:AAPL) to bring its ownership interest in the iPhone maker to 11.5 million shares, according to a filing with the U.S. Securities and Exchange Commission.
During the first three months of the year, Apple’s (AAPL) stock fell 11%, contrasting with a 10% gain for the Standard & Poor’s 500 stock index (SP500).
Apple (AAPL) during the current quarter has risen 15%, outperforming the 1.8% gain for the market benchmark.
CPP Investments also bought 454,500 more shares of electric-vehicle maker Tesla (NASDAQ:TSLA) in the first quarter to boost its total to 979,800 shares. Tesla (TSLA) slumped 29% in the first quarter, and has risen 1% so far in the second quarter that ends in June.
The public pension in the first quarter added 1.7 million American depositary receipts of Chinese electric carmaker NIO (NYSE:NIO) to end the period with 3.1 million ADRs. NIO’s (NIO) ADRs in the first quarter plunged 50%, and are up 7.3% during the current quarter.
CPP Investments slashed its holdings in Ford (NYSE:F) by 4.5 million shares to end the first quarter at 1.3 million shares. It also reduced its stake in GM (NYSE:GM) to 691,600 shares from 1 million.
Ford (F) advanced 8.9% in the first quarter, and is down 8.5% in the current quarter. GM’s (GM) stock jumped 26% during the first three months of the year, and has risen another 1% in the second quarter so far.