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. (NASDAQ:AAPL) in the fourth quarter, 13F filed with the SEC in the past week showed.
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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 (NASDAQ:GOOG) (NASDAQ:GOOGL) Class A shares from 18.32 million to $16.84 million. It also took down its Microsoft Corp. (NASDAQ:MSFT) holdings by over 33% to 1.24 million.
The fund, however, bulked up on Taiwan Semiconductor Manufacturing Company (NYSE: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. (NASDAQ:TSLA) from 368,867 in the third quarter to 959,728, up 160%.
The fund increased its stake in Chinese electric vehicle Nio Inc. (NYSE:NIO) from 90,740 to 2.29 million. It also substantially increased its position in Nio’s domestic rivals XPeng Inc. (NYSE:XPEV), from 2,087 to 621,300, and Li Auto Inc. (NASDAQ: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
