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. (NASDAQ:AAPL) and Microsoft Corp. (NASDAQ:MSFT), increased its stake in Tesla Inc. (NASDAQ:TSLA), and initiated a position in Nvidia Corp. (NASDAQ: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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