Canada Pension Plan buys nearly 600,000 shares of Tesla, cuts Apple

Canada’s largest pension fund cut its investment in Apple and also picked up more shares of Tesla plus Chinese electric vehicle makers NIO and Li Auto in the fourth quarter.

The Canada Pension Plan operates the largest retirement plan for Canadians, and an SEC disclosure details recent equity transactions for the fund, which has total assets of $398 billion USD at the end of 2022, reports from Baron.

CPP sold 85% of its stake in Apple in Q4 and continued to sell shares of the iPhone maker as it did in Q3. 3 million Apple shares were dumped in the fourth quarter to remain at 504,575 shares.

It seems that the CPP is bullish on EV car makers. It purchased an additional 590,861 Tesla shares in Q4, to close the quarter with 959,728 total shares of Elon Musk’s company, worth about $188 million during Friday’s trading session.

The CPP bought another 2.2 million NIO US certificates in Q4 to now hold 2.3 million ADRs. Both NIO and Li Auto fell in 2022 amid an industry downturn, with the latter reporting Q4 earnings on February 27 and the former on March 1, both before the market opens.

Shares of Tesla closed Friday at $196.88, up nearly 23% for the past month and up 82% year-to-date.

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