Canada’s largest pension trimmed its shares of multiple companies while nearly quadrupling its shares purchased in Tesla.
The Canada Pension Plan Investment Board (CPPIB) bought four times the amount of Tesla shares while cutting support for stocks like General Motors (GM), Nvidia and General Electric, according to Barron’s.
The CPPIB bought 368,706 Tesla shares, effectively closing out the year with 483,016 shares total.
The news was disclosed in a filing with the Securities and Exchange Commission (SEC), with the pension fund having held around $433 billion in assets as of December 31.
GM is also preparing to ramp up production for its GMC Hummer, Cadillac Lyriq and Chevy Silverado EV. The company also recently announced a $7 billion investment into EVs at its Michigan factories.
Still, the CPPIB is not the only one cutting back its shares in the automaker, with the Mormon Church Stock Fund announced earlier this month plans to buy more Tesla shares while cutting back on Ford and GM.
Tesla saw its stock surge after receiving an Outperform rating from Credit Suisse last month, with Tesla’s stock having reached new highs and the single largest 12-day gain in capital market history last year.
At the time of writing on Monday, Tesla’s shares were trading for $872.48 (+$62.61), up 7.73 percent from Friday’s close.
