Canada Pension Plan Buys Nearly 600,000 Shares of Tesla, Cuts Apple

Canada’s largest pension plan has trimmed its investment in Apple, while also picking up more shares of Tesla plus Chinese electric vehicle makers NIO and Li Auto, in Q4.

The Canada Pension Plan manages the largest pension plan for Canadians and an SEC disclosure detailed recent stock trades for the fund that has total assets of $398 billion USD at the end of 2022, reports Barron’s.

CPP sold 85% of its stake in Apple in Q4, further selling shares of the iPhone maker like in Q3. There were 3 million Apple shares dumped in the fourth quarter to now remain at 504,575 shares.

It appears the CPP is bullish on EV automakers. It purchased 590,861 more Tesla shares in Q4, to end the quarter with 959,728 total shares of Elon Musk’s company, worth about $188 million at the of Friday’s trading session.

The CPP bought 2.2 million more NIO American depositary receipts in Q4 to now hold 2.3 million ADRs. Both NIO and Li Auto were down in 2022 amid an industry downturn, with the latter set to announce Q4 earnings on February 27 and the former on March 1, both before the market opens.

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