CPP sells Tesla, buys Apple inventory
The Canada Pension Plan Funding Board boosted its held Apple shares by 50% within the first quarter of 2023, simply after slashing held EV shares like Tesla on the finish of 2022.
Based on a report from Barron’s, the Canada Pension Plan Funding Board, or CPP, purchased 255,943 extra Apple shares within the first quarter. That introduced its stake in Apple to 760,518 shares or a 50% improve.
On the finish of 2022, the CPP slashed positions in a number of EV makers like Tesla, NIO, XPeng, and Li Auto. These investments at the moment are all the way down to 454,055 shares, 1.6 million American depositary receipts, 61,000 ADRs, and nil ADRs, respectively, from 959,728 shares, 2.3 million ADRs, 621,300 ADRs, and 536,797 ADRs, respectively, on the finish of 2022.
Taking a look at Tesla particularly, that is a few 53% discount in held shares. The report says Tesla inventory grew by 68% in Q1 2023, whereas Apple inventory solely rose 27% in the identical quarter.
