Tesla, Apple, And Other Big Techs: How Largest US Pension Fund Shuffled Its Portfolio In Q4

California Public Employees’ Retirement System, aka CalPERS, the biggest pension fund in the U.S., recently filed its 13F for the fourth quarter ended Dec. 30, with the SEC.

Tech Buying Binge: Capitalizing on the steep pullback in tech stocks in the fourth quarter, CalPERS bulked up on many beaten-down big techs. The major changes in tech stocks in its portfolio are as follows:

• Apple Inc. (NASDAQ: AAPL) holdings increased 22.8% to 43.33 million shares, valued at $5.63 billion.
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• Microsoft Corp. (NASDAQ: MSFT) stake was boosted by 8.8% to 20.52 billion shares, valued at $4.92 billion.
• Amazon Inc. (NASDAQ: AMZN) position hiked by 10.20% to 23.08 billion shares, valued at $1.94 billion.
• Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG) Class C shares raised by 11.5% to 14.99 billion, valued at $1.33 billion; Along with Class A shares, the fund now holds a little under 30 million Alphabet shares, valued at $2.65 billion.

The fund, however, trimmed its Meta Platforms Inc. (NASDAQ: META) stake by 2.96% to 5.07 million, valued at $610.49 million.

Apple is CalPERS' top holding in terms of volume and value.

Other Notable Changes: CalPERS increased its stake in Tesla Inc. (NASDAQ: TSLA) from 5.74 million to 6.41 million, up 11.8%. It boosted its position in Walt Disney Co. (NYSE: DIS) by 34.2% to 5.54 million and Salesforce Inc. (NYSE: CRM) by 31.4% to roughly 3 million.

CalPERS substantially increased Citigroup Inc. (NYSE: C) stake by 49.3% to 6.59 million shares and JPMorgan Chase & Co. (NYSE: JPM) by 25.5% to 8.27 billion shares.

On the other hand, the fund divested shares of Walmart Inc. (NYSE: WMT), Adobe Systems Inc. (NASDAQ: ADBE) and Eli Lily & Co. (NYSE: LLY) by 21.3%, 19.2% and 11.8%, respectively.

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