The largest public pension in the U.S. loaded up on the stocks of microchip and semiconductor companies in the fourth quarter of last year while selling shares in media companies.
The latest regulatory filing shows that the California Public Employees’ Retirement System (Calpers) doubled down on the stocks of Intel (INTC) and Nvidia (NVDA) last quarter, while cutting its position in Netflix (NFLX).
The Calpers pension bought 8.1 million more shares of Intel in Q4 2023, bringing its total stake to 16.1 million shares.
At the same time, Calpers bought 1.8 million more Nvidia shares to end the year with 7.5 million total shares of the leading artificial intelligence (A.I.) chipmaker.
And the pension bought 1.7 million more shares of Walt Disney Co. (DIS) at the end of last year, raising its investment in the Mouse House to 6.6 million shares.
However, the California-based pension sold 28,464 Netflix shares and reduced its holding in the streaming giant to 785,855 shares.
Calpers does not discuss the reasons behind its investment decisions. However, its buying and selling of stocks is disclosed on a quarterly basis in filings with the U.S. Securities and Exchange Commission (SEC).
Calpers is the largest public pension fund in America with nearly $500 billion U.S. of assets under management. The pension manages benefits for more than 1.5 million California public employees and retirees.
