Tags: Coronavirus | calpers | facebook | bank of america | disney | verizon | stock

Calpers Dumps Facebook, Bank of America, Disney, Buys Verizon Stock

Calpers Dumps Facebook, Bank of America, Disney, Buys Verizon Stock


(Mohamed Ahmed Soliman | Dreamstime.com)

By    |   Monday, 18 May 2020 08:33 AM

The largest U.S. public pension by assets reportedly made some big moves in its major stock investments in the first quarter, a perilous period for public pensions as the coronavirus pandemic spread.

The California Public Employees’ Retirement System, known as Calpers, lowered its investments in Facebook (FB), Bank of America (BAC), and Walt Disney (DIS) stock in the first three months of 2020, Barron’s reported.

Calpers bought 3.1 million additional Verizon Communications shares (VZ) in the first quarter to lift its investment to 23.6 million shares of the telecom and media giant.

The pension sold 300,400 Facebook shares in the first quarter, lowering its investment to 5.4 million shares.

Calpers sold 1.54 million Bank of America shares in the quarter to end March with 18.4 million shares.

Calpers disclosed the trades in a form it filed with the Securities and Exchange Commission, Barron’s reported.

The pension sold 1.31 million Disney shares in the first quarter to cut its investment to 3.93 million shares.

Meanwhile, U.S. public pensions suffered a double blow from the coronavirus pandemic: losing hundreds of billions of dollars in the equity market rout just as unprecedented revenue losses piled up for the governments that pay into the funds, Bloomberg reported.

Calpers, the largest fund in the U.S., saw its daily market value plummet about 17% from more $402 billion in January to about $335 billion in mid-March. It’s since climbed to about $372.7 billion as of April 14.

The fund learned from its 2008 experience, when it had to sell assets into plunging markets to meet capital calls, by shortening the period in which employers have to pay liabilities and calculating contributions more conservatively, said spokesperson Megan White.

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The largest U.S. public pension by assets reportedly made some big moves in its major stock investments in the first quarter, a perilous period for public pensions as the coronavirus pandemic spread.
calpers, facebook, bank of america, disney, verizon, stock, bofa
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2020-33-18
Monday, 18 May 2020 08:33 AM
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