Tags: calpers | apple | intel | uber | lyft

Pension Giant Calpers Buys Apple, Intel, Uber, Lyft Stock

Pension Giant Calpers Buys Apple, Intel, Uber, Lyft Stock

(Mohamed Ahmed Soliman | Dreamstime.com)

By    |   Friday, 08 November 2019 02:55 PM

America’s biggest public pension fund by assets reportedly loaded up on blue-chip tech stocks in the third quarter.

The California Public Employees’ Retirement System, or Calpers, as the pension is known, significantly increased its investments in Apple (AAPL) and Intel (INTC), both based in California, as well as Microsoft (MSFT), Barron's reported.

The pension fund, which recently had total assets of $384 billion, also bought Uber Technologies (UBER) and Lyft stock (LYFT), lifting the stakes to 337,364 shares and 60,979 shares, respectively, in the third quarter from 206,840 shares and 25,013 shares at the end of the second quarter, the report said.

Calpers bought 2.4 million Apple shares, raising its investment to 10.8 million. The pension fund also bought 2.1 million Intel shares to lift its stake to 12.2 million. Calpers bought 4 million more Microsoft shares, raising its investment to 18.5 million shares.

Earlier this year, Calpers said it fell short of its 7% investment return as the market downturn of late 2018 pummeled stocks.

The California Public Employees’ Retirement System earned 6.7% for the fiscal year ended June 30, marking the first time in three years that it missed its target, according to preliminary figures released Thursday.

Stocks, which made up around half of the $370 billion in holdings as of June 30, returned 6.1% during the 12-month period. Fixed-income was the best-performing asset class, generating 9.6%. Private equity investments returned 7.7%.

“This was a very volatile year for financial markets, but I’m pleased with how we focused on the performance of the total fund,” Ben Meng, chief investment officer, said in a statement. “While we did not achieve our 7% actuarial return target this fiscal year, I can’t stress strongly enough that we are long-term investors. We make decisions based on an investment horizon that stretches across years and even decades.”

Material from Bloomberg and Reuters has been used in this report.

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America’s biggest public pension fund by assets reportedly loaded up on blue-chip tech stocks in the third quarter.
calpers, apple, intel, uber, lyft
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2019-55-08
Friday, 08 November 2019 02:55 PM
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