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Former Vice President Al Gore in 2019.
Scott Heins/Getty Images
The investment firm co-founded and chaired by former Vice President Al Gore has made big changes in its U.S.-traded investments.
Generation Investment Management loaded up on shares of Chinese online giant
Alibaba Group Holding
(ticker:
BABA
) and cloud firm
Salesforce
.
com (CRM) in the first quarter, exited an investment in networking giant
Cisco Systems
(
CSCO
), and halved an investment in software behemoth
Microsoft
(MSFT).
The firm, which is based in London, disclosed the trades, among others, in a form it filed with the Securities and Exchange Commission.
Generation, which is focused on environmental, social, and governance (ESG) investing, declined to comment on the investment changes. The firm managed more than $36 billion of assets as of March 31.
Generation bought 629,639 additional Alibaba American depositary receipts to end the first quarter with 4.4 million ADRs. Alibaba ADRs fell 8.4% in the first quarter, compared with a 5% slip in the
S&P 500 index
; so far in the second quarter, ADRs have dropped 14%, compared with a 8.2% slip in the index.
Alibaba has faced potential delisting in the U.S. Still, the NYSE expects more Chinese listings in the U.S. Alibaba has been hurt by China’s zero-Covid policy, in addition to an overall softer…
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