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An Apple Store. PSP Investments cut its Apple position in the second quarter.
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A giant Canadian pension recently made substantial changes in its U.S.-traded investments.
Public Sector Pension Investment Board cut positions in
Apple
(ticker: AAPL),
Tesla
(TSLA), and
Microsoft
(MSFT), and bought more
Walmart
(WMT) shares in the second quarter. PSP Investments, as the pension is known, disclosed the stock trades in a form it filed with the Securities and Exchange Commission.
PSP Investments, of Montreal, didn’t respond to a request for comment on the investment changes. It manages $180 billion in assets.
PSP Investments sold 680,541 Apple shares to end the second quarter with 3.2 million shares of the iPhone maker. Apple stock slid 23% in the first half of the year, compared with a 21% drop in the
S&P 500 index
.
So far in the third quarter, shares are up 25% while the index is up 12%.
Apple’s recent rise means it has the heaviest weighting of any stock in the S&P 500 since 1980.
Warren Buffett’s
Berkshire Hathaway (
BRKb
) added to its Apple stake in the second quarter. Apple’s third fiscal quarter, reported at the end of July, was strong.
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