Giant Pension Sold Apple, Intel, and Qualcomm Stock. It Bought Nvidia.

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One of the world’s largest public pensions by assets made major changes in its investments in large-cap tech stocks as 2021 came to a close.

PGGM of Zeist, Netherlands, cut investments in


(ticker AAPL),


(INTC), and


(QCOM) stock in the fourth quarter, and initiated a position in


(NVDA) stock, according to a form it filed with the Securities and Exchange Commission.

PGGM, which managed $327 billion in assets as of Dec. 31., didn’t comment directly on the stock trades. “PGGM has a passive strategy for listed equities, so we don’t have a specific view on specific companies,” it said in a statement.

The pension sold 1.1 million Apple shares to end 2021 with 3.6 million shares of the iPhone maker. The stock rose 34% in 2021, topping the 27% rise in the

S&P 500 index. So far this year, shares are down 3% while the index is down 5.6%.

Near the end of December, Apple’s market capitalization approached $3 trillion, but it didn’t cross that mark until early January. One analyst saw a path for the company’s market cap to hit $4 trillion. Apple reported a strong fiscal first quarter at the end of January. “Demand for Apple products and services is materially outpacing supply and when the supply chain normalizes then Apple’s sales and margins will only accelerate higher, in our view,” a…


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