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An AMC box office.
Jeenah Moon/Bloomberg
The largest public pension in America loaded up a high-profile meme stock, and tech stocks, and cut back on a streaming giant before the shares went on their latest plunge.
California Public Employees’ Retirement System bought more shares of movie-theater chain
AMC Entertainment Holdings
(ticker: AMC), chip maker
Advanced Micro Devices
(
AMD
), and
Square
parent Block (SQ), and slashed its investment in
Netflix
(NFLX) in the first quarter.
Calpers, as the pension is known, disclosed the stock trades, among others, in a form it filed with the Securities and Exchange Commission.
The pension declined to comment on the investment changes. It manages $450 billion in assets, more than any other public pension in the U.S.
Calpers bought 155,992 AMC shares to end the first quarter with 775,392 shares. It’s the third consecutive quarter that Calpers has bought the stock. It disclosed a stake of 116,400 shares at the end of the third quarter of 2021, and then more than quadrupled that investment in the fourth.
The stock slid 9% in the first quarter, compared with a 5% slip in the
S&P 500 index
.
So far in the second quarter, shares have tumbled 51%, compared with an 11% drop in the index.
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