The Canada Pension Plan Investment Board boosted its held Apple shares by 50% in the first quarter of 2023, just after slashing held EV stocks like Tesla at the end of 2022.
Apple continues to be a strong stock to hold as it grows quarter to quarter. Investment firms like the Canada Pension Plan tend to choose company stocks that signal strong growth potential.
According to a report from Barron's, the Canada Pension Plan Investment Board, or CPP, bought 255,943 more Apple shares in the first quarter. That brought its stake in Apple to 760,518 shares or a 50% increase.
At the end of 2022, the CPP slashed positions in multiple EV makers like Tesla, NIO, XPeng, and Li Auto. Those investments are now down to 454,055 shares, 1.6 million American depositary receipts, 61,000 ADRs, and zero ADRs, respectively, from 959,728 shares, 2.3 million ADRs, 621,300 ADRs, and 536,797 ADRs, respectively, at the end of 2022.
Looking at Tesla specifically, that's about a 53% reduction in held shares. The report says Tesla stock grew by 68% in Q1 2023, while Apple stock only rose 27% in the same quarter.
CPP didn't comment on why it purchased more Apple stock or why it dumped large amounts of EV-related stock. It is the largest pension fund in Canada.