News: Largest U.S. pension sells Apple, Intel, NIO, and Li Auto stock

The largest public pension fund in the United States, the California Public Employees' Retirement System (Calpers), has recently reduced its holdings in several high-performing stocks in its portfolio. In the first quarter, Calpers sold shares of Apple, Intel, NIO, and Li Auto, as disclosed in a filing with the Securities and Exchange Commission. Despite Apple's stock surging 27% in the first quarter, Calpers sold 7 million shares, leaving it with 36.4 million shares. Similarly, Calpers reduced its stake in Intel by selling 1.1 million shares, bringing its total to 9.8 million shares. Although Intel's stock had a strong first-quarter performance, it didn't receive a sustained boost after its earnings report. Calpers also decreased its position in Chinese electric-vehicle makers NIO and Li Auto. While NIO's stock underperformed, Li Auto's stock surged in the first quarter. However, Calpers missed out on the second-quarter surge in Li Auto's stock as it exited the position entirely. By the end of March, Calpers no longer held any shares of Li Auto and reduced its position in NIO to 2.2 million American depositary receipts (ADRs).