The largest public pension in the U.S. has made some major changes to its stock portfolio, selling shares of electric vehicle maker Tesla (TSLA) and buying retailer Costco (COST).
The California Public Employees’ Retirement System, known as Calpers, also reduced its stake in aircraft engine maker GE Aerospace (GE) and bought shares of legacy telecom AT&T (T).
According to a form filed with the U.S. Securities and Exchange Commission (SEC), the pension cut in half its stake in Tesla and sold 718,713 GE Aerospace shares at the end of this year’s third quarter.
At the same time, Calpers bought 6.5 million more AT&T shares, raising its stake to 29.5 million shares of the telecommunications company.
The pension also purchased 329,107 more Costco shares to end the third quarter with a stake of 1.6 million shares.
The stocks of Costco and AT&T are each up more than 30% so far in 2024 and have outperformed the benchmark S&P 500 index that has gained 25% this year.
The Calpers pension manages more than $520 billion U.S. of assets for the State of California.