CPP Investments Bought Up Nio, Apple and Tesla. It Sold Ford and GM.
Canada Pension Plan nearly tripled an investment in Apple, nearly doubled down on Tesla stock, more than doubled an investment in Nio, and slashed positions in Ford Motor and General Motors in the first quarter.
Canada Pension Plan Investment Board, known as CPP Investments, which manages the pension, disclosed the stock trades, among others, in a form it filed with the Securities and Exchange Commission.
Canada Pension Plan is one of the 10 largest public pensions in the world by assets, according to Pensions & Investments.
CPP Investments bought 7.1 million more American depositary receipts of Nio in the first quarter to end the period with 3.1 million ADRs. Nio ADRs dropped 50% in the first quarter, and so far in the second they are up 7.3%.
The pension manager chopped its stakes in Ford and GM to 1.3 million shares and 691,600 shares, respectively, from 5.8 million shares and 1.0 million shares, respectively.
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Templereefer : Hope it will do good to NIO & Tesla share price :)
bullrider_21 OP Templereefer : I think it will be good for Nio. For Tesla, price already propped up by bullish analysts. There will be sell downs if there are disappointments.
FaqnDeath99 : Wonder why they sold ford and GM? I agree with it, I don’t see them surviving without a more proactive guidance for the auto industry.
bullrider_21 OP FaqnDeath99 : I think it because Ford and GM scaled back on their BEV plans. They are still so dependent on hybrids and ICE cars.
SoundOfMusic : This was filed back on May 14. Nio hit a local high of $5.85.
bullrider_21 OP SoundOfMusic : I think it's possible Nio won't fall below 4.71 support given its better outlook.
Darius Matthews bullrider_21 OP : I been thinking the same thing. People looking for that gap fill below aren’t going to get it imo. Will need another negative catalyst for that imo.
bullrider_21 OP Darius Matthews : Agree.
Templereefer bullrider_21 OP : No impact for both last night as both closed with red again.