Canada’s largest public pension quadrupled its stake in Tesla while slashing its holdings in General Motors in the fourth quarter of 2021.
The Canada Pension Plan Investment Board (CPPIB) bought 368,706 shares of Tesla to end the fourth quarter to bring its total to 483,016 shares.
The CPPIB disclosed their trades in a form filed with the Securities and Exchange Commission, according to reporting by Barron’s.
While on the other side of the coin, the CPPIB sold 4.2 million shares of General Motors to end the year with 548,346 shares of the US automaker.
On top of these automotive moves, the pension plan also sold off some other large blocks of shares. The CPPIB sold 1.4 million shares of Nvidia stock and sold 173,237 shares of General Electric.
The move is interesting, especially considering that General Motors is amidst a massive move to electrify its lineup. However, evidently, the CPPIB got tired of waiting for a return and wanted to move to Tesla.
As of December 31, 2021, the CPPIB manages $433 billion in assets. The CPPIB is responsible for overseeing and investing the funds contributed to and held by the Canadian Pension Plan.
The CPPIB declined to comment on the changes.