That Michigan state pension system has increased its stake Tesla Inc. TSLA, Amazon.com Inc. AMZN and Verizon Communications Inc. vzwhile reducing its stake in Metaplatforms Inc. META. The fund provides retirement benefits to public school employees, state employees, state police, judges, and military pension schemes.
What happened: According to the fund’s 13-F filing, it added over 3.4 million shares of Verizon during the third quarter, raising the valuation of its holdings to $269 million in September. The fund nearly doubled its stake in the company during the quarter. According to Whale Wisdom, Verizon makes up 1.98% of its portfolio.
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Verizon’s stock is down over 31% year-to-date. This was reported by the telecommunications giant Third quarter revenue of $34.2 billion and adjusted non-GAAP earnings of $1.32 per share, both of which beat Street’s estimates. However, shares of the New York-based telecom company fell on disappointing net growth in postpaid phone subscribers.
Buy Tesla and Amazon: The Michigan State Retirement System added over 494,000 shares of Tesla to its portfolio during the quarter, bringing its total holdings to $191 million in shares. That Elon Musk-managed company lowered entry prices for its Model 3 and Model Y vehicles in China. So far this year, the stock is down more than 47%.
Another interesting purchase by the fund was Amazon. The fund bought over 37,000 shares of the retail giant, increasing its holdings to over $333 million.
Whale Wisdom’s website shows that Amazon remains among the fund’s top holdings with 2.33% ownership. Market volatility in 2022 has also taken a toll on Amazon’s stock, as the stock has lost over 29% that year.
Meta Sale: The Fund reduced its holding in Meta Platforms by over 540,000 shares during the quarter.
Continue reading: Cathie Wood tops up another $2.3 million in Tesla stock as Elon Musk Company stock continues to fall
