Image: 0xmilan

Canada Pension Plan purchased nearly 600,000 shares of Tesla in Q4 2022. Canada's largest pension fund bolstered its confidence in the electric vehicle industry while cutting its investment in Apple.

Canada Pension Plan (CPP), which operates Canada's largest pension fund, has announced some changes in Q4 2022 in a filing with the Securities and Exchange Commission, according to Barron's (via Tesla North). As of December 31, 2022, the pension fund's total assets were $398 billion.

According to the filing, CPP Investments bought 590,861 Tesla shares last quarter. Thus, at the end of the year, it owned 959,728 shares of the manufacturer, which, at the closing price on Friday ($196.88), is $188,951,248. The total value of Tesla shares at the end of 2022 was $118,219,295 according to the filing, which means that CPP has already made a profit of almost $71 million.

The fund appears to be broadly bullish on the electric vehicle industry as NIO American depositary receipts have also been bought in addition to Tesla. As of the end of 2022, there were almost 22.3 million shares, for a total value of almost $2.29 million. In addition, Li Auto shares were added, which stood at almost 11 million at the end of the year, with a total value of about $537,000.

At the same time, CPP feels insecure about the giant, Apple. According to the filing, it sold 3 million shares of the company in the fourth quarter, leaving only 504,575 shares.

© 2023, Eva Fox | Tesmanian. All rights reserved.

_____________________________

We appreciate your readership! Please share your thoughts in the comment section below.

Follow @EvaFoxU

Legal Disclaimer --

This article is for informational purposes only. You should not construe any such information or other material as an investment, financial, or other advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer by Eva Fox, Tesmanian, or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.

Eva Fox holds zero shares of Tesla, Inc., and currently (at the time of this article's publishing) holds zero options or securities in Tesla Inc. and/or its affiliates.