Canadian Pension Plan Dumps 1.3 Million Apple Shares • iPhone in Canada Blog
The Canada Pension Plan (CPP), Canada’s largest pension fund by assets under management, dumped more than a quarter of its holdings in Apple in the third quarter of 2022 – reports Barron’s.
The Canada Pension Plan Investment Board, which manages the pension, disclosed in its 3rd quarter filing with the Securities and Exchange Commission that the fund sold 1.3 million of Apple’s 4.8 million shares during the quarter. As of September 30, the fund had $393 billion in assets.
Apple shares fell 22% in the first nine months of the year, while the tech sector as a whole saw a bigger decline. However, Apple in October recorded revenue for the September quarter. Shares of the iPhone maker have gained 7% so far in the quarter.
That said, Apple has nothing but a stellar forecast for its holiday quarter, historically its biggest of the year. It’s a company Faced with a major supply crisis for the iPhone 14 Pro series due to production interruptions and worker unrest at supplier Foxconn’s largest iPhone assembly plant.
iPhone 14 Pro shipping waits have stretched past Christmas in the US, and Foxconn’s “iPhone City” factory full-scale production is not expected to begin until late December or early January.
What’s more, Apple expects low Mac revenue this fiscal quarter, as the company didn’t release any new Mac models in time for the holiday shopping boom.
Along with the Apple divestment, the Canada Pension Plan also sold almost half of its stake in electric vehicle pioneer Tesla. In addition, the fund trimmed almost all of its holdings in Chinese electric carmakers NIO, XPeng and Li Auto.
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