The largest U.S. pension loaded up on technology stocks during this year’s second quarter.
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The California Public Employees’ Retirement System, known as Calpers, is the largest U.S. pension by assets. During Q2 of this year, it made big purchases in the stocks of crypto exchange Coinbase Global (COIN), data-analytics firm Palantir (PLTR), chipmaker Nvidia (NVDA), and online brokerage Robinhood Markets (HOOD).
The trades were disclosed in a quarterly filing made with the U.S. Securities and Exchange Commission (SEC). The pension, which manages $570 billion of assets, gobbled up shares of the artificial intelligence (AI) and cryptocurrency companies as markets tanked in April on tariff concerns.
Big Buys
Calpers bought 98,827 more Coinbase shares to end the second quarter with 332,791 shares. The pension also raised its investments in Palantir and Nvidia by about 10% to 3.6 million shares and 64.7 million shares, respectively. The pension also bought 186,687 more shares of Robinhood to bring its holding to 1.26 million shares.
Calpers biggest buys turned out to be good picks as stocks of COIN, PLTR, NVDA, and HOOD have been among the best performers since the market bottomed in April and came roaring back. Each stock is up more than 25% on the year, with shares of Palantir and Robinhood having more than doubled.
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