Largest U.S. Pension Sells Nvidia, Super Micro, AT&T Shares – Barron's

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Samiat

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Nov 12, 2024
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Largest U.S. Pension Sells Nvidia, Super Micro, AT&T Shares – Barron's

The California Public Employees' Retirement System (Calpers), the largest U.S. public pension with over $500 billion in assets, made significant portfolio changes in Q4. It sold shares of Nvidia, Super Micro Computer, and AT&T while increasing its stake in Rivian Automotive.

  • Nvidia (NVDA): Calpers sold 5.6 million shares, reducing its holdings to 59.7 million. Nvidia surged 171% in 2024 but faced volatility after concerns over AI competition from China.
  • Super Micro (SMCI): 256,743 shares were sold, cutting its stake to 614,287. The stock had a rocky end to 2024 but is up 84% in 2025.
  • AT&T (T): 4.2 million shares were sold, lowering its position to 25.2 million. The stock gained 36% in 2024 and is up 17% in 2025.
  • Rivian (RIVN): Calpers added 208,326 shares, bringing its total to 1.3 million. The stock fell 43% in 2024 and is down 2.5% this year, despite recent positive news.
Calpers noted that its investments are managed using quantitative strategies and declined to comment on individual trades.
 
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