The Oregon Public Employees Retirement Fund reduced investments in Apple, Microsoft, and Tesla stock in the second quarter, and added to a position in Intel shares. Operf, as the pension is known, manages $82 billion in assets.
Mladen Antonov/AFP via Getty ImagesThe Oregon Public Employees Retirement Fund made some big second-quarter moves in its domestic equities portfolio.
Operf, as the pension is known, lowered positions in Apple (ticker: AAPL), Microsoft (MSFT), and Tesla stock (TSLA) in the quarter, while adding to its investment in Intel stock (INTC). The pension disclosed the trades, among others, in a form it filed with the Securities and Exchange Commission.
Operf, which managed assets of $82 billion as of Dec. 31, didn’t respond to a request for comment on the stock trades.
The pension sold 55,633 Apple shares in the second quarter to end the period with 685,131 shares of the iPhone maker.
Apple stock surged 43.5% in the quarter, more than wiping out a 13.4% slump in the first quarter, when the coronavirus pandemic roiled markets. So far in the third quarter, shares have surged 16.5%, compared with a 1.2% rise in the S&P 500 index, a broad measure of the market.
Apple crushed earnings expectations Thursday night, and announced a four-for-one stock split. Analysts have been upbeat on Apple stock for the company’s upcoming 5G phones and services segment. Morgan Stanley removed the shares from its focus list as they continued to rally, but remained optimistic on the stock for the long term.
Operf sold 159,319 Microsoft shares to end June with 1.2 million shares of the software giant.
Microsoft stock soared 29% in the second quarter, after a flat first three months of the year. So far in the third, the shares have been flat once again.
The company’s second-quarter report was strong, but there were soft spots. Competitors have been alleging that Microsoft has been engaged in illegal and anticompetitive competition in marketing its Teams communications tools—effectively forcing users to use Teams by tying it to the Office suite of products—a claim the tech giant denies. Still, for a number of observers, Microsoft stock remains the way to play the cloud.
The pension sold 12,000 Tesla shares in the second quarter, lowering its stake in the electric-vehicle maker to 35,800 shares.
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Operf had initiated a stake in Tesla in the first quarter, when the stock gained 25.3%. Shares more than doubled in the second quarter, and the outperformance continues, with Tesla stock up 32.5% so far in the third.
Some analysts are saying investors should be selling Tesla stock at this point. Our latest Roundtable found a fan of the shares, however.
Operf bought 73,443 Intel shares in the second quarter, lifting its investment to 3.7 million shares of the chip giant.
Intel stock was flat for 2020 at the end of June, but since then, shares have slumped 20.2%.
Production issues overshadowed second-quarter earnings, reported in July. Shares tumbled. Delays with Intel’s next-generation manufacturing could be a red flag for the entire industry, Barron’s noted. A shake-up in its engineering team could be good for Intel stock.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.
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