The Public Sector Pension Investment Board says it dumped a significant portion of its shares in two giant technology companies during the first half of 2021.
In a report to the U.S. Securities Exchange Commission, the investment organization showed the total number of shares it held in Apple Inc. decreased by 680,541 during the first six months of 2022, from a total of about 4.1 million to about 3.2 million. During the same period, its total number of shares in Microsoft Corp. fell by 476,302, from about 2.3 million to about 1.8 million.
While PSP Investment hasn’t commented on why it decreased its allocations, the trading occurred during an especially volatile period for both companies. During the first six months of 2022, shares in both tech giants fell considerably.
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By the mid-year point, Apple and Microsoft’s stock dropped to about 77 per cent of their value at the beginning of the year. At current market values, PSP Investment’s remaining shares in Apple are worth about US$536 million, while its remaining shares in Microsoft are worth about US$498 million.
In other news. the Caisse de dépôt et placement du Québec is scuttling future investments in cryptocurrency-related businesses after backing a digital exchange that went bankrupt in July.
In 2021, the organization invested US$150 million in Celsius Network, a now-defunct cryptocurrency lending platform. In June 2022, the business announced it would cease all trading on its platform due to the volatility of cryptocurrencies. It declared bankruptcy the following month.
During a press event, the Caisse announced it’s considering legal avenues for restoring some of its lost capital. “We’ll preserve our right to explore legal options,” said Charles Emond, the Caisse’s president and chief executive officer.
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