The Ontario Teachers’ Pension Plan sold large stakes in Canadian banks and energy companies in the second quarter.
In its latest 13F filing with the Securities and Exchange Commission (SEC), the pension fund decreased its holdings of these stocks in the second quarter of 2015 versus the end of the first quarter:
- Bank of Montreal (61,930 shares compared with 221,687)
- Bank of Nova Scotia (62,108 shares compared with 371,111)
- CIBC (56,775 shares compared with 151,537)
- Royal Bank of Canada (28,793 shares compared with 408,260)
- TD Bank (76,057 shares compared with 558,801)
At the same time, Teachers’ increased its stake in a number of American financial services companies, including Citigroup (2,047,454 shares compared with 1,988,722), Morgan Stanley (756,508 shares compared with 246,661), and U.S. Bancorp (408,593 shares compared with 369,453).
The fund also cut its holdings in a number of Canadian energy stocks:
- Canadian Natural Resources (1,549,165 shares compared with 1,938,414)
- Crescent Point Energy (64,680 shares compared with 142,301)
- Imperial Oil (17,679 shares compared with 216,714)
- Suncor (1,601,913 shares compared with 2,065,380)
Teachers’ increased its stake in various American energy firms, including Chevron (305,900 shares compared with 258,573), ExxonMobil (722,537 shares compared with 634,810), and Phillips 66 (82,421 shares compared with 74,762).
In the technology sector, Teachers’ reduced its stake in Microsoft to 7,028,561 shares from 7,364,311 while increasing its holdings in Cisco (945,992 shares compared with 881,340) Facebook (325,040 shares compared with 286,323), and IBM (819,614 shares compared with 165,035).
And in the telecom sector, the fund increased its stake in Sprint to 33,105,095 shares from 23,461,295 and initiated a position in AT&T to hold 994,297 shares.
Institutional investment managers with more than US$100 million in securities traded, such as Teachers’, are required to file a 13F form with the SEC on a quarterly basis.