The State Teachers Retirement System of Ohio, or STRS Ohio, one of the largest U.S. public pensions fund, raised its exposure to Tesla Inc. and Ford Motor Co. in the first quarter while trimming its stake in General Motors Co., latest regulatory filings show.
Raising Tesla Exposure
STRS Ohio raised its stake in the Elon Musk-led Tesla by about 10 percent in the three months ended March 31. The pension firm held 304,334 shares in the electric vehicle company at the end of the first quarter this year, implying it added 27,136 shares during the period.Tesla shares, which rose 1.97 percent in the first quarter, closed at $1,077.6 a share on March 31. The stock is down 19 percent at $870.7 as of Friday’s close.
GM, Ford Stakes
In GM, STRS Ohio lowered its exposure by 1.6 percent to 2.8 million shares at the end of the quarter.Shares of GM declined 25.4 percent to $43.7 in the first quarter. The stock has since sunk 13 percent to $37.9.
The pension firm picked up a 0.5 percent stake in Ford, buying 7,151 shares during the quarter. It held 1.35 million shares in the Dearborn, Michigan-based Ford as of March 31.
The pension firm counts Apple Inc., Microsoft Corp., and Amazon.com Inc. among its top three holdings.
By Rachit Vats
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