Source: Barron's Weekly Author: Ed Lin The second largest public retirement fund in the United States recently made significant adjustments to its stock investment portfolio listed in the United States. The California Teachers' Retirement Fund increased its investment in Chinese e-commerce company, pdd holdings (PDD.US), and bought more shares of Discover Financial Services (DFS.US) and Williams-Sonoma (WSM.US) in the first quarter, while reducing its holdings of American Airlines (AAL.US) stocks. The California Teachers' Retirement Fund disclosed this stock trading information in a report submitted to the Securities and Exchange Commission. "Our public equity investment portfolio uses both passive and active strategies," the California Teachers' Retirement Fund said in a statement responding to a review request. "The portfolio's positions may change for various reasons, including fund managers' realignments of the active or index weights they require, or as a result of corporate mergers, stock splits, name changes or similar company actions." As of April 30, the fund managed assets of about $332.5 billion, making it the second largest public pension fund in the United States in terms of assets under management.
California Teachers' Retirement Fund increased its investment in pdd holdings (PDD.US) and bought more shares of Discover Financial Services (DFS.US) and Williams-Sonoma (WSM.US) in the first quarter, while reducing its holdings of American Airlines (AAL.US) stocks.

The California Teachers' Retirement Fund, the second largest public pension fund in the United States in terms of assets under management, recently made significant adjustments to its stock investment portfolio listed in the United States.

The California Teachers' Retirement Fund increased its investment in Chinese e-commerce company, pdd holdings (PDD.US).$PDD Holdings (PDD.US)$bought more shares of Discover Financial Services (DFS.US)$Discover Financial Services (DFS.US)$bought more shares of Williams-Sonoma (WSM.US)$Williams-Sonoma (WSM.US)$reduced holdings of American Airlines (AAL.US) stocks$American Airlines (AAL.US)$The California Teachers' Retirement Fund disclosed this stock trading information in a report submitted to the Securities and Exchange Commission.

"Our public equity investment portfolio uses both passive and active strategies," the California Teachers' Retirement Fund said in a statement responding to a review request. "The portfolio's positions may change for various reasons, including fund managers' realignments of the active or index weights they require, or as a result of corporate mergers, stock splits, name changes or similar company actions."

As of April 30, the fund managed assets of about $332.5 billion, making it the second largest public pension fund in the United States in terms of assets under management.

The American depositary receipts of pdd holdings (PDD.US) fell 21% in the first quarter, while rising 10% in the same period. So far in the second quarter of this year, pdd holdings' stock has risen 29%, while the S&P 500 index has performed poorly.$S&P 500 Index (.SPX.US)$Foreign media reported in April this year that Temu has found its own audience, and its "rise has been very fast since entering the US market in 2022". At the end of the first quarter, the California Teachers' Retirement Fund bought 36,600 American depositary receipts of pdd holdings, and held 217,300 American depositary receipts of pdd holdings.

The retirement fund also bought 36,940 shares of Discover Financial Services in the first quarter, increasing its investment in the financial services company to 404,850 shares.

This year in February,

The California Teachers' Retirement Fund increased its investment in the financial services company to 404,850 shares.

Holdings can be translated as "hold positions" or "hold" depending on the context.$Capital One Financial (COF.US)$Capital One Financial has agreed to acquire Discover Financial in a stock deal worth more than $35 billion dollars, which will result in the merger of two largest credit card companies in the USA. The deal is expected to be completed by the end of 2024 or the beginning of 2025. Michael Rhodes resigned from his position as CEO and President of Discover Financial Services in March this year and moved to Capital One Financial. $Ally Financial (ALLY.US)$.

Discover Financial's stock price rose 17% in the first quarter and has fallen 6.4% so far in the second quarter.

Williams-Sonoma's stock price soared 57% in the first quarter and has fallen 7.7% so far in the second quarter.

This retailer's stock price surged in mid-March when the company announced strong first-quarter results and increased dividends and share buyback programs. However, one quarter later, Williams-Sonoma's Pottery Barn and West Elm stores underperformed, overshadowing strong earnings performance.

The California Teachers' Retirement Fund increased its holdings in Williams-Sonoma by 16,560 shares, with a total of 81,940 shares at the end of the first quarter.

The retirement fund sold 41,770 shares of American Airlines stock, reducing its stake to 218,250 shares in the first quarter.

A strong earnings report in January drove up the stock price of American Airlines. However, at the end of May, the airline lowered its performance expectations and announced that an executive who had developed a counterproductive business travel strategy would leave the company.

American Airlines CEO Robert Isom said at an investor conference, 'Other airlines are benefiting from what we did in the last six months or so, and we are going to take it back.'

American Airlines' stock price rose 12% in the first quarter and has fallen 25% so far in the second quarter.

Editor / jayden