The Canada Pension Plan Investment Board significantly boosted its holdings of energy assets during the second quarter, with its largest moves involving Cenovus Energy, Enbridge, and Exelon, according to its most recent 13F filing with the SEC.
The C$731.7 billion ($527.3 billion) pension giant increased its investment in oil and natural gas company Cenovus Energy by 323% to approximately 15.5 million shares from about 3.7 million shares at the end of the first quarter.
The CPPIB also increased its shares in energy utility company Exelon by 164% to about 5.6 million as of the end of June, from 2.1 million as of March 31. It also increased its stock in Brookfield Corporation by 133%, bringing its total position in the renewable energy-focused alternative asset manager to approximately 6.5 million from roughly 2.8 million at the end of the first quarter.
The pension fund added to its portfolio another 3.7 million shares of Enbridge, increasing its holdings in the energy infrastructure firm by 39% to approximately 13.2 million shares. It also boosted its holdings of oil-sands extraction and refining company Suncor Energy by 30% to about 10.6 million shares.
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Another 1.2 million shares of energy infrastructure firm TC Energy were added to CPPIB’s portfolio, which was a 6% increase from the previous quarter. However, the pension fund also sold just under 4 million shares of oil and natural gas exploration company Canadian Natural Resources.
Other significant moves by CPPIB include a massive increase in its Hewlett Packard holdings to nearly 2 million shares from less than 42,000 at the end of March. It also added more than 2 million shares in Capital one, which was a 620% jump from the previous quarter.
Despite the significant rise in energy stocks, tech stocks remained the pension fund’s largest holdings, led by three of the so-called Magnificent Seven companies — Nvidia, Microsoft, and Apple — at positions totaling $5.78 billion, $5.51 billion, and $4.37 billion respectively. Apple fell to third from the top spot at the end of the first quarter, as its asset value rose 8%, a far cry from the value of its Nvidia and Microsoft shares, which jumped 56% and 44% respectively. Google parent Alphabet, however, was the odd stock out, with CPPIB cutting its holdings in the tech giant by nearly 2.5 million shares, making its position 22% lower than it was in the previous quarter.
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Tags: Canada Pension Plan Investment Board, CPPIB, energy companies, Form 13F, tech companies
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