Reshaping $540 billion portfolio: America's largest pension fund shuffles billions as CalPERS trims Apple stake, adds Meta, AMD, McDonald's
Why Sell Apple?
Why Buy Meta, AMD, and McDonald's?
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Meta by 579,150 shares (now 5.5 million total). Meta's advertising business is still going strong, and even though the stock dipped slightly early in the year, it's bounced back.
AMD by 325,180 shares (now 3.3 million total). The chipmaker had a rough first quarter but then recovered. It just announced a big new project to build AI data centers in Saudi Arabia, which excited investors.
McDonald's by 494,290 shares (now 3.5 million total). While foot traffic at US locations slowed, a popular Happy Meal promotion with 'The Minecraft Movie' helped turn things around.
What Does This Mean?
Leadership Changes Ahead
The road ahead
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The California Public Employees' Retirement System, known as CalPERS, has made some big changes to where it puts its money. CalPERS is the largest public pension fund in the US, managing over $540 billion to support retirement benefits for more than 2 million California public workers.CalPERS quietly shifted some of its biggest investments in early 2025 as it sold more than 5 million shares of Apple , a company whose stock dropped 11 percent in the first quarter of this year. Meanwhile, it bought more shares in Meta (the company behind Facebook and Instagram), Advanced Micro Devices (AMD), and McDonald's.Apple has been struggling in the market lately. On top of that, President Donald Trump recently criticized Apple for building iPhones in India instead of the US, even threatening a 25 percent tariff on iPhones made in foreign factories. That could make Apple devices more expensive for American buyers. CalPERS still owns plenty of Apple shares at 34.7 million, but decided it was time to trim back.CalPERS increased its stake in:CalPERS said it doesn't make decisions based on short-term news. 'Our public assets investments are index-oriented and optimized using systematic and quantitative investment strategies, not driven by any single period's events,' the fund said in a statement.In other words, CalPERS takes the long view, using data and strategy to guide its moves.There's more going on behind the scenes. Dan Bienvenue, who helped lead CalPERS' investment decisions for over 20 years, left in April. Now, CalPERS is looking for a new Deputy Chief Investment Officer to manage its public stock and bond investments. The new leader will play a big role in shaping where CalPERS puts its money next.'The DCIO will provide thought leadership, identify emerging trends, develop forward-thinking investment approaches, ensure a strong governance and organizational culture exists for investment decision making, ensure alignment with CalPERS long-term strategic objectives, and coordinate inclusion of public market asset class research, analysis, and information into Total Fund investment decision making and drive our CalPERS mission,' the job posting states.For everyday people, especially public employees in California, these decisions matter. CalPERS' job is to keep retirement funds growing safely. These investment moves show how the fund is navigating a changing economy, political pressure, and global tech trends, all while staying focused on the long term.
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