In the second quarter, the California Public Employees’ Retirement System increased its holdings in Rivian Automotive (NASDAQ:RIVN) and Li Auto, while decreasing its stakes in Zoom Video Communications (NASDAQ:ZM) and Sirius XM Holdings (SIRI).

CalPERS

The pension, known as CalPERS, reported the stock trades in a form it submitted to the Securities and Exchange Commission, among other things.

Regarding the investment adjustments, CalPERS refuses to comment. It was the nation’s largest public pension by assets as of Tuesday, managing $467.32 billion in assets.

To complete the second quarter with 324,331 shares, CalPERS purchased an additional 34,622 Rivian shares. The stock fell by 75% in the first half of the year, while the S&P 500 index SPX -1.63% fell by 21%. So far in the third quarter, shares have increased 34% while the index has increased 12%.

Early in July, the stock jumped as Rivian reported strong sales of its electric pickup truck. Rivian enhanced its profile in the public eye when investor Amazon.com (NASDAQ:AMZN) started using Rivian delivery vehicles. The electric vehicle manufacturer announced a larger-than-anticipated second-quarter loss earlier this month, but it kept its full-year production forecasts.

Recently, Rivian decided to stop making its cheapest truck. They apologized to their clients whose plans were impacted and claimed that user demand was to blame in a statement posted on the company website. Over 100,000 orders are reportedly still outstanding at Rivian, despite sending jitters last month when it fired off 6% of its workforce.

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