Employee pension funds from 7 US states have bought stake in electric vehicle startup Rivian Automotive Inc for the quarter ended December 31, 2021.
see photosCalpars, the largest US pension plan, has bought more than 305,000 shares in Rivian.
Seven state government employee pension funds, including America’s largest pension plan CalPERS, placed stakes in electric vehicle startup Rivian Automotive Inc. in the quarter ended December 31, according to securities filings released Monday. Texas’ Teacher Retirement System, California Public Employees Retirement System (Calpers) and Maryland State Retirement and Pension System were among seven pension funds for Utah, Colorado, North Carolina and Wisconsin, according to data from fund tracker WhaleWisdom. ,
CalPERS, which has approximately $492 billion under management, bought a little over 305,000 shares in the company, while the $191 billion Teacher Retirement System of Texas Fund took a position of about 33,000 shares in the company.
The move reflects a greater appetite for risk among US pension funds as they continue to face funding gaps despite gains in US equity markets since the start of the coronavirus pandemic in 2020. Overall, the funded ratio of the average pension plan — a measure of assets versus liabilities — remains below 75%, according to sovereign investor specialist Global SWF.
The Texas Fund’s Teacher Retirement System took a position of approximately 33,000 shares in the company.
Shares of Rivian rose nearly 10% on Monday after revelations last week that several major investors, including billionaire George Soros and hedge fund Tiger Global, added shares in the company over the past quarter.
As of Friday’s close, shares of Rivian are down 43% for the year so far. At their Monday afternoon trading close of $64.75, the company’s shares were down 64% from a November 16 high of $179.46, less than a week after the company raised $12 billion in its biggest stock debut of 2021. after.
The filings, known as 13-FS, are backward-looking and do not disclose whether a firm has sold or added to its positions since late December.
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