Here's the full Alaska article,
'The State of Alaska Is Buying More Sirius XM Stock, and Selling Apple and Netflix'
By Ed Lin
April 12, 2019 7:00 am ET
The State of Alaska believes in the power of radio.
In fact, the Alaska Department of Revenue disclosed in a form it filed with the Securities and Exchange Commission that it bought more Sirius XM Holdings stock (ticker: SIRI) in the first quarter. The state agency also trimmed back investments in Netflix (NFLX), Apple (AAPL), Intel (INTC), and Microsoft (MSFT), among other trades.
The department, which collects and invests public funds, didn’t respond to a request for comment on its portfolio changes. Assets under its management of U.S.-traded securities were valued at $5.65 billion as of March 31.
Alaska bought 42,170 additional Sirius shares in the first quarter, ending the period with 344,051 shares of the satellite-radio company, which completed the acquisition of streaming-music provider Pandora Media on Feb. 1. Sirius stock has eked out a 6.0% gain so far this year through Thursday’s close, far underperforming the other four stocks.
Netflix stock is up 37.4% so far this year, building on a 39.4% surge in 2018. Despite more competition in streaming video, analysts remain upbeat about Netflix’s prospects. Not even higher subscription fees have dampened the enthusiasm of Netflix’s viewers or investors. The state agency sold 7,955 Netflix shares in the first quarter and ended March with 55,037 shares.
The Alaska Revenue Department sold 69,712 Apple shares in the first quarter, lowering its investment in the iPhone maker to 623,032 shares. Apple stock has gained 26.1% so far this year, following a 6.8% drop in 2018. Barron’s has noted that the company is almost back to a $1 trillion valuation again, even though some observers suggest selling Apple stock.
The agency ended the first quarter with 911,125 Intel shares, about 5% less than at the close of 2018. The chip giant’s stock had eked out a 1.6% gain for 2018, but like Apple, Intel has soared this year with an 18.9% year-to-date gain. One analyst, we noted, likes Intel stock for the company’s leadership in artificial intelligence and autonomous driving.
Microsoft was the Dow Jones Industrial Average ’s best-performing tech stock in 2018, rising 18.7%. Shares have nearly matched that so far this year, gaining 18.5%. Microsoft stock can keep rising, according to at least one analyst. Some like Microsoft’s big cloud deals.
Alaska’s larger stake in Sirius is interesting, because its satellite-radio service isn’t available in the state, only its streaming-radio service.
Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.
