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Tuesday, November 16, 2021 7:57:06 AM
Largest U.S. Pension Bought Palantir, Snowflake, and Berkshire Hathaway Stock
By: Barron's | November 15, 2021
America’s largest public pension recently initiated positions in analytic-software firms Palantir Technologies (ticker: PLTR) and Snowflake (SNOW), while buying more Berkshire Hathaway ( BRKb) stock.
California Public Employees’ Retirement System also exited an investment in Chinese e-commerce giant JD.com (JD). The pension, known as Calpers, disclosed the stock trades, among others, in a form it filed with the Securities and Exchange Commission.
Calpers, which manages assets of $496 billion, declined to comment on the stock trades.
The pension bought 3.6 million Palantir shares in the third quarter. It hadn’t owned any shares at the end of the second. Palantir stock eked out a 2% gain in the first nine months of the year, and so far in the fourth quarter shares are down 5%. For comparison, the S&P 500 index rose 15% in the first nine months of 2021, and so far in the fourth quarter the index has gained 8.7%.
Palantir showed strong growth in third-quarter sales, and raised fourth-quarter guidance, but shares fell in the days after. Palantir has been investing in special-purpose acquisition companies, and gold bars.
Calpers bought 389,341 Snowflake shares in the third quarter, a new investment. Snowflake stock rose 7.5% in the first nine months of 2021, and so far in the fourth quarter shares are up 28%.
Earlier this year, Snowflake set a target of reaching $10 billion in annual product revenue by fiscal 2029. It had $554 million in product revenue for the January 2021 fiscal year. In August, Snowflake reported a strong fiscal second quarter. It’s due to report the fiscal third quarter after the market close Dec. 1.
Class B shares of Berkshire Hathaway rose 18% in the first nine months of the year, and so far in the fourth quarter shares of Warren Buffett ‘s firm are up 4.8%. Berkshire Hathaway’s third-quarter report showed the company is sitting on a mountain of cash—$149 billion at the end of September. Investors liked that Berkshire Hathaway raised its stock buybacks. We noted earlier this year that Buffett’s grandnephew was giving him a run for the money, in terms of the stock returns of their respective companies.
Calpers bought 676,388 class B Berkshire Hathaway stock to end the third quarter with 3.9 million shares.
The pension owned 1.4 million JD American depositary receipts at June 30, and it sold all of them by Sept. 30. JD ADRs slid 18% in the first nine months of the year, and so far in the fourth quarter ADRs have gained 19%.
JD ADRs rose on Nov. 11, a Chinese holiday roughly equivalent to Black Friday in the U.S. The company said founder and CEO Richard Lui will step back from day-to-day operations, and focus on long-term strategy. JD and its Chinese peers still face a fluid regulatory climate at home.
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By: Barron's | November 15, 2021
America’s largest public pension recently initiated positions in analytic-software firms Palantir Technologies (ticker: PLTR) and Snowflake (SNOW), while buying more Berkshire Hathaway ( BRKb) stock.
California Public Employees’ Retirement System also exited an investment in Chinese e-commerce giant JD.com (JD). The pension, known as Calpers, disclosed the stock trades, among others, in a form it filed with the Securities and Exchange Commission.
Calpers, which manages assets of $496 billion, declined to comment on the stock trades.
The pension bought 3.6 million Palantir shares in the third quarter. It hadn’t owned any shares at the end of the second. Palantir stock eked out a 2% gain in the first nine months of the year, and so far in the fourth quarter shares are down 5%. For comparison, the S&P 500 index rose 15% in the first nine months of 2021, and so far in the fourth quarter the index has gained 8.7%.
Palantir showed strong growth in third-quarter sales, and raised fourth-quarter guidance, but shares fell in the days after. Palantir has been investing in special-purpose acquisition companies, and gold bars.
Calpers bought 389,341 Snowflake shares in the third quarter, a new investment. Snowflake stock rose 7.5% in the first nine months of 2021, and so far in the fourth quarter shares are up 28%.
Earlier this year, Snowflake set a target of reaching $10 billion in annual product revenue by fiscal 2029. It had $554 million in product revenue for the January 2021 fiscal year. In August, Snowflake reported a strong fiscal second quarter. It’s due to report the fiscal third quarter after the market close Dec. 1.
Class B shares of Berkshire Hathaway rose 18% in the first nine months of the year, and so far in the fourth quarter shares of Warren Buffett ‘s firm are up 4.8%. Berkshire Hathaway’s third-quarter report showed the company is sitting on a mountain of cash—$149 billion at the end of September. Investors liked that Berkshire Hathaway raised its stock buybacks. We noted earlier this year that Buffett’s grandnephew was giving him a run for the money, in terms of the stock returns of their respective companies.
Calpers bought 676,388 class B Berkshire Hathaway stock to end the third quarter with 3.9 million shares.
The pension owned 1.4 million JD American depositary receipts at June 30, and it sold all of them by Sept. 30. JD ADRs slid 18% in the first nine months of the year, and so far in the fourth quarter ADRs have gained 19%.
JD ADRs rose on Nov. 11, a Chinese holiday roughly equivalent to Black Friday in the U.S. The company said founder and CEO Richard Lui will step back from day-to-day operations, and focus on long-term strategy. JD and its Chinese peers still face a fluid regulatory climate at home.
Read Full Story »»»
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