State of Michigan Retirement System Doubles-Down On Tesla, Amazon Bets — Nearly Doubles Stake In This Telecom Stock

The State of Michigan Retirement System has hiked its stake in Tesla Inc. (NASDAQ: TSLA), Amazon.com Inc. (NASDAQ: AMZN) and Verizon Communications Inc. (NYSE: VZ), while reducing its stake in Meta Platforms Inc. (NASDAQ: META). The fund provides pension services to public school employees, state employees, state police, judges and military retirement systems.

What Happened: According to the 13-F filing of the fund, it added over 3.4 million shares of Verizon during the third quarter, taking the valuation of its holdings to $269 million as of September. The fund has almost doubled its stake in the company during the quarter. Verizon constitutes 1.98% of its portfolio, according to Whale Wisdom.

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Verizon shares are down over 31% since the beginning of the year. The telecommunications giant reported third-quarter revenues of $34.2 billion and adjusted non-GAAP earnings of $1.32 per share, both of which surpassed street estimates. Shares of the New York-based telecom company, however, declined due to disappointing net post-paid phone subscriber additions.

Tesla and Amazon Buy: The State of Michigan Retirement System added 41,600 shares of Tesla to its portfolio during the quarter after accounting for the 3-for-1 stock split, taking its total holding to $191 million in the stock. The Elon Musk-led company has lowered the starting prices for its Model 3 and Model Y vehicles in China. So far this year, the stock has lost more than 47%.

Another interesting stake purchase by the fund was Amazon. The fund loaded up over 37,000 shares in the retail giant taking its holding to over $333 million.

Whale Wisdom website shows that Amazon remains among the top holdings of the fund at 2.33% of the holding. Market volatility in 2022 has taken a toll on Amazon’s shares as well with the stock losing over 29% this year.

Meta Sale: The fund reduced its holding of Meta Platforms by over 540,000 shares during the quarter.

Editor's Note: This story was updated to account for a Tesla stock split. We regret the error.

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