Giant Property EV bought NIO and Tesla Stocks, and Intel. Here are the sales.

Text size

South Korea’s sovereign wealth fund has recently undergone significant changes in some of the largest traded stock investments in the U.S.

Korea Investment Corp. a significant increase in investments in electric vehicle companies

NIO

(ticker: NIO) and

Tesla

(TSLA), bought more

Intel

(INTC) stock, and invested half of it

Electric General (GE)

stock. The fund showed the trades, among others, in a form it filed with the Securities and Exchange Commission.

Korea Investment, which managed $ 20.2 billion in assets at the end of 2019, did not respond to a request for comment on the investment changes.

The fund purchased 295,687 more American investment receipts of NIO to the end of 2020 with 642,087 ADRs from the Chinese EV manufacturer.

The value of NIO ADRs has risen more than 12 times in value in 2020. So far in 2021, through Friday’s close, they have gained 12.9%. In comparison, the

S&P 500 index,

overall market share rose 16.3% in 2020, up 4.0% year to date.

NIO ADRs have declined in the last few days, but the move appears to be due to volatility ahead of the company’s earnings report, which is scheduled for March 1. NIO vehicles could be sold in the U.S. soon. Delivery has been strong.

Korea assets bought an additional 152,400 Tesla shares to end the fourth quarter with 409,900 shares of the EV giant.

Tesla stock rose nearly nine times its value last year, and has risen 10.7% so far this year.

Tesla revealed earlier this month that it had bought $ 1.5 billion of the cryptocurrency Bitcoin. One analyst estimates that the market value of the company could exceed $ 1 trillion. Tesla recently cut car prices in Japan.

Intel stock slipped 16.8% last year, but has risen 26.5% so far this year, offsetting that loss.

Intel stock came in in January when the chip giant announced a change of CEO. Shares slipped later that month as investors did not get the clarity they wanted on how the company will make the next generation of chips. Outgoing CEO Bob Swan bought stock in his final weeks in office.

The fund bought 709,461 shares of Intel to the end of 2020 with 3.8 million shares.

Korea’s assets sold 2.5 million GE shares to reduce their investment to 1.9 million shares.

GE stock fell 3.2% in 2020, and so far has gained 11.3%, more than compensating for the previous year’s loss.

GE’s leg for the better has drawn praise from long-time bear on the stock, JP Morgan’s Stephen Tusa. Free cash flow in the fourth quarter was strong, crossing a useless low line. Jeff Immelt, former CEO of GE, assesses his legacy and the status of the combination a few years ago in a book to be published on Monday.

Inside Scoop is Barron’s regular feature covering stock deals with corporate officers and board members – so-called attackers – as well as major shareholders, politicians and other celebrities. Because of their internal status, these investors are required to declare stock trading with the Securities and Exchange Commission or other regulatory bodies..

Write to Ed Lin at [email protected] and follow @BarronsEdLin