(California Public Employees' Retirement System) CalPERS’ Billion-Dollar Bet: Why Apple’s Out and Meta’s In for the Nation’s Top Pension Fund

In a bold move shaking up global markets, the California Public Employees' Retirement System (CalPERS)—America’s largest pension fund—has rebalanced its colossal $540 billion portfolio, signaling new bets on tech and consumer giants while cooling on Apple. In early 2025, CalPERS quietly sold over 5 million Apple shares, citing the tech giant’s recent market struggles and mounting political risks, including President Donald Trump’s threats of a 25% tariff on iPhones made outside the U.S. Despite the reduction, CalPERS retains a hefty 34.7 million Apple shares, but the trim underscores growing caution as Apple faces headwinds from shifting manufacturing, political scrutiny, and a lagging stock price.

 

Meanwhile, CalPERS is doubling down on opportunity, boosting its stake in Meta by 579,150 shares (now 5.5 million total), riding on Meta’s resilient advertising business and stock rebound. The fund also snapped up 325,180 more shares of AMD (now 3.3 million), banking on the chipmaker’s AI data center expansion in Saudi Arabia. McDonald’s saw its CalPERS holding jump by 494,290 shares (now 3.5 million), as the fast-food giant’s creative “Minecraft Movie” Happy Meal promotion reignited customer traffic.

 

CalPERS emphasized its long-term, data-driven approach, saying its investment strategy isn’t swayed by short-term headlines but by systematic, quantitative analysis. With leadership transitions and a new Total Portfolio Approach on the horizon, CalPERS is positioning itself—and millions of public employees—for a future shaped by tech innovation, global trends, and resilient consumer brands.

 

Sources: Economic Times, CalPERS Newsroom