A giant pension has made substantial changes to its US-traded investments.
Border to Coast Pensions Partnership Ltd. strengthened its stake in
(ticker: CRM) and
Canada Goose Holdings
(GOOS), initiated a position in
(WMT) and nearly halved its holdings in Workday (WDAY) in the third quarter. The Leeds, UK-based pension company disclosed the transactions, among other things, in a form it filed with the Securities and Exchange Commission.
Border to Coast, which managed $ 30 billion in assets as of March 31, declined to comment on the transactions.
The pension bought an additional 335,963 shares of Salesforce to bring its holdings in the cloud-based enterprise software company to 437,410 shares. The stock has jumped 21.9% this year through September. Since then, it’s been flat. For comparison, the
S&P 500 Index
rose 14.7% in the first nine months of the year, and it is up 2% so far in the fourth quarter.
Salesforce’s second fiscal quarter, which ended in July, was strong. In late September, the stock rose after the company raised its forecast. CEO Marc Benioff continues to denigrate
Border to Coast bought an additional 156,300 shares of Canada Goose at the end of September along with 792,838 shares of the iconic jacket maker. The stock rose 19.8% in the first three quarters. So far in the fourth, shares have risen 4.6%.
Canada Goose announced in June that it would end the use of animal fur in its products. The losses have increased. In November, Canada Goose launches a shoe collection.
Border to Coast initiated a position in Walmart by purchasing 158,000 shares.
Walmart stock fell 3.3% in the first nine months of the year and has remained stable so far in October. The retail giant reported strong earnings, although stocks did not respond. Walmart and other retailers are chartering their own ships to avoid supply chain issues for the holiday season.
The pension reduced its investment in Workday shares by selling 31,500 shares at the end of September along with 39,400 shares of the HR and corporate finance software provider.
Workday stock rose 4.3% in the first nine months of the year and has gained 2.4% since then. Workday profits have exceeded estimates. The bulls are bullish on stocks as a game on growing IT spending. At the end of September, Workday expanded its partnership with
by (GOOGL) Google.
Inside Scoop is a regular Barron column that covers the stock transactions of corporate executives and board members (called insiders), as well as major shareholders, politicians and other prominent figures. Due to their insider status, these investors are required to disclose stock transactions to the Securities and Exchange Commission or other regulatory bodies.