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Generation Investment, which Al Gore chairs, cut its investment in Alibaba, sold out of Taiwan Semiconductor and Shopify, and quintupled its Texas Instruments stake.
Fabrice Coffrini/AFP/Getty Images
Generation Investment Management, chaired by former Vice President Al Gore, recently made big changes in its portfolio, reshuffling its holdings in the semiconductor business as its money managers cited mounting risks to Taiwan.
In the fourth quarter, Generation sold
Alibaba
Group Holding stock (ticker: BABA), and exited stakes in Taiwan Semiconductor Manufacturing (TSM) and
Shopify
(SHOP), but more than quintupled its investment in the chip maker
Texas Instruments
(TXN). The firm, which is based in London, disclosed the trades, among others, in a form it filed with the Securities and Exchange Commission.
Generation, which was co-founded by the former vice president, declined to comment on the investment changes. As of the end of 2022, it managed assets of $40.4 billion.
Alibaba American depositary receipts dropped 26% in 2022, compared with a 19% fall in the
S&P 500 index.
So far this year, ADRs of the Chinese company are up 14%, while the index is up 5.2%.
Last year, Alibaba’s ADRs were pressured by regulatory uncertainty in China, the government’s Covid-19 lockdowns that shut down factories, and President Xi Jinping’s consolidation of power.
“China and America have long existed in two different internet ecosystems,” Miguel Nogales and Mark Ferguson, Generation’s co-chief investment…
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