California State Teachers’ Retirement System, the second-largest U.S. pension, didn’t budge on first-quarter stock losers Nikola, Bed Bath & Beyond, KeyCorp, and Zions.
The biggest challenge of buying and holding is having the discipline not to sell when stocks are sliding. The second-largest pension in the U.S. by assets possesses such self-control, based on its inaction on some names in the first quarter.
The California State Teachers’ Retirement System barely budged on its holdings of first-quarter stock losers such as
Bed Bath and Beyond
(BBBY), and walloped regional banks
(ZION). Calstrs, as the pension is known, disclosed its stock positions, among others, in a form it filed with the Securities and Exchange Commission.
The pension had assets of $311.1 billion as of April 30.
In response to a request for comment, Calstrs declined to comment on the individual positions.
“Our public equity portfolio uses passive and active strategies,” the pension said. “The portfolio’s holdings can change for many reasons, including managers rebalancing exposure to desired active or index weights or due to corporate actions, such as a company merger, stock split, name change or similar activity.”
Electric and hydrogen fuel-cell-truck-technology company Nikola didn’t have any of those activities, but did see a combination of disappointing quarterly reports and a change in the chief financial…