The California Public Employees’ Retirement System sold Apple stock, and bought more shares of Meta Platforms Advanced Micro Devices and McDonald’s in the first quarter. Calpers, as the pension is known, disclosed the stock trades, among others, in a form it filed with the Securities and Exchange Commission. “Calpers’ public assets investments are index-oriented and optimized using systematic and quantitative investment strategies, not driven by any single period’s events,” Calpers said via email in response to a request for comment.

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