One of the largest public pensions in the world recently invested heavily in big technology stocks, and initiated a stake in a battered Chinese stock.

Canada Pension Plan more than doubled an investment in Apple, scooped up more shares of Microsoft and Tesla, and started an investment in Alibaba Group Holding in the fourth quarter. Canada Pension Plan Investment Board, known as CPP Investments, which manages the pension, disclosed the stock trades, among others, in a form it filed with the Securities and Exchange Commission.

CPP Investments declined to comment on the investment changes. As of Dec. 31, 2023, the fund had assets of $435 billion. Canada Pension Plan is one of the 10 largest public pensions in the world by assets, according to  WTW and the Sovereign Wealth Fund Institute.

The pension bought 2.5 million more Apple shares in the fourth quarter to lift its investment to 4.5 million shares.

Apple provided disappointing revenue guidance in early February that overshadowed its strong fiscal-first-quarter report. Later that month, a report said Apple halted efforts to produce an electric vehicle, and shifted resources to developing generative artificial-intelligence software.

Apple stock surged 48% in 2023, compared with a 24% rise in the S&P 500 index. So far this year, shares are down 6.7% while the index is 7.7% higher.

Microsoft stock rose 57% last year, and so far in 2024 shares are up 10%.

With Microsoft stock’s outperformance of Apple’s shares, the former’s market capitalization has now surpassed that of the iPhone maker. Both companies are the first two publicly traded entities to have reached $3 trillion market caps. An analyst report from Barclays in late February said that Microsoft’s opportunity in advertising could grow to $50 billion over time.

The pension bought 1.4 million Microsoft shares to end the fourth quarter with 3.5 million shares.

CPP Investments bought 147,090 Tesla shares in the fourth quarter to lift its investment to 525,193 shares.