Generation Investment Management investment fund of climate activist, former US Vice President Al Gore, which focuses on ESG investments, is dramatically cutting technology stocks from its investment portfolio.
According to the reports submitted by the fund to the American Securities Authority, the fund sold all of its holdings in Intel (INTC) shares worth $441 million. In addition, the fund sold half of its holdings in Shopify (SHOP) shares amounting to $135 million. The fund also sold shares in the technology giant Microsoft (MSFT). ) worth 93.3 million dollars. On the other hand, the fund surprised and increased its investments in the TWLO company in the amount of 30 million dollars.
The American chip giant Intel, which brilliantly led the semiconductor chip market for many decades (mainly in the PC field), found itself in the last decade looking at its competitors AMD and NVDA overtaking it in the GPU field, powerful processors that are used for high-resolution games, mining of crypto and also to the AI and machine learning industries.
In light of the situation, Intel is a battered stock which has dropped by about 44% since the beginning of the year, Generation loses about 383.3 million dollars on Intel.
Intel, led by CEO Pat Gelsinger, hopes to get on the “high road” after last month’s announcement of extensive layoffs (you can read here) after the latest report which caused the stock to soar. At the end of October, Intel issued Mobily (MBLY) in order to put cash into its coffers, but unfortunately She received less than she expected (for more information, you can read here)
Shares of Shopify plunged 80% in the first nine months of the year, and so far in the fourth quarter shares have surged 36%.
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Microsoft announced in January that it had agreed to acquire game publisher Actuvision Blizzard ( ATVI ), a deal expected to close in 2023. A slowdown in cloud growth in Microsoft’s latest quarter sent chills through the sector.
Twilo, which is down 82% since the beginning of the year, is one of the cloud companies caught in the gusts that Microsoft’s disappointment sent. Twilio recently delivered disappointing guidance as customers scaled back. The shares recently fell to multi-year lows.
Generation, which was founded in 2004 when the concept of ESG did not exist at all, manages about 36 billion dollars. Its statutes and prospectus are to invest only in “green” companies that make sure to reduce the number of their pallets. An investment fund had a terrible year when it lost 33% of its investments while the MSCI world index fell by about 20%.
But on the other hand, if we take a long-term view, the fund recorded a cumulative return of 36% in five years, while the MSCI world index recorded a return of 17.74%, and if we go further, we get that the fund recorded a cumulative return of 135% in ten years, while the MSCI world index recorded a cumulative return of 14.3%.
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