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Giant Pension Sold Alibaba, Lululemon, and GE Stock. Here’s What It Bought.
The New York State Common Retirement Fund slashed investments in Chinese online giant Alibaba Group Holding (ticker: BABA), apparel maker Lululemon Athletica (LULU), and conglomerate General Electric (GE), and increased a stake in chip-making firm Taiwan Semiconductor Manufacturing (TSM) in the first quarter. Alibaba American depositary receipts had an outstanding first quarter, gaining 16% compared with a 7% rise in the So far in the second quarter, the ADRs have given all of that back, dropping 15% compared with a flat performance from the index. Alibaba ADRs actually had a volatile first quarter before ending with a gain for the period.