A Gander into the KIC’s Recent Equity Plays

13fApparently the Korea Investment Corporation (KIC) thinks Elon Musk might be onto something with his high-end electric cars. According to a 13f filing for the quarter ending September 30, 2013, the sovereign wealth fund picked up 5,200 shares of Tesla Motors Inc., the electric car manufacturer headquartered in Palo Alto, CA.

During the quarter represented by the report, Tesla stock shot up to nearly US$ 200 a share, but sales numbers that came in less than economists’ estimates took some wind out of the stock in after-hours trading on that Tuesday.

The KIC also made a significant reduction in its holdings (a nearly 60% reduction) in Potash Corporation of Saskatchewan.

Another notable market transaction was a small position in Cheniere Energy Inc. of 19,300 shares. Readers may recall that earlier this year Temasek Holdings sold off 9 million shares and reaped a giant return. In addition, Cheniere Energy fits into the American natural gas theme story.

Looking at the financial sector, the KIC offloaded roughly 2 million shares of a few of its holdings including a million shares in Bank of America Corp, just under 500,000 shares in Citigroup Inc. and nearly 500,000 shares in JP Morgan & Chase & Company. It completely sold off all of its shares in Royal Bank of Canada and Brookfield Asset Management.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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