The largest U.S. pension recently made big changes in some of its largest investments.

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, ina form it filedwith 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. “Consequently, we generally do not comment on our individual holdings or trades. Our team will continue to assess overall market conditions.”

Calpers manages more than $540 billion in assets.

Apple stock has been losing ground against the broader market this year. Shares fell 11% in the first quarter of 2025, while the S&P 500 slipped 4.6%. So far in the second quarter shares are down 12%, while the index has gained 3.4%.

Apple may be pressured to raise prices soon as a result of tariffs. Earlier this month, President Donald Trump said he had “a little problem” with Apple building factories in India instead of the U.S. The company has said that a majority of devices it ships into the U.S. in the current quarter will originate in India and Vietnam. In the past week, Trump threatened a 25% tariff on iPhones from foreign factories sold in the U.S.

Calpers sold 5.1 million Apple shares to end the first quarter with 34.7 million shares.

The pension bought 579,150 more Meta shares in the first quarter to lift its stake to 5.5 million shares.

At the end of April, the parent of Facebook and Instagram reported a strong first quarter. Importantly, Meta’s outlook for its global digital ads business held up well. Meta said this month it is working to address “an epidemic of scams” on its platforms.

Meta stock slipped 1.6% in the first quarter, and so far in the second shares are up 8.8%.

AMD stock dropped 15% in the first quarter, but since the end of March, the shares have risen 7.4%.

The chip maker reported a strong first quarter and raised its financial guidance. A week later, AMD said it was expanding a stock-repurchase program, and reached a deal for a network of artificial-intelligence computing centers in Saudi Arabia.

Calpers bought 325,180 more AMD shares in the first quarter to lift its investment to 3.3 million shares.

The pension bought 494,290 additional McDonald’s shares to end the first quarter with 3.5 million shares.

The burger chain reported a mixed first quarter on May 1, noting a drop-off in U.S. foot traffic from a year ago. A Happy Meal promotion tied to “A Minecraft Movie” has boosted sales in the current quarter, however.

McDonald’s stock rose 7.8% in the first quarter. Shares are about flat so far in the second.