New York State Common Retirement Fund Sells 2,400 Shares of Nio Inc – (NYSE:NIO)

The New York State Common Retirement Fund (NYSCRF) is a public pension fund that manages retirement benefits for state employees and retirees in New York State. The fund has an investment portfolio of over $200 billion and invests in a variety of assets, including stocks, bonds, and alternative investments.

On August 19, 2021, the NYSCRF announced that it had sold 2,400 shares of Nio Inc (NYSE:NIO) for approximately $38 million. Nio is a leading provider of electric vehicles and autonomous driving technology in China. The sale represented a small portion of the fund's overall investment in Nio, which was valued at over $150 million as of June 30, 2021.

The decision to sell the shares was made by the NYSCRF's Investment Committee after careful consideration of market conditions and the performance of the stock. The committee determined that selling the shares was in the best interest of the fund and its beneficiaries, given the current market environment and the potential risks associated with investing in a single company.

The sale of the shares did not represent a significant change to the NYSCRF's overall investment strategy or portfolio allocation. The fund continues to invest in a diversified range of assets, including technology companies, renewable energy, and other sectors that align with its long-term investment objectives.