The second-largest pension fund in the United States increased its holdings in Rivian Automotive, Nikola, and Lucid during the second quarter, while selling Workhorse.

The California State Teachers' Retirement System (CalSTRS), the second-largest public pension fund in the United States, has recently made significant adjustments to its investments in electric vehicle manufacturers.

In the second quarter, CalSTRS increased its holdings of stocks in Rivian, Nikola, and Lucid, while significantly reducing its investment in Workhorse.

"Our public equity portfolio employs both passive and active strategies," CalSTRS stated in a declaration. "The portfolio holdings may change for various reasons, including fund managers readjusting exposure to desired active or index weights, or due to corporate actions such as mergers, stock splits, rebranding, or similar activities."

As of July 31st, CalSTRS' investment portfolio amounted to $321.3 billion, making it the second-largest public pension fund in the United States in terms of assets.

Increased Holdings in Rivian, Nikola, Lucid; Sold Workhorse

In the second quarter, CalSTRS purchased an additional 387,822 shares of Rivian, bringing its total holdings to 988,777 shares.

CalSTRS increased its holdings of Nikola by 221,367 shares, ending the second quarter with a total of 641,827 shares.

The fund also acquired 616,797 shares of Lucid in the second quarter, increasing its investment to 1.4 million shares.

Although CalSTRS conducted an evaluation of electric vehicle companies, it did not increase its holdings in all electric vehicle manufacturers.

During the second quarter, the fund reduced its holdings of Workhorse from 200,679 shares at the end of the first quarter to 55,201 shares, a decrease of nearly three-quarters.