The Wisconsin Pension Fund agrees with you.
The State of Wisconsin Investment Board made some big changes in some of its largest stock investments in the first quarter, a period marked with volatility brought on by the coronavirus pandemic .
SWIB, as the board is known, manages state trust funds that at the end of 2019 totaled more than $128 billion, 91% of which falls under the Wisconsin Retirement System.
SWIB sold Apple (ticker: AAPL), Microsoft (MSFT) and Intel (INTC) in the first quarter, and doubled its stake in ride-hailing firm Uber Technologies (UBER). It disclosed the trades in a form it filed with the Securities and Exchange Commission.
The Wisconsin Retirement System is the eighth-largest U.S. public pension fund and, by some measures, among the best. A study by the Pew Charitable Trusts using 2017 data found that Wisconsin had the best-funded state pension, with a funded ratio of 102.7%—meaning it had $1.03 in assets for every $1 in liabilities. The average state was only 69.1% funded, and only seven other states had a funded ratio over 90%. At the end of 2018, the pension remained fully funded.
While the article implies they sold AAPL, MSFT and INTC they just reduced their holdings and still hold a ton of those three stocks.