New York Pension’s Investment Choices: NYCB Loss, China Cuts

New York Pension Buys Shares of New York Community Bank Before Plummet, Cuts Investment in Chinese Companies

A New York pension fund made some strategic moves with its investments recently, buying up shares of New York Community Bank (NYCB) just before their value took a tumble and reducing its stake in two major Chinese companies. The New York State Common Retirement Fund (NYSCRF), one of the largest public pensions in the US, added to its holdings of NYCB in the fourth quarter of 2023, right before the bank’s shares fell in January 2024. At the same time, the pension fund sold off significant amounts of shares in Alibaba Group Holding and Tencent Music Entertainment Group, while also trimming its investment in Palantir Technologies.