Al Gore’s Firm Bought Intel and Alibaba Stock. It Sold Texas Instruments.

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Generation Investment Management, headed by former vice president Al Gore, more than doubled Intel stock and bought more Alibaba shares in the third quarter. It also halved its position in Texas Instruments.

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Ian Forsyth / Getty Images

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investment firm co-founded and presided Al Gore has made major changes to his US-traded investments.

Generation Investment Management nearly doubled its investment in chip giant Intel (ticker: INTC), and bought Alibaba Group Holding (BABA)’s American Depository Receipts in the third quarter, following two bullish bets it made in the second quarter .

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The firm also broadened its investment in Toast (TOST), which provides a software platform for restaurants, and halved its investment in chip maker Texas Instruments (TXN) over the period.

Generation reported stock trades, among others a form he filed with the Securities and Exchange Commission. It did not respond to a request for comment.

The firm has had the largest public fund under its management, the Lombard Odier Funds-Generation Global. Coming low in 2021 Against its benchmark, the MSCI World Index,
But the fund is also for one-year tenor, and is beating the index for longer periods. Production together manages $30.7 billion in assets as of December 31, 2020.

generation focused on Environment, Social and Governance (ESG) Investments bought 5.3 million more Intel shares, along with 12.4 million shares as of the end of September. It initiated a position in Intel of 7 million shares in the second quarter.

Intel stock rose 6.9% in the first nine months of the year, and has slipped 8.5% in the fourth quarter so far. For comparison, the S&P 500 index rose 15% in the first nine months of 2021 and is up 6.7% so far in the fourth quarter.

Lately, Intel has seen significant stock buyouts by insiders, including CEO Pat Gelsinger and Chairman Omar Ishrak. Earlier this year, Gelsinger pledged to manufacture factories in arizona To help overcome current chip shortfalls. In late October, Intel reported a mixed third quarter, and said Chief Financial Officer George Davis would retire in May 2022.

Generation bought 969,061 more ADRs from Chinese online giant Alibaba, with ADR 4.9 million as of the end of September. Generation bought 921,211 Alibaba ADRs in the second quarter. ADRs fell 36 percent in the first nine months of the year; So far in the fourth quarter, they’re down 10%.

Alibaba ADRs hit a multi-year low last week, and investing in Chinese securities remains risky in the face of regulatory pressure. On that front, however, the worst may be over.

Toast stock has gained about 8% since its initial public offering in late September, with each share costing $40. The company posted a better-than-expected third quarter earlier this month, but the stock slipped as so-called lockup agreements expired, and allowed some employees and advisors to sell their shares.

Generation toast. had invested in before ipo, and owned 875,000 of the publicly traded shares as of September 30. According to an october filing By generation, it also owned 1,642,738 of Toast’s supervoting Class B shares, which are not publicly traded. each class B share 10 votesWhile publicly traded shares are one-to-one, Class B shares are convertible into publicly traded shares on a one-to-one basis at any time. Overall, Generation has a 9.45% stake in Toast.

Generation sold one million shares of Texas Instruments to end the third quarter with 670,135 shares. Texas Instruments stock rose 17% in the first nine months of 2021, and has slipped 2% so far in the fourth quarter.

Earlier this month, Texas Instruments said it would build a wafer-fabrication plant in North Texas. The company met expectations for the third quarter when it reported earnings in late October. In September, Texas Instruments raised its quarterly dividend.

The Inside Scoop features a regular baron covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Because of their insider positions, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.

Write and follow Ed Lynn at [email protected] @BarronsEdLin,

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