The Korea Investment Corporation (KIC) more than doubled its holdings of General Motors (GM) shares in the third quarter, but cut investments in Alibaba Group Holding, Apple and Intel shares, Barron’s reported on Monday (November 30).

Quoting KIC’s filing with the U.S. Securities and Exchange Commission, the U.S. magazine said South Korea’s sovereign-wealth fund purchased 3.4 million GM shares and now holds nearly 5.4 million shares of the Detroit-based automaker.

GM’s shares rose about 50% in the fourth quarter amid reports that its renewed push toward electric vehicles (Evs) would put it on track to take a leadership position in the field. GM confirmed last month that it would invest more in Evs and autonomous vehicles.

The fund sold 255,600 shares of Alibaba in the third quarter, but held 1.03 million shares at the end of September. It retained nearly 14.8 million Apple shares after selling 1.2 million post-split shares of the computer and iPhone maker, and also sold 370,400 Intel shares, though it held 3.13 million shares of the chipmaker at the end of the reporting period.

KIC managed assets worth $157.3 billion at the end of 2019 and earned $20.2 billion last year from its investments, recording a 15.39% rate of return. (Reporting by Jinwon Lee)