One of the largest pensions in America recently made major adjustments to its biggest investments.

The New York State Common Retirement Fund halved its investment in the Chinese online company Alibaba Group Holding, and cut positions in tobacco firm Altria Group, aerospace manufacturer Lockheed Martin, and the oil and gas producer Chevron in the first quarter. The pension disclosed the stock trades, among others, in a form it filed with the Securities and Exchange Commission.

The office of New York State Comptroller Thomas P. DiNapoli, the sole trustee of the pension, didn't respond to a request for comment on the investment changes. As of the end of 2024, the pension managed $273.4 billion. Pensions & Investments says the fund is the third-largest U.S. public pension by assets.

Alibaba's American depositary receipts soared 56% in the first quarter, compared with a 4.5% drop in the S&P 500. So far in the second quarter, the ADRs are down 5.2%, while the index is flat.

In February, Alibaba reported strong earnings for the quarter that ended in December. China's artificial-intelligence boom helped bolster the numbers.

But Alibaba's ADRs tumbled when President Donald Trump announced a far-reaching series of tariffs on trading partners in early April. They have recovered ground since, but the U.S.'s continuing trade war with China continues to weigh on the ADRs. China announced new stimulus measures and lowered interest rates earlier this month in an effort to help Alibaba and other Chinese companies.

The New York pension sold 181,320 Alibaba ADRs to cut its investment to 169,272 ADRs at the end of the first quarter.

The fund sold 247,100 Altria shares in the first quarter to lower its holdings to 2.1 million shares.

In January, Barron's noted that the maker of Marlboro cigarettes had become the dividend leader of the S&P 500. At the end of April, Altria reported strong earnings, and said it still expected earnings growth of 2% to 5% this year.

Altria stock rose 15% in the first quarter. So far in the second, shares are down 1.0%.

Chevron stock also rose 15% in the first quarter, but the shares have fallen 17% since the end of March in response to declining oil prices.

Chevron said in mid-February it would lay off up to 20% of its workforce -- as many as 8,000 people. While the company reported higher earnings than expected earlier this month, the shares slipped because of a top-line miss. Management said it would reduce stock buybacks.

The pension sold 406,620 Chevron shares to end the first quarter with 1.8 million shares.

Lockheed stock, meanwhile, tumbled in late January when it reported a fourth-quarter earnings beat, but missed on the top line. Investors were wary that the Department of Government Efficiency could cut defense spending. Earlier this month, Wells Fargo analyst Matthew Akers wrote in a report that Lockheed was among "potential losers" in a budget request from Trump.

Lockheed shares fell 8.1% in the first quarter. So far in the second quarter, shares are up 6.0%.

The fund sold 33,485 Lockheed shares to end the first quarter with 245,770 shares.

Inside Scoop is a regular Barron's feature covering stock transactions by corporate executives and board members -- so-called insiders -- as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.