Ed Lin

A large public pension recently made big moves in some of its largest stock investments.

The Virginia Retirement System dramatically increased its stake in the cruise operator Carnival, more than halved an investment in Walmart, and doubled down on shares of Airbnb. VRS, as the pension is known, disclosed the stock trades, among others, in a form it filed with the Securities and Exchange Commission.

VRS didn't respond to a request for comment. Its assets reached $114.3 billion, a record high, as of June 30, 2024, making it the 14th largest public or private pension fund in the U.S. It was the 36th largest in the world.

Carnival stock rose 13% in the first half of 2025, compared with a 5.5% rise in the S&P 500. So far in the third quarter, shares are up 3.3%, while the index has risen half a percentage point.

In late June, Carnival reported strong earnings for its fiscal second quarter, ended May 31, and raised its financial guidance. "Even with the price increases we have achieved over the last few years, our tremendous value compared to land-based alternatives has supported our ability to continue demonstrating remarkable resilience amid heightened volatility, " CEO Josh Weinstein said in the earnings release.

For the previous quarter, ended Feb. 29, the company reported a smaller-than-expected adjusted loss, although revenue just missed estimates.

VRS bought 860,200 more Carnival shares in the second quarter to lift its investment to 896,200 shares.

The pension sold 847,700 Walmart shares to end the second quarter with 570,126 shares.

Walmart has reported strong earnings in 2025, and has earned the ire of President Donald Trump by saying it would pass on tariff-related costs to customers. Barron's noted in late July that Walmart stock hasn't moved much since April, but J.P. Morgan expects it to rise by more than 30% as the retailer gains market share and improves its margins.

Walmart stock gained 8.2% in the first two quarters of 2025. So far in the third, it is up 0.7%.

Airbnb stock was flat in the first half of this year, and so far in the third quarter, shares are down 3.3%.

Airbnb said in February that it would invest $200 million to $250 million to develop businesses to enhance the customer experience, such as tours led by locals, grocery stores, and cleaning services. By July, "Airbnb Originals" offerings included experiences such as a football clinic with NFL star Patrick Mahomes, and an anime event curated by singer/songwriter Megan Thee Stallion.

The pension bought 220,200 more Airbnb shares in the second quarter to double its investment to 443,400 at the end of June.

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.

Write to Ed Lin at ed.lin@barrons.com

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August 08, 2025 21:30 ET (01:30 GMT)

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