The Public Sector Pension Investment Board (PSP), which manages $265 billion in assets and has achieved an annualized return of 8.3% over the past decade, is known to make moves that catch the attention of investors. Billionaire investors and institutional players like PSP not only follow market trends but have the ability to shape them. Thanks to their comprehensive research teams, extensive industry networks, and long-term perspective, their portfolio shifts often signal emerging risks or opportunities. For retail investors, tracking these actions can provide valuable insights, especially in volatile sectors like technology or commodities.
When PSP makes a move, others pay attention. Recently, PSP has been offloading its shares in the Canadian quantum computing company D-Wave Quantum (NYSE: QBTS). This shift suggests a need for caution in the face of market volatility. Simultaneously, billionaires are turning their attention to the Toronto Stock Exchange mining stock, Lundin Mining (TSX: LUN).
D-Wave’s stock rose by a staggering 1,056% between September 2024 and January 2025, driven by quantum computing breakthroughs such as Alphabet subsidiary Google’s Willow chip. However, since January, D-Wave’s stock has plunged 40%. This decline coincided with PSP sharply reducing its stake, cutting its ownership from more than 10% in December 2024 to around 2% by January 22, 2025.
D-Wave Quantum, a growth stock, had previously suffered a 95% drop before its massive 1,000% rally. Despite increasing customer bookings, D-Wave remains unprofitable, has negative cash flow, and faces significant financial risks. These fundamental challenges likely contributed to PSP’s decision to reduce its exposure to this speculative technology stock.
As PSP pivots from speculative tech, Lundin Mining, a producer of copper, zinc, and nickel, is gaining billionaire-backed confidence. In January, Nemesia, a trust affiliated with Adolf H. Lundin, the late billionaire founder of Lundin Mining, invested $610.6 million in Lundin Mining stock, raising its stake to 19.5%.
Nemesia’s significant investment in Lundin Mining reflects optimism about the company’s future. The rising demand for copper, driven by surging investments in renewable energy, electrification, and grid infrastructure, aligns with a bullish outlook on Lundin Mining stocks.
Lundin Mining is fundamentally strong, boasting solid profitability, a robust balance sheet, and a history of dividend payments. The stock currently offers an annualized dividend yield of 3.1%.
What stands out the most is Nemesia’s large-scale investment, which signals long-term confidence in Lundin Mining’s operational strategy from existing billionaire investors.
