Commonwealth of Pennsylvania Public School Empls Retrmt SYS Reduces Holdings in Avis Budget Group, Inc. (NASDAQ:CAR)

The Commonwealth of Pennsylvania Public School Employees' Retirement System (PSERS) has recently announced that it has reduced its holdings in Avis Budget Group, Inc. (NASDAQ:CAR) by approximately 10%. PSERS is the largest public pension fund in the United States, with over $350 billion in assets under management.

The reduction in holdings was made as part of a broader diversification strategy aimed at reducing risk and improving long-term returns for the fund's beneficiaries. According to PSERS, the decision to reduce its stake in Avis Budget Group was based on an analysis of the company's financial performance and growth prospects.

Avis Budget Group is a global car rental company that operates under several brands, including Avis, Budget, and Zipcar. The company has faced challenges in recent years due to the impact of the COVID-19 pandemic on the travel industry. In 2020, the company reported a net loss of $3.4 billion, compared to a net income of $57 million in the previous year.

Despite these challenges, PSERS remains confident in the long-term prospects for Avis Budget Group. The fund has held a stake in the company since 2016 and has previously expressed its support for the company's growth strategy. In a statement, PSERS said that it continues to monitor the company closely and will adjust its holdings as necessary based on its analysis of the company's financial performance and growth prospects.