University of California sells $200 mln holdings in coal, oil sands firms

UC BerkeleyThe University of California's chief investment officer on Wednesday said it has sold off about $200 million of direct holdings in coal and oil sands companies, which he said were no longer good investments for the university's $98.2 billion fund.

Chief Investment Officer Jagdeep Bachher said slowing global demand, an increasingly unfavorable regulatory environment pose insurmountable challenges for coal mining companies.

The profitability of companies focused on developing crude from Canadian oil sands has also fallen amid low global oil prices, Bachher said, making those companies increasingly risky investments.

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