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Baillie Gifford American managers join James Anderson in slashing Tesla holding
Managers Tom Slater and Gary Robinson shunning the Faangs for the next gen of e-commerce and cloud services companies
Baillie Gifford American managers Tom Slater and Gary Robison have joined colleague James Anderson in slashing exposure to Tesla, a situation which reflects the “challenging maths” of trying to more than double their returns as the company’s valuation balloons.
Elon Musk’s electric car company made up 8.4% of the £7.4bn fund at the end of December but a month later that had been pared back to 5.1%.
Slater (pictured) explained during a recent webinar the decision to ditch Tesla shares “reflects the more challenging maths of making at least two and a half times our money from today’s starting market capitalisation of hundreds of billions of dollars than was the case a year ago”. Tesla’s shares have risen by 900% since the start of 2020, prompting concerns it is in bu
High-flying fund manager Baillie Gifford has significantly reduced its Tesla share holdings across at least 11 of its funds and investment trusts, including Scottish Mortgage.
The Edinburgh-based fund manager, which was Tesla s largest external investor with a 7.7 per cent stake as recently as last year, sold off shares during January, This is Money research into the latest factsheets for its 44-strong fund and trust range revealed.
Flagship Scottish Mortgage cut its Tesla holding from 8.4 per cent of the £19.4billion investment trust at the end of December to 5.1 per cent a month later.
This saw Tesla drop from the trust s biggest holding to its fourth biggest.