Scottish Mortgage Investment Trust Exits Tesla Position and Reduces SpaceX Holding
Scottish Mortgage Investment Trust, managed by Baillie Gifford, has fully exited its position in Tesla (TSLA) as of April, following a highly successful 13-year investment that yielded a 13-fold return. The fund also reduced its exposure to SpaceX, bringing the private rocket company's weight in the portfolio down to 11.1% from 15% at the end of September. The decision to exit Tesla was driven by concerns regarding intensifying competition in China and the belief that current share prices already reflect much of the company's potential in robotics and autonomy. Meanwhile, the reduction in SpaceX holdings follows its recent flotation and serves as a disciplined profit-taking measure, despite the fund maintaining high conviction in the space venture.
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