Shares of Elon Musk’s Tesla Inc. (NASDAQ: TSLA) are up almost 10% in just the past week, bringing the stock’s year-to-date gain to over 66%. That is undoubtedly stellar run for barely more than seven months of work and one that has recently been fueled by news of the company’s plans for its more cost-effective Model 3.
Tesla’s staggering year-to-date ascent is lifting the stock’s profile in the world of exchange traded funds and mutual funds as some active managers are holding significant Tesla stakes in their funds.
“A total of 22 actively managed mutual funds and exchange-traded funds have more than 5 percent of their portfolios in the company, according to Morningstar data,” reports Reuters. “At 19.4 percent of assets, the $2.1-billion Baron Partners fund has the largest individual stake in Tesla, with 19.5 percent of assets, while another Baron fund, the $185-million Baron Focused Growth fund, has the second-largest position with 17.3 percent of assets in the company.”