Tesla Inc. (NASDAQ:TSLA) has been on an uninterrupted rally since June 25, gaining 35% in just seven sessions. Despite this, the recent surge has not evinced confidence in a fund manager who substantially trimmed his Tesla position in early 2024 amid the electric vehicle maker’s fundamental woes.
What Happened: Bombarded with questions from social media users, Future Fund Managing Partner Gary Black was forced to respond as to when would be the right time for the firm to restock Tesla shares. The stock now has a 3.6% weighting in Future Fund Active ETF (NYSE:FFND), the actively-traded flagship exchange-traded fund of the Black-led firm.
“We don’t trade. And we don't blindly change our position size….. just because the stock price is up,” Black said. Delving into his firm’s strategy, the fund manager said the team ...