A Huge Tesla Bet Pays Off Big for one British Fund
- Scottish Mortgage a top FTSE 100 gainer after carmaker’s surge
- But trimming stake in first quarter may have cost $170 million
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A British fund that has grown more than seven times faster than peers this year has one big bet to thank.
Scottish Mortgage Investment Trust Plc’s holding of 1.87 million shares in Tesla Inc. has increased in value by more than $2 billion since the end of March as the electric carmaker’s stock price has surged to a record. That, along with investments in other U.S. tech giants and stay-at-home winners, means the fund has provided a year-to-date return of 56% versus 7.5% for its peer group, according to data compiled by Bloomberg.