Tesla Stake More Than Quadrupled — This Fund Also Trimmed Bets On Apple

Tesla Stake More Than Quadrupled — This Fund Also Trimmed Bets On Apple

Desjardins Global Asset Management Inc. has increased its holdings of Tesla Inc TSLA stock by over four times in the third quarter from the second quarter, the company’s 13F filings show. 

What Happened: During the quarter ended September, Desjardins added over 64,000 shares of the EV maker after taking into account the 3-for-1 stock split, taking its total Tesla holding to over $21 million, SEC filings show.

On Wednesday, Reuters reported that the U.S. Department of Justice has reportedly launched a probe against Tesla over claims that its electric vehicles can drive themselves. The previously undisclosed probe was launched last year following more than a dozen crashes, the report said.

Also Read: Investing For Beginners

Tesla CEO Elon Musk has frequently said that its automated driving software is not only safe, but also safer than anything of which a human driver is capable. Tesla shares have lost over 43% since the beginning of the year.

Apple Sale: Desjardins Global Asset Management has reduced its stake in Apple Inc AAPL by more than 17% during the quarter. The company sold over 27,000 shares of the iPhone maker in the third quarter, bringing its holding down to just over $17 million.

Apple is scheduled to report its earnings for the quarter ended September on Thursday. Investors and analysts will be keenly watching out for how iPhone 14 sales have panned out. Analysts are expecting revenue to grow 6.7% to $88.9 billion with a profit of $1.27 per share, according to Reuters. The stock closed 1.96% lower on Thursday.

Top Holdings: According to Whale Wisdom, the Vanguard S&P 500 ETF (NYSE: VOO), the VanEck Gold Miners ETF GDX and Microsoft Corporation MSFT are the top holdings of the fund.

Editor's Note: This story was updated to account for a Tesla stock split. We regret the error.

Read Next: Alibaba, JD Surge Over 8%: Hang Seng Shoots Up On Tech Rally

Posted In: 13FsDesjardins Global Asset ManagementiPhoneLong IdeasNewsShort IdeasTop StoriesMarketsTrading Ideas