Demand for Shares Increases in Q3
Q3 has been on pace to be the first quarter since Q4 2020 to have an overall net inflow of Tesla stock into institutions—those with at least $100 million under management. Currently, there is a net inflow of ~$700 million of Tesla stock into institutions. 13F filings were due August 15th to show any quarter-over-quarter changes in Q2, however, institutions can continue to update positions throughout the third quarter.
Of those "buying the dip" the Canada Pension Plan Investment Board, increased their position 617% quarter-over-quarter for a total of 330,196 shares. While this accounts for a small position in the under management for CPPIB, others have made Tesla a larger portion of their portfolio. Australia-based Hyperion Asset Management has also increased its Tesla stock position by over 20%. As a result of the additional shares, Tesla stock is now over 15% of Hyperions portfolio demonstrating more conviction than Cathie Wood's ARKK with a ~10% allocation to Tesla stock.
A Notable Bear
While not a direct seller of shares, Dr. Michael Burry—famed for his short position against subprime mortgage bonds—has announced in Scion Asset Management's 13F the purchase of additional Put Options against Tesla. Scion Asset management has held a bearish Put Option against Tesla since Q1 2021. The aforementioned Put Options — representing 35% of Scion's portfolio and a current market value of ~$731 million— are Scion's largest positions.
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Disclosure: Brennan Ertl is long TSLA stock & derivatives.
*This article has been updated due to a discrepancy in data and is now accurate as of 08/19/21