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TSLA Holders Q1'20 (Top 58) - Hello Friends as always i would invite you to join and Promote one of the world's premier top rated investment companies and pioneers in alternative assets: market investment in and purchasing of alternative asset classes including gold, precious metals, Bitcoin and other cryptocurrency for direct purchase investors, the vast US market of IRA, 401k and other retirement account holders, the Canada market for RRSP and TFSA holders (precious metals), high net worth individuals and families (HNWI), and more. Mutl-trillion dollar potential market with one of the highest paying affiliate programs in the world.

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Introduction


A few months ago, I published this post:


It contained a section listing the top 50 biggest TSLA shareholders at the end of 2019, and some details about what type of shareholder each of them is; long term investor, short term trader, market maker, index fund, etc.

Now, a few months later, all big institutional investors and funds have reported their holdings at the end of Q1'20 to the SEC, so I am writing this blog to update my TSLA Holders spreadsheet, and to take a quick look at what has changed among Tesla's biggest shareholders.

First off, here are links to the updated spreadsheet:




Some data was taken directly from SEC Filings, but I got most of the data from Fintel.io, which is an excellent resource for finding out about institutional and insider ownership in companies.

I'll briefly go over the largest 58 TSLA shareholders, and also 6 institutions that used to be large TSLA shareholders, but have significantly reduced their stakes as of the end of Q1'20. I'm going to add commentary to some of these, where there are interesting observations to make, but for a lot of them I'll just be providing the numbers and/or charts.

Top 58 TSLA Holders Q1'20

#1: Elon Musk

Type of Investor: Insider
Previous Rank: #1
Previous Shares: 38,658,670
Current Shares: 38,658,670
Change: 0%
Ownership Stake: 20.9%

#2: Baillie Gifford

Type of Investor: Long Term Institutional Investor
Previous Rank: #2
Previous Shares: 13,826,979
Current Shares: 12,076,416
Change: -12.7%
Ownership Stake: 6.5%

https://fintel.io/so/us/tsla/baillie-gifford-

This is the least amount of TSLA shares Baillie has held since Q1'16, but before we draw any conclusions let's look at how Baillie's overall portfolio changed during the tumultuous Q1'20.

https://fintel.io/i/baillie-gifford-#

TSLA is actually one of the biggest percentage increases in terms of portfolio allocation among Baillie's top holdings, alongside NFLX, TAL, and NVDA. Therefore, I'd guess that Baillie's slight reduction in their TSLA stake is mostly due to the COVID-19 crisis and some shuffling around of resources.

#3: Capital World Investors

Type of Investor: Long Term Institutional Investor
Previous Rank: #3
Previous Shares: 10,694,412
Current Shares: 10,714,131
Change: +0.2%
Ownership Stake: 5.8%

https://fintel.io/so/us/tsla/capital-world-investors

CWI's TSLA stake stayed almost exactly the same throughout Q1'20.

https://fintel.io/i/capital-world-investors

However, we can see that TSLA increased significantly as a portion of CWI's overall holdings. This is mostly a combination of TSLA being up ~25% at the end of Q1'20 compared to the end of Q4'19 ($525 vs $420), and also due to CWI reducing various position sizes, such as its largest position in MSFT, while keeping its TSLA position the same.

#4: Vanguard Group Inc

Type of Investor: Long Term Institutional Investor
Previous Rank: #4
Previous Shares: 8,405,321
Current Shares: 8,662,781
Change: +3.1%
Ownership Stake: 4.7%

https://fintel.io/so/us/tsla/vanguard-group

Vanguard has once again increased its stake in Tesla.

https://fintel.io/i/vanguard-group

Because Vanguard has over $2T in total AUM, it should be no surprise that TSLA is a tiny portion of Vanguard's overall portfolio at about 0.2%.

#5: BlackRock Inc

Type of Investor: Long Term Institutional Investor
Previous Rank: #5
Previous Shares: 6,705,855
Current Shares: 7,213,587
Change: +7.6%
Ownership Stake: 3.9%

https://fintel.io/so/us/tsla/blackrock

I'm not surprised that BlackRock added onto their TSLA position in Q1'20, because of its sustainable investing announcement in early January.

https://fintel.io/i/blackrock

BlackRock has even more AUM (almost $4T), so similarly to Vanguard, TSLA comprises only a small portion of BlackRock's overall portfolio.

#6: Growth Fund of America

Type of Investor: Mutual Fund
Previous Rank: #7
Previous Shares: 5,109,532
Current Shares: 5,080,353
Change: -0.6%
Ownership Stake: 2.7%

This mutual fund is managed by #3 Capital World Investors. For some reason this fund reports its holdings as of the end of each second month in a quarter, so these numbers are for the end of February, rather than the end of March as is the case with almost all of the numbers in this blog.

#7: Fidelity

Type of Investor: Long Term Institutional Investor
Previous Rank: #6
Previous Shares: 5,272,261
Current Shares: 4,615,556
Change: -12.5%
Ownership Stake: 2.5%

https://fintel.io/so/us/tsla/fmr-llc

https://fintel.io/i/fmr-llc

Fidelity decreased its stake in Tesla quite significantly during Q1'20. TSLA still grew as a percentage of Fidelity's overall portfolio, but whereas its stake in Tesla decreased, it acquired shares in companies such as Amazon, NVIDIA, Netflix, and Uber.

To me it feels like Fidelity is not as optimistic about Tesla at its new valuations as some of the other large investors in this list. I feel like Fidelity would likely be the first out of this top 7 to reduce its stake if TSLA shot up to over $1,000, or even $2,000.

#8: Jennison Associates LLC

Type of Investor: Long Term Institutional Investor
Previous Rank: #10
Previous Shares: 3,911,886
Current Shares: 4,320,630
Change: +10.4%
Ownership Stake: 2.3%

https://fintel.io/so/us/tsla/jennison-associates-llc

https://fintel.io/i/jennison-associates-llc

Although Jennison had recently been decreasing its TSLA stake, it looks like they either really liked the Q4'19 numbers, or they decided to buy the COVID-19 dip in March, because they added 10% to their already large position in TSLA.

#9: Vanguard Total Stock Market Index Fund

Type of Investor: Index Fund
Previous Rank: #8
Previous Shares: 4,061,593
Current Shares: 4,229,383
Change: +4.1%
Ownership Stake: 2.3%

#10: New Perspective Fund

Type of Investor: Mutual Fund
Previous Rank: #11
Previous Shares: 3,377,612
Current Shares: 3,377,612
Change: +0%
Ownership Stake: 1.8%

This fund is also managed by #3 Capital World Investors.

#11: State Street Corp

Type of Investor: Long Term Institutional Investor
Previous Rank: #13
Previous Shares: 2,995,206
Current Shares: 3,095,851
Change: +3.4%
Ownership Stake: 1.7%

https://fintel.io/so/us/tsla/state-street

Even though I personally had never heard of this institutional investor before, they actually have over $1T in AUM (Assets Under Management).

#12: Larry Ellison

Type of Investor: Insider
Previous Rank: #12
Previous Shares: 3,001,250
Current Shares: 3,001,250
Change: +0%
Ownership Stake: 1.6%

#13: JP Morgan Chase & CO

Type of Investor: Long Term Institutional Investor
Previous Rank: #14
Previous Shares: 2,537,599
Current Shares: 2,816,285
Change: +11.0%
Ownership Stake: 1.5%

https://fintel.io/so/us/tsla/jpmorgan-chase-

It looks like JP Morgan is back in TSLA with a vengeance. They bought back in big time after Q3'19 ER, and have held on to their stake, and even increased it, in spite of the stock more than doubling at one point during Q1'20.

#14: Goldman Sachs Group Inc

Type of Investor: Short Term Trading Institutional Investor
Previous Rank: #35
Previous Shares: 793,602
Current Shares: 2,702,701
Change: +240.6%
Ownership Stake: 1.5%

https://fintel.io/so/us/tsla/goldman-sachs-group

https://fintel.io/i/goldman-sachs-group

GS significantly increased its stake in Tesla in Q1'20, by more than tripling it, but I believe that Goldman is more of a short to medium term trader based on its track record of often drastically increasing and decreasing its stake in the company.

#15: Vanguard International Growth Fund

Type of Investor: Mutual Fund
Previous Rank: #17
Previous Shares: 1,894,281
Current Shares: 2,241,608
Change: +18.3%
Ownership Stake: 1.2%

https://fintel.io/i/vanguard-world-fund-vanguard-international-growth-fund-investor-shares

TSLA is one of this fund's largest holdings.

This is another weird fund that reports holdings as of the end of the second month of each quarter.

#16: Vanguard Extended Market Index Fund

Type of Investor: Mutual Fund
Previous Rank: #15
Previous Shares: 2,020,441
Current Shares: 2,031,507
Change: +0.5%
Ownership Stake: 1.1%

#17: American Funds Insurance Series

Type of Investor: Mutual Fund
Previous Rank: #16
Previous Shares: 1,908,500
Current Shares: 1,908,500
Change: +0%
Ownership Stake: 1.0%

This is another fund managed by #3 Capital World Investors.

#18: Invesco QQQ Trust

Type of Investor: Index Fund
Previous Rank: #18
Previous Shares: 1,782,180
Current Shares: 1,906,125
Change: +7.0%
Ownership Stake: 1.0%

An index fund tracking the QQQ, which consists of the top 100 highest market cap companies in the NASDAQ.

#19: Bamco Inc

Type of Investor: Long Term Institutional Investor
Previous Rank: #20
Previous Shares: 1,627,120
Current Shares: 1,615,174
Change: -0.7%
Ownership Stake: 0.9%

https://fintel.io/so/us/tsla/bamco-inc-ny-

https://fintel.io/i/bamco-inc-ny-

TSLA is this investor's third largest position at 4.15% of its portfolio. You can also see that Bamco sold shares in most of its largest positions, but that Bamco basically kept TSLA even, and that TSLA increased more than any other large position as a percentage of the overall portfolio. In my opinion, this is a very strong sign about how this investor feels about TSLA long term.

#20: Primecap Management Co

Type of Investor: Long Term Institutional Investor
Previous Rank: #22
Previous Shares: 1,537,130
Current Shares: 1,545,640
Change: +0.6%
Ownership Stake: 0.8%

#21: Geode Capital LLC

Type of Investor: Long Term Institutional Investor
Previous Rank: #24
Previous Shares: 1,288,228
Current Shares: 1,463,633
Change: +13.6%
Ownership Stake: 0.8%

https://fintel.io/so/us/tsla/geode-capital-management-llc

https://fintel.io/i/geode-capital-management-llc

I love these guys. It really seems as if their brokerage just doesn't have a sell button, because all they seem to do is buy. Geode has so far never reduced its TSLA position during a quarter, and increased it by a very large 13.6% in Q1'20.

Geode's AUM are rather large at $384B, so TSLA still only makes up a tiny percentage of its overall portfolio, so there is a lot of room for further buying, if Geode so chooses.

#22: Nuveen Asset Management LLC

Type of Investor: Long Term Institutional Investor
Previous Rank: Missing from last blog post. Would've been #22.
Previous Shares: 1,566,544
Current Shares: 1,454,953
Change: -7.1%
Ownership Stake: 0.8%

https://fintel.io/so/us/tsla/nuveen-asset-management-llc

https://fintel.io/i/nuveen-asset-management-llc

I somehow missed this investor in my last blog post. Perhaps some data was missing on Fintel.io, which happens on ocassion. Either way, although Nuveen is relatively new to investing in TSLA, for now it's looking like it's more likely to be in it for the long term than to make a quick buck.

#23: Harbor Capital Appreciation Fund

Type of Investor: Mutual Fund
Previous Rank: #23
Previous Shares: 1,415,292
Current Shares: ???
Change: ???
Ownership Stake: ???

This fund also does not report its holdings as of the end of every quarter, but as of the first month of every quarter. This means that it will report its holdings as of the end of April, but it has not yet done so as of this writing. It should file its next NPORT-P with the SEC some time later this month.

#24: Norges Bank

Type of Investor: Long Term Institutional Investor
Previous Rank: #33
Previous Shares: 855,769
Current Shares: 1,340,664
Change: +56.7%
Ownership Stake: 0.7%

https://fintel.io/so/us/tsla/norges-bank

In my previous blog post, I suggested that Norges sold out of its entire TSLA position after the terrible Q1'19 ER, and rebought into TSLA after the tremendous Q3'19 ER. However, after doing some more research and looking up Norges Bank's 13-F Filings from Q2'19 and Q3'19, it turns out that those filings are completely empty.



You can click on the Q2_2019 and Q3_2019 .html files to see for yourself that they are completely empty, compared to the Q1'20 13-F, which is filled with tons of positions.

Regardless of what the hell was going on with this bank in Q2'19 and Q3'19, in Q1'20 Norges Bank significantly increased its TSLA position back to the levels of late 2018 and early 2019.

#25: J. Safra Asset Management Corp

Type of Investor: New Institutional Investor
Previous Rank: New
Previous Shares: 2,500
Current Shares: 1,310,000
Change: +52,400%
Ownership Stake: 0.7%

Although this investor has owned TSLA shares in the past, it has never been more than 5,000 shares until now. According to Wikipedia, this is a private banking company, owned by a families of Brazilian billionaires. It'll be interesting to follow going forward how J. Safra's TSLA position will change, and whether they are in it for the long term, or simply making a short term trade.

#26: JP Morgan Large Cap Growth Fund

Type of Investor: Mutual Fund
Previous Rank: #28
Previous Shares: 1,106,000
Current Shares: 1,222,300
Change: +10.5%
Ownership Stake: 0.7%

https://fintel.io/so/us/tsla/jpmorgan-trust-ii-jpmorgan-large-cap-growth-fund-class-i

https://fintel.io/i/jpmorgan-trust-ii-jpmorgan-large-cap-growth-fund-class-i

Although TSLA is a relatively new investment for this SEEGX mutual fund, it is already one of its largest positions.

#27: Sumitomo Mitsui Trust

Type of Investor: Long Term Institutional Investor
Previous Rank: #25
Previous Shares: 1,228,142
Current Shares: 1,131,376
Change: -7.9%
Ownership Stake: 0.6%

https://fintel.io/so/us/tsla/sumitomo-mitsui-trust-holdings

https://fintel.io/i/sumitomo-mitsui-trust-holdings

Although TSLA did increase as an overall percentage of Sumitomo's overall portfolio, it actually increased its stake in the majority of its holdings, and not just in the handful shown in this screenshot. Looking through its portfolio, it looks like Sumitomo increased its stake in ~97-98% of its holdings.

Most of this likely happened during the COVID-19 crash, and TSLA was still up a lot during that period, but nonetheless I think it's not the best sign for this investor's understanding of TSLA's long term potential, and it could be a sign that it might sell off (some of) its stake during a large rally.

#28: Baron Partners Fund

Type of Investor: Mutual Fund
Previous Rank: #29
Previous Shares: 1,100,000
Current Shares: 1,100,000
Change: +0%
Ownership Stake: 0.6%

#29: Vanguard Growth Index Fund

Type of Investor: Mutual Fund
Previous Rank: #31
Previous Shares: 1,076,516
Current Shares: 1,093,753
Change: +1.6%
Ownership Stake: 0.6%

#30: Vanguard U.S. Growth Fund

Type of Investor: Mutual Fund
Previous Rank: #27
Previous Shares: 1,118,671
Current Shares: 1,067,153
Change: -4.6%
Ownership Stake: 0.6%

#31: Northern Trust Corp

Type of Investor: Long Term Institutional Investor
Previous Rank: #32
Previous Shares: 924,909
Current Shares: 955,673
Change: +3.3%
Ownership Stake: 0.5%

https://fintel.io/so/us/tsla/northern-trust

#32: Citigroup Inc

Type of Investor: Short Term Trading Institutional Investor
Previous Rank: Did not make the top 50
Previous Shares: 427,194
Current Shares: 933,814
Change: +118.6%
Ownership Stake: 0.5%

https://fintel.io/so/us/tsla/citigroup

https://fintel.io/i/citigroup

Considering the large amount of PUT and CALL options this investor holds, and how often it trades in and out of its TSLA position, it seems likely to me that Citigroup is a short to medium term trader trying to outsmart the market.

#33: Fidelity Blue Chip Growth Fund

Type of Investor: Mutual Fund
Previous Rank: #34
Previous Shares: 829,681
Current Shares: ???
Change: ???
Ownership Stake: ???

This fund reports its holdings as of the end of the first month of each quarter, so we should find out how its TSLA position had changed as of the end of April later this month.

#34: Fidelity Growth Company Fund

Type of Investor: Mutual Fund
Previous Rank: #30
Previous Shares: 1,081,596
Current Shares: 792,506
Change: -26.7%
Ownership Stake: 0.4%

https://fintel.io/i/fidelity-mt-vernon-street-trust-fidelity-growth-company-fund

These numbers are as of the end of February rather than the end of March. It looks like this fund had reduced its stake in a lot of positions as of that date, perhaps due to the COVID-19 crisis that had just gotten underway. TSLA is definitely an outlier in that that position was reduced a lot more than others, but this could've happened near the peak around a SP of $900. It's possible that this fund increased its stake in TSLA at some point during the dip in March, but we'll have to wait another 2-3 months to find out for sure.

#35: Susquehanna International

Type of Investor: TSLA Market Maker
Previous Rank: #21
Previous Shares: 1,597,435
Current Shares: 785,090
Change: -50.9%
Ownership Stake: 0.4%

https://fintel.io/so/us/tsla/susquehanna-international-group-llp

https://fintel.io/i/susquehanna-international-group-llp

I'm very confident that this is a TSLA market maker, because almost its entire portfolio is nothing but PUT and CALL options, and because Wikipedia says so. These shares are only for delta hedging purposes, and I reckon that as the stock shot up in the past few months, Susquehanna will have again increased the number of TSLA shares on its balance sheet.

#36: Legal & General Group PLC

Type of Investor: Long Term Institutional Investor
Previous Rank: #38
Previous Shares: 738,045
Current Shares: 774,042
Change: +4.9%
Ownership Stake: 0.4%

https://fintel.io/so/us/tsla/legal-general-group

#37: Renaissance LLC

Type of Investor: Algorithm Hedge Fund
Previous Rank: #9
Previous Shares: 3,938,142
Current Shares: 767,506
Change: -80.5%
Ownership Stake: 0.4%

As I expected last quarter, Renaissance did not hold onto their TSLA stake very long.

#38: Fidelity Extended Market Index Fund

Type of Investor: Mutual Fund
Previous Rank: #43
Previous Shares: 682,012
Current Shares: 699,703
Change: +2.6%
Ownership Stake: 0.4%

#39: Morgan Stanley

Type of Investor: Long Term Institutional Investor
Previous Rank: #39
Previous Shares: 726,884
Current Shares: 668,668
Change: -8.0%
Ownership Stake: 0.4%

https://fintel.io/so/us/tsla/morgan-stanley

#40: Bank of New York Mellon Corp

Type of Investor: Long Term Institutional Investor
Previous Rank: #41
Previous Shares: 706,403
Current Shares: 652,243
Change: -7.7%
Ownership Stake: 0.4%

https://fintel.io/so/us/tsla/bank-of-new-york-mellon

#41: Wells Fargo & Company

Type of Investor: Long Term Institutional Investor
Previous Rank: Did not make the top 50
Previous Shares: 512,211
Current Shares: 629,171
Change: +22.8%
Ownership Stake: 0.3%

https://fintel.io/so/us/tsla/wells-fargo-company-mn

#42: Vanguard Primecap Fund

Type of Investor: Mutual Fund
Previous Rank: Did not make the top 50
Previous Shares: 511,000
Current Shares: 625,000
Change: +22.3%
Ownership Stake: 0.3%

#43: Whale Rock Capital Management LLC

Type of Investor: New Institutional Investor
Previous Rank: Did not make the top 50
Previous Shares: 328,979
Current Shares: 604,748
Change: +83.8%
Ownership Stake: 0.3%

https://fintel.io/so/us/tsla/whale-rock-capital-management-llc


https://fintel.io/i/whale-rock-capital-management-llc

Whale Rock isn't entirely new to investing in TSLA, but this is the first time it's held such a large position. In fact, TSLA is currently Whale Rock's third largest holding, which shows a ton of confidence in the stock. I'd also guess that this is not a short term trade, because judging from Whale Rock's other holdings, it does not usually do short term trades.

https://fintel.io/so/us/amzn/whale-rock-capital-management-llc


https://fintel.io/so/us/shop/whale-rock-capital-management-llc


https://fintel.io/so/us/googl/whale-rock-capital-management-llc


https://fintel.io/so/us/baba/whale-rock-capital-management-llc

#44: ARK Investment LLC

Type of Investor: Long Term Institutional Investor / Mutual Funds
Previous Rank: #40
Previous Shares: 721,988
Current Shares: 596,649
Change: -17.4%
Ownership Stake: 0.3%

https://fintel.io/i/ark-investment-management

ARK may have reduced its position in TSLA, it is still ARK's top holding and only limited by rules that dictate no more than a certain percentage of each of ARK's funds can be invested in a single stock.

#45: Advisor Group Holdings Inc

Type of Investor: New Institutional Investor
Previous Rank: New
Previous Shares: 0
Current Shares: 585,519
Change: New
Ownership Stake: 0.3%

A new investor. Its stake was worth around $300M as of the end of Q1, which means that it was a little over 1% of this investor's $25B portfolio. This puts TSLA among Advisor Group Holdings' biggest investments.

#46: UBS Asset Management Americas Inc

Type of Investor: Long Term Institutional Investor
Previous Rank: Did not make the top 50
Previous Shares: 490,024
Current Shares: 546,668
Change: +11.6%
Ownership Stake: 0.3%

https://fintel.io/so/us/tsla/ubs-asset-management-americas

#47: Gilder Gagnon Howe & Co LLC

Type of Investor: Long Term Institutional Investor
Previous Rank: Did not make the top 50
Previous Shares: 556,114
Current Shares: 540,757
Change: -2.8%
Ownership Stake: 0.3%

https://fintel.io/so/us/tsla/gilder-gagnon-howe-co-llc


https://fintel.io/i/gilder-gagnon-howe-co-llc

#48: Coatue Management LLC

Type of Investor: New Institutional Investor
Previous Rank: New
Previous Shares: 0
Current Shares: 534,770
Change: New
Ownership Stake: 0.3%

#49: Swiss National Bank

Type of Investor: Long Term Institutional Investor
Previous Rank: Did not make the top 50
Previous Shares: 423,553
Current Shares: 524,653
Change: +23.9%
Ownership Stake: 0.3%

https://fintel.io/so/us/tsla/swiss-national-bank

#50: Ultra Fund

Type of Investor: Mutual Fund
Previous Rank: #46
Previous Shares: 510,000
Current Shares: ???
Change: ???
Ownership Stake: ???

Another fund that will report its position as of the end of April later this month.

#51: Nikko Asset Management Americas Inc

Type of Investor: Long Term Institutional Investor
Previous Rank: #42
Previous Shares: 703,937
Current Shares: 493,589
Change: -29.9%
Ownership Stake: 0.3%

https://fintel.io/i/nikko-asset-management-americas

Despite the significant reduction, TSLA is still Nikko's third biggest position. I wouldn't be surprised if after Q2 the TSLA position will have been further reduced, so that it doesn't make up too large a portion of the entire portfolio.

#52: Mitsubishi UFJ Trust & Banking Corp

Type of Investor: Long Term Institutional Investor
Previous Rank: #49
Previous Shares: 573,259
Current Shares: 485,250
Change: -15.4%
Ownership Stake: 0.3%

https://fintel.io/so/us/tsla/mitsubishi-ufj-trust-banking

https://fintel.io/i/mitsubishi-ufj-trust-banking

It looks like MUFJ increased its stake in most of its biggest holdings during the start of the COVID-19 crisis, and that the reduction in its stake in Tesla is an exception. This makes me think that MUFJ is a little less optimistic about TSLA long term than some of the other investors in the list.

#53: iShares Russell 1000 Growth ETF

Type of Investor: Index Fund
Previous Rank: Did not make the top 50
Previous Shares: 458,592
Current Shares: 469,907
Change: +2.5%
Ownership Stake: 0.3%

#54: American Century Companies Inc

Type of Investor: Long Term Institutional Investor
Previous Rank: #37
Previous Shares: 771,837
Current Shares: 465,449
Change: -39.7%
Ownership Stake: 0.3%

https://fintel.io/so/us/tsla/american-century-companies

It looks like this investor did not entirely agree with TSLA's meteoric rise in Q1, or simply thought it was an unsustainable run.

#55: Ctc LLC

Type of Investor: TSLA Market Maker
Previous Rank: New
Previous Shares: 8,188
Current Shares: 453,514
Change: +5,538.7%
Ownership Stake: 0.2%

https://fintel.io/i/ctc-llc

This is almost certainly a TSLA Market Maker judging from the fact that most of its portfolio consists of CALL and PUT options. Therefore, the shares were most likely bought for delta hedging purposes.

#56: BNP Paribas Arbitrage

Type of Investor: Long Term Institutional Investor? Hedge Fund?
Previous Rank: Did not make the top 50
Previous Shares: 442,165
Current Shares: 445,932
Change: +0.9%
Ownership Stake: 0.2%

https://fintel.io/so/us/tsla/bnp-paribas-arbitrage

https://fintel.io/i/bnp-paribas-arbitrage

On one hand, BNP's TSLA position has been fairly steady for most of the past few years, and been increasing slightly but steadily. On the other hand, the majority of this investor's portfolio consists of PUT and CALL options, which is unusual for a long term investor. To be honest I'm not sure what type of investor this is.

#57: Credit Suisse

Type of Investor: Short Term Trading Institutional Investor
Previous Rank: Did not make the top 50
Previous Shares: 447,553
Current Shares: 433,351
Change: -3.2%
Ownership Stake: 0.2%

https://fintel.io/so/us/tsla/credit-suisse-ag-

https://fintel.io/i/credit-suisse-ag-

This investor has often drastically changed the size of its stake in Tesla, and a large portion of its portfolio consists of PUT and CALL options. It seems to me Credit Suisse tries to outsmart the market through short and medium term trades, rather than buy & hold smart investments.

#58: Growth Account Class R1

Type of Investor: Mutual Fund
Previous Rank: #48
Previous Shares: 576,504
Current Shares: 404,276
Change: -29.9%
Ownership Stake: 0.2%

Ex-Top TSLA Holders

The rest of these are no longer the biggest TSLA shareholders in order, but rather a few investors that were in the top 50 last quarter, but no longer are.

Deutsche Bank

Type of Investor: Short Term Trading Institutional Investor
Previous Rank: #44
Previous Shares: 665,153
Current Shares: 376,486
Change: -43.4%
Ownership Stake: 0.2%

https://fintel.io/so/us/tsla/deutsche-bank-ag-

Deutsche Bank has frequently increased and decreased its TSLA position over time, so there's not really anything new to see here.

Price T Rowe

Type of Investor: Ex-Long Term Institutional Investor
Previous Rank: #19
Previous Shares: 1,715,603
Current Shares: 323,702
Change: -81.1%
Ownership Stake: 0.2%

https://fintel.io/so/us/tsla/price-t-rowe-associates-inc-md-

Price T Rowe, who was once Tesla's biggest investor, has now effectively sold its entire stake in the company.

Fidelity International Ltd

Type of Investor: Long Term Institutional Investor?
Previous Rank: #47
Previous Shares: 578,319
Current Shares: 266,990
Change: -53.8%
Ownership Stake: 0.1%

https://fintel.io/so/us/tsla/fil


https://fintel.io/i/fil

It looks like Fidelity International actually increased its stake in most of its largest holdings. TSLA is not among its largest holdings, but nonetheless I think this could be a sign that this investor does not believe TSLA is worth anywhere close to $1,000 as of right now.

Royal Bank of Canada

Type of Investor: Long Term Institutional Investor
Previous Rank: #45
Previous Shares: 660,722
Current Shares: 188,719
Change: -71.4%
Ownership Stake: 0.1%

https://fintel.io/so/us/tsla/royal-bank-of-canada

It looks like RBC might've found TSLA extremely undervalued after its fantastic Q3'19 and Q4'19 ERs. As of right now, it appears as if RBC has returned its stake in TSLA to its pre-Q3'19 ER size.

D.E. Shaw & CO

Type of Investor: Algorithm Hedge Fund
Previous Rank: #26
Previous Shares: 1,196,882
Current Shares: 14,909
Change: -98.8%
Ownership Stake: 0.0%

T. Rowe Price Growth Stock Fund

Type of Investor: Mutual Fund
Previous Rank: #36
Previous Shares: 789,200
Current Shares: 0
Change: -100.0%
Ownership Stake: 0.0%

Just as the company managing this fund (Price T Rowe) sold out of most of its TSLA position, so did this fund.

TSLA Holders Q1'20 Overview


The total is the total percentage in the hands of the investors in this spreadsheet. The shares available is the total shares outstanding plus the synthetic shares from the open short interest. The unaccounted are the shares owned by everybody excluding the investors in this spreadsheet.

A few observations:
  1. The largest 50 or so investors combined hold approximately three times as many shares as all other investors combined. The stock price really is largely determined by just a couple of big players.
  2. The "unaccounted for" stayed almost exactly the same, so the biggest difference between Q4'19 and Q1'20 is that some large institutional investors sold their shares to shorts who covered their positions.
  3. Although it was a pretty hectic quarter due to the COVID-19 crisis, if you exclude a handful of investors who were already on their way out (Price T Rowe), some short term traders (Deutsche Bank, Royal Bank of Canada), and some algo hedge funds (Renaissance, D.E. Shaw), most of Tesla's large long term investors slightly increased their stakes QoQ.

Robinhood

As a little bonus, here is how Robinhood user sentiment changed in TSLA during Q1'20.

https://robintrack.net/symbol/TSLA

Although this is only an indicator of overall retail sentiment, it shows that a lot of retail investors added TSLA into their portfolio during Q1'20, especially during the COVID-19 crisis.

Fractional shares trading is available on Robinhood, so not all of these ~200k Robinhood users with TSLA in their portfolio held 1 or more shares. However, even if the average TSLA shares in these Robinhood accounts is only 5 or 10 shares, that's still an additional 1 to 2 million shares owned by Robinhood users alone, which is not bad.

Final Thoughts

I don't really have any other specific conclusions to draw from this data, especially because Q1'20 was quite crazy in terms of the COVID-19 crisis. Q2'20 should be a bit more interesting, so I'll make sure to up date this again in a few months, when everyone has reported their new positions to the SEC.

I probably won't be posting anything else until Q2'20 Earnings Forecast next month, unless something very interesting happens.

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