Baillie Gifford Trimmed Positions In Tesla, Netflix, Tata Motors In Q1 And Initiated Stake In This Online Game Platform

Asset management firm Baillie Gifford lowered its exposure in electric vehicle maker Tesla Inc TSLA, video streaming company Netflix Inc NFLX, India’s Tata Motors Limited TTM during the first quarter and initiated a new position in video game developer Roblox Corp RBLX, regulatory filings show.

Tesla Exposure: Baillie Gifford, a 110-year-old investment firm and an early investor in Tesla, sold 985,761 shares in the Elon Musk-led electric vehicle maker in the first quarter of 2022, lowering its holdings in the company by 9.12% from a quarter ago. 

The Scottish firm has been booking profit in Tesla over the past few quarters. It still owns about 9.8 million, or about 0.94% of the total outstanding shares in Tesla as of April end, according to Benzinga Pro.

The investment firm first bought 2.3 million Tesla shares in early 2013 when the electric vehicle stock was trading under $8. 

Tesla shares, which rose 1.97% in the first quarter, closed at $1,077.6 a share on March 31. The stock is down 27.8% year-to-date at $865.65 as of Friday’s close.

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Trimmed Netflix, Bought Roblox: Baillie Gifford sold 115,347 shares of Netflix, lowering its exposure in the online video streaming company by 1.5%. 

Netflix last month revealed that it lost 200,000 users in the first quarter and also provided gloomy guidance for the rest of the year.

The investment firm still owns 7.7 million shares in Netflix as of March 31.

Netflix shares fell 36.2% to $374.60 in the first quarter ended March 31. The stock is now down 69.7% year-to-date.

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The asset management firm initiated a new position in Roblox, buying 7.8 million shares.

Roblox shares closed at $27.81 on Friday, down 71.8% year-to-date. At the end of the first quarter, shares closed 53.2% lower at $46.24.

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Tata Motors: Baillie Gifford more than halved its stake in India’s Tata Motors, selling 4.88 million shares in the quarter. It lowered its exposure in the automotive company by 46% from last quarter ago. 

Tata Motors shares fell 12.9% to $27.9 in the first quarter and are down 18.5% so far this year.