This Tesla Bull Won't 'Blindly Change' His Position And Resume Buying The Stock Despite Recent Upside: 'We'd Wait Until After...'
This Tesla Bull Won't 'Blindly Change' His Position And Resume Buying The Stock Despite Recent Upside: 'We'd Wait Until After...'
Tesla Inc. (NASDAQ:TSLA) has been on an uninterrupted rally since June 25, gaining 35% in just seven sessions. Despite this, the recent surge has not evinced confidence in a fund manager who substantially trimmed his Tesla position in early 2024 amid the electric vehicle maker's fundamental woes.
自6月25日以来，特斯拉公司（NASDAQ:TSLA）已持续上涨，仅7个交易日就上涨了35％。尽管如此，最近的涨势并未增强基金经理对该电动汽车制造商的基本困境的信心，并在2024年初实质性地削减了他的特斯拉持仓。
What Happened: Bombarded with questions from social media users, Future Fund Managing Partner Gary Black was forced to respond as to when would be the right time for the firm to restock Tesla shares. The stock now has a 3.6% weighting in Future Fund Active ETF (NYSE:FFND), the actively-traded flagship exchange-traded fund of the Black-led firm.
在社交媒体用户的问题攻击下，未来基金管理合伙人Gary Black被迫回应，什么才是对该机构重新进货特斯拉股票的适当时机。该股现在在Black领导的机构的主动交易旗舰交易所交易基金Future Fund Active ETF (NYSE:FFND)中占3.6％的权重。
"We don't trade. And we don't blindly change our position size..... just because the stock price is up," Black said. Delving into his firm's strategy, the fund manager said the team constantly evaluates position sizes based on its assessment of upside/downside.
Black说：“我们不交易。我们也不因为股价上涨就盲目改变我们的头寸大小...... ”。深入探讨他所在机构的策略，基金经理表示，团队不断评估头寸大小，基于其对上涨/下跌的评估。
Black noted that Tesla's 2024 and 2025 forward estimates have declined by 49% and 44%, respectively, over the past 12 months. It's hard for "disciplined" portfolio managers to add to Tesla positions until the earnings trajectory reverses, he said.
Black指出，在过去的12个月中，特斯拉2024年和2025年的预测下降了49％和44％，只有收益趋势扭转了，”守信的“投资组合经理才容易增加特斯拉的头寸。
That said, the fund manager thinks things could be starting to reverse but is not yet ready to dive back into the stock. "We'd wait until after 2Q earnings to draw any conclusions. We'd like to see more evidence of pricing discipline," he said.
尽管如此，基金经理认为事情可能开始逆转，但还没有准备好重新投资这家公司。他说：“在二季度财报之后才能得出任何结论。我们要看到价格纪律证据更多。”
Why It's Important: Last week, Tesla reported second-quarter deliveries that came in ahead of muted expectations. Despite deliveries declining year-over-year for a second straight quarter, the outperformance relative to expectations led to buoyancy in the stock.
为什么这很重要：上周，特斯拉发布了二季度交付报告，超出市场的预期。尽管交付量连续第二个季度同比下降，但相对于预期表现出色，股票势头良好。
Cautious analysts point out that the sales beat may have been achieved on the back of the copious financing incentives the company facilitated for buyers.
谨慎的分析师指出，销售增长可能是由于公司为买家提供的丰富的融资补贴而实现的。
The second-quarter earnings report, due July 23, will offer more cues on the margin trajectory. The management could shed more light on the progress with the company's full self-driving software or FSD, which is currently sold as a "Supervised" version. Investors may be particularly interested in the take rate of FSD as the technology is a source of high-margin recurring revenue.
7月23日公布的二季报将在利润轨迹上提供更多线索。管理层可能会更详细地介绍公司全自动驾驶软件或FSD的进展，该软件目前作为“监控”版本出售。投资者可能会特别关注FSD的收费率，因为这项技术是高毛利润的重要来源。
Updates on upcoming models, including the low-end EV, could also evince some interest.
即将推出的车型更新，包括低端电动汽车，可能也会引起一些兴趣。
The Aug. 8 robotaxi unveil event could be another stock-moving catalyst depending on what Elon Musk and team have got to say.
8月8日的机器人出租车揭幕式活动可能是另一个影响股价的催化剂，具体取决于伊隆·马斯克和团队的发言。
Price Action: Tesla stock, which currently trades at the highest level since Jan. 2 (both on an intraday and closing basis), ended Wednesday's session up 6.54% at $246.39, according to Benzinga Pro data.
价格行动：特斯拉股票目前处于自1月2日以来的最高水平（日内和收盘基础），根据Benzinga Pro数据，周三收盘涨6.54％，报246.39美元。