Scottish Mortgage Exits Tesla and Trims SpaceX Stake, a Signal That the Market Is Starting to Price Musk Risk
Baca dalam 60 detik
- Dana kelolaan Baillie Gifford, Scottish Mortgage Investment Trust, telah melepas seluruh sisa kepemilikan Tesla pada April dan memangkas alokasi SpaceX dari 15% menjadi 11,1% dari total aset.
- Langkah ini mengunci keuntungan besar—13 kali lipat dari investasi Tesla sejak 2013 dan lonjakan valuasi SpaceX pasca-IPO—sekaligus mengurangi utang melalui penjualan saham.
- Aksi ambil untung investor awal Musk ini bisa menjadi sinyal bahwa pasar mulai memperhitungkan risiko konsentrasi portofolio pada aset-aset berbau Musk, yang juga berdampak pada eksposur modal global termasuk dari Indonesia.
Scottish Mortgage Investment Trust, a London-based closed-end fund managed by Baillie Gifford, sold off its entire remaining Tesla stake in April and cut its SpaceX exposure to 11.1% of total assets as of Wednesday (4/11), down from 15% at the end of September. The move marks the end of one of the most profitable long-term bets on two companies owned by Elon Musk, and signals that investment managers are starting to reduce portfolio concentration risk.
The decision was disclosed in the half-year fiscal performance report released Friday (6/11). Scottish Mortgage reported a net asset value (NAV) return of 31.5% for the six months to 30 September, far outpacing the FTSE All-World index, which returned just 16%. Its share price delivered a total return of 33.8% over the same period. SpaceX was the main contributor, adding 8 percentage points to the fund's performance.
Scottish Mortgage's initial investment in Tesla began in 2013 with a total of about US$470 million. After 13 years, the fund reaped realized gains of about US$6.2 billion—equivalent to 13 times its initial capital. However, management judges that Tesla's share price now reflects much of the business promise of autonomous vehicles and robotics, while competition in the core automotive segment, especially in China, is intensifying.
“The decision to reduce the position after the flotation, while retaining a substantial investment, shows the importance of balancing conviction with disciplined portfolio management,” Scottish Mortgage wrote in its statement.
SpaceX itself has become one of the most valuable assets in Scottish Mortgage's portfolio. The fund first invested in Musk's rocket company in December 2018, when SpaceX was reportedly valued at about US$31 billion, and its total commitment reached about US$200 million through 2021. Its value soared with the expansion of the rocket launch business and the Starlink satellite network. At the time of SpaceX's blockbuster IPO last June, SpaceX's share of Scottish Mortgage's portfolio briefly reached about a quarter of total value.
Since then, post-IPO lock-up restrictions have gradually expired, opening the way for Scottish Mortgage to sell part of its stake. Nevertheless, management stressed that its confidence in SpaceX's prospects remains high. Proceeds from the SpaceX share sale were also used to repay loans and lower the fund's gearing.
Scottish Mortgage's move is not merely an ordinary round of profit-taking. As one of the most influential early investors in the Musk camp, its decision to reduce exposure could influence global investors' perception of concentration risk in companies controlled by a single figure. The phenomenon is relevant to global capital markets, including Indonesia, where institutional investors and pension funds are increasingly allocating funds to global technology assets. A lower allocation to high-risk assets such as Tesla and SpaceX could encourage diversification into other sectors, including emerging markets.
In addition, the decision to exit Tesla entirely comes amid rising competition in the global electric vehicle industry. Chinese manufacturers such as BYD and European producers are expanding market share more aggressively, while Tesla faces margin pressure and regulatory challenges across various jurisdictions. For Indonesian investors with indirect exposure through mutual funds or US technology stocks, this development is a reminder of the importance of monitoring portfolio concentration and the dynamics of competition in the electric automotive sector.
Looking ahead, the market will watch whether Scottish Mortgage's move is followed by other early Musk investors. If the trend of reducing exposure continues, selling pressure on Tesla and SpaceX shares could increase, especially once the lock-up period has fully ended. On the other hand, SpaceX still has positive catalysts from Starlink's expansion and US government contracts. The question is whether global investors will continue to place their trust in Musk's long-term vision, or start limiting their bets on a single big name.
