This Investment Management Firm With $149B Portfolio Trimmed Tesla, Apple Stakes In Q2, Added Alibaba And This EV Stock Instead

Investment management firm Primecap Management that manages assets worth over $148.84 billion, significantly raised its exposure in the Chinese electric vehicle maker Xpeng Inc XPEV and also added Alibaba Holdings BABA during the second quarter, regulatory filings revealed on Tuesday.

What Happened: The Pasadena, California-based firm added nearly 2.32 million shares in Xpeng, which is listed in both U.S. and Hong Kong, lifting the total exposure in the upcoming electric vehicle makers in China to $295.25 million at the end of the second quarter.

Xpeng is one of the most-watched among the upcoming Chinese electric vehicle makers that have forayed in the sector from scratch, distinguishing themselves from legacy automakers — with the other two being Nio Inc NIO and Li Auto LI.

The investment firm also added 518,556 shares in Alibaba, worth $118.35 million, raising the total stake in the e-commerce giant to $3.54 billion at the end of the second quarter. 

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The investment firm trimmed its positions in Apple Inc AAPL and Tesla Inc TSLA during the period. 

In Apple, it shed 388,500 shares, lowering the volume by about 14% and trimming the value to $319.5 million.

The money manager trimmed its exposure in Tesla by just under 2% and held 4.06 million shares, or about $2.76 million by value at the end of the second quarter. 

Primecap Management also shed 1,555 shares in Amazon.com Inc AMZN during the quarter but saw its stake lift up in value terms to $1.37 million, from $1.24 million at the end of first quarter. 

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Price Action: Xpeng shares, which have slipped 1.25 so far this year, closed marginally lower at $42.33 on Tuesday.

Alibaba shares have fallen 16% so far this year and closed 0.25% higher at $195.73. Apple shares, which have risen 9.7% so far this year, closed 0.34% lower at $145.60.

Tesla shares have risen 0.6% so far this year and closed 0.53% lower at $709.99. Amazon shares have risen 1.95% YTD and closed 0.63% lower at $3,320.68.

See also: How to Invest in Tesla Stock