T. Rowe Price (NASDAQ:TROW) sold more than 80% of its Tesla (NASDAQ:TSLA) shares during this year’s Q1, holding 1.7M shares as of March 31 vs. 8.9M shares at year-end 2018, according to an SEC filing.

TROW’s move leaves the fund manager holding the smallest number of TSLA shares since 2013 after ramping up its holdings late last year, even as the stock dropped following Elon Musk’s “funding secured” tweet.

Because TROW runs both actively managed and passive funds, some of the decline in holdings may have been caused by money flowing out of funds rather than reduced positions.

Even as TROW steps back from TSLA, it has continued to pump money into potential competitors in the race to develop autonomous vehicles, including an equity investment in GM’s Cruise driverless car unit.


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