The trust first reduced its position size in the early part of the year, after the EV manufacturer’s shares had more than doubled by February. But Monks’ interim results, which showed the fund shifting into cyclical and recovery plays in the search of different drivers of growth, indicated the trimming had resumed after Tesla began an even more high octane rally following March’s coronavirus crash.
The Monks team confirmed they had made reductions at several other top-performing holdings, including Amazon (AMZN.O). Profits were also taken at Chinese tech giant Alibaba (BABA.N) and German software company SAP (SAPG.DE), while Visa (V.N) was sold.
The managers expanded on their ideas for fresh drivers of returns with limited correlation to the wider portfolio, where those proceeds have been recycled. The recent results showed additions to companies like Ryanair (RYA), which they expect to overcome bleak short-term conditions to return to growth.
Adair acknowledged ‘probably the most controversial’ in this bucket were miners BHP Billiton (BHP) and new buy Rio Tinto (RIO). He said they believed the companies’ growth prospects were strong ‘even factoring in climate change’, with demand for many metals to strengthen while declining capital expenditure last decade meant supply was constricting. That made a business like Rio Tinto a growth company in their book.
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