Tesla(US:TSLA) 聪明投资者·2025-06-30 06:52Core Viewpoint - SpaceX is recognized for its deep competitive moat and has achieved a valuation of approximately 358.6 billion USD, making it the top unicorn in the 2025 Global Unicorn List, with a year-on-year growth of 120 billion RMB [1][2]. Group 1: Investment Strategy and Performance - Baillie Gifford's US Growth Trust has a significant allocation to SpaceX, constituting about 11% of the portfolio, reflecting its status as a primary holding [2][3]. - The fund has been actively investing in SpaceX since its inception, continuously increasing its stake [3]. - The fund managers have reduced their position in Tesla by approximately 40% in the first quarter of 2023, citing a lack of substantial news to support the stock's significant price increase [4][25]. - The fund's performance has improved in 2023 and 2024, with a broader range of contributors to returns, including companies like DoorDash and Meta [9]. Group 2: Market Conditions and Economic Outlook - The investment environment has shifted, with a return to a market phase that tests stock-picking abilities rather than being driven solely by macroeconomic factors [9][14]. - Concerns about potential recession risks have increased due to rising policy uncertainties, particularly with the possibility of Trump's re-election [11][13]. - The fund remains focused on high-growth companies, believing that their success is driven more by their ability to seize growth opportunities than by macroeconomic variables [14][16]. Group 3: SpaceX and Starlink - SpaceX holds a dominant position in the aerospace industry, responsible for over 90% of the payloads launched into orbit, thanks to its reusable rocket technology [26]. - The company is also making strides with Starlink, aiming to provide high-speed internet globally, particularly in underserved areas [27][28]. - While SpaceX is seen as a strong investment, there are inherent risks, including technological challenges and regulatory scrutiny in the satellite internet sector [29]. Group 4: Other Key Holdings - Stripe, another significant non-public asset in the portfolio, has shown strong growth, processing approximately 1.4 billion USD in payments in 2024, reflecting a 38% year-on-year increase [40]. - The fund's strategy includes a mix of mature companies like SpaceX and Stripe, alongside early-stage projects in emerging sectors [41]. Group 5: Governance and Shareholder Engagement - The fund faced challenges from activist investor Saba Capital, which sought to change the board, but the proposal was overwhelmingly rejected by other shareholders [43]. - The board is committed to balancing shareholder interests while managing the fund's unique investment strategy, which includes a significant proportion of non-public assets [44]. Group 6: Future Considerations - There is speculation about the potential for SpaceX and Starlink to go public, but currently, there is no urgent need for an IPO as the company is not facing funding pressures [53]. - The investment strategy emphasizes long-term growth and the importance of maintaining a balanced portfolio, particularly in light of recent market volatility [66].