分组1 - Baron Partners Fund achieved a return of 19.07% in Q4 2025, significantly outperforming the Russell Midcap Growth Index (-3.70%) and the Russell 3000 Index (2.40%) [1] - For the calendar year 2025, the Fund returned 24.86%, compared to 8.66% for the Russell Midcap Growth Index and 17.15% for the Russell 3000 Index [1] - The Fund focuses on long-term investments in a non-diversified portfolio of well-managed growth businesses at attractive prices across various market caps [1] 分组2 - Tesla, Inc. (NASDAQ:TSLA) was highlighted in the Fund's Q4 2025 investor letter, with a market capitalization of $1.596 trillion [2] - Tesla's stock closed at $425.21 per share on February 10, 2026, with a one-month return of -3.19% and a twelve-month return of 26.36% [2] 分组3 - The Fund exited 30.5% of its position in Tesla in 2025, maintaining confidence in the company's future value [3] - Tesla's position in the Fund increased to 26.7% of total investments by the end of 2025, with an average purchase cost of $14.22 per share [3] - The decision to reduce the position was a portfolio construction strategy rather than a lack of confidence in Tesla's business [3]

Core Insights - Rowan Street Capital's Q4 2025 investor letter indicates solid results for the year, but underperformance compared to the S&P 500 Index, with a return of +11.1% versus +17.9% for the Index [1] - The firm achieved a cumulative net return of +252% over the past three years, significantly outperforming the Index's +78% during the same period [1] - The performance in 2025 was notably driven by Tesla, which was a new position for Rowan Street [1] Company Performance - Tesla, Inc. (NASDAQ:TSLA) closed at $417.32 per share on February 9, 2026, with a one-month return of -6.68% and a twelve-month increase of 27.04% [2] - Tesla has a market capitalization of $1.566 trillion, indicating its significant presence in the market [2] Investment Strategy - Tesla was the only new core investment initiated by Rowan Street in 2025, with the position being built during a period of low investor confidence [3] - Tesla ranks 23rd among the 30 Most Popular Stocks Among Hedge Funds, with 120 hedge fund portfolios holding the stock at the end of Q3 2025, an increase from 115 in the previous quarter [4] - While acknowledging Tesla's potential, the firm suggests that certain AI stocks may offer greater upside potential with less downside risk [4]

Core Insights - NewBridge Asset Management's Q4 2025 letter indicates that equity markets maintained upward momentum due to resilient economic growth and solid corporate returns [1] - The NewBridge Large Cap Growth Strategy generated positive returns but underperformed compared to the Russell 1000® Growth Index [1] - The portfolio faced contrasting performances from significant holdings like Uber Technologies, Inc. and the absence of Tesla, Inc. [1] Company Performance - Tesla, Inc. (NASDAQ:TSLA) experienced a one-month return of -4.23% but gained 9.32% over the last 52 weeks, closing at $435.20 per share with a market capitalization of $1.45 trillion on January 26, 2026 [2] - In November, Tesla's shares surged by 38%, attributed to Elon Musk's alignment with Trump, which may provide a competitive advantage as Tesla is the only profitable North American electric vehicle producer [3]

Core Viewpoint - Tesla Inc. (NASDAQ:TSLA) is considered one of the most active blue chip stocks to buy, with Piper Sandler maintaining an Overweight rating and a price target of $500, suggesting that investment portfolios should hold "at least slightly Overweight" positions in Tesla shares [1]. Group 1: Analyst Ratings and Price Targets - Piper Sandler reaffirmed its Overweight rating for Tesla, indicating strong long-term prospects but highlighting the need for improved financial reporting for growing segments, particularly regarding FSD technology and robo-taxi efforts [3]. - Truist Securities lowered its price target for Tesla from $444 to $439 after the company reported delivering 418,000 vehicles in Q4 2025, which fell short of both consensus forecasts and Truist's estimates [4]. Group 2: Company Overview - Tesla Inc. designs, develops, manufactures, leases, and sells electric vehicles (EVs) and energy generation and storage systems across the US, China, and internationally, operating through two segments: Automotive and Energy Generation & Storage [5].

Core Insights - Contrarius Global Equity Fund achieved a return of 30.9% in Q3 2025, significantly outperforming the MSCI World Index which returned 7.3% and the Average Global Equity Fund at 5.5% [1] - The fund's investment strategy is independent of benchmark considerations, leading to deviations from the benchmark World Index [1] Fund Performance - The fund's top three holdings as of September 30, 2025, include Tesla, Inc. (NASDAQ:TSLA), Warner Bros. Discovery, and Paramount Skydance, all of which have contributed significantly to the fund's performance over the past year [3] - Tesla, Inc. has been a major focus, with the fund reducing its holding when it exceeded 10% of the fund's market value due to internal risk limits [3] Tesla, Inc. Insights - Tesla's stock closed at $459.64 on December 29, 2025, with a market capitalization of $1.529 trillion [2] - Over the last month, Tesla's stock returned 7.08%, and it gained 13.82% over the past 52 weeks [2] - The fund believes that the market is just beginning to recognize Tesla's potential in real-world AI applications, such as autonomous driving and humanoid robots, and considers Tesla to be extremely undervalued [3] Hedge Fund Interest - Tesla, Inc. ranks 23rd among the 30 Most Popular Stocks Among Hedge Funds, with 120 hedge fund portfolios holding its stock at the end of Q3 2025, an increase from 115 in the previous quarter [4] - While acknowledging Tesla's potential, there is a belief that certain AI stocks may offer greater upside potential with less downside risk [4]

Group 1 - Deutsche Bank raised Tesla's price target to $500 from $470 with a Buy rating, driven by analysis of Q4 2025 delivery performance [1] - Truist analyst increased Tesla's price target to $444 from $406 with a Hold rating, while acknowledging challenges in securing electrical power and capital for AI infrastructure projects [2] - Goldman Sachs maintained a Neutral rating for Tesla with a $400 price target, monitoring potential regulatory hurdles in California regarding the Autopilot system [3] Group 2 - Tesla designs, develops, manufactures, leases, and sells electric vehicles and energy generation and storage systems globally, operating in two segments: Automotive and Energy Generation & Storage [4]

Core Insights - Loomis Sayles Global Growth Fund achieved a return of 7.59% in Q3 2025, slightly below the MSCI ACWI Index Net return of 7.62% [1] - The fund focuses on investing in high-quality businesses with sustainable competitive advantages, particularly those trading at significant discounts to their intrinsic value [1] Company Highlights - Tesla, Inc. (NASDAQ:TSLA) is highlighted as a key stock in the fund's portfolio, with a one-month return of -13.56% and a 52-week gain of 15.51% [2] - As of November 14, 2025, Tesla's stock closed at $391.09 per share, with a market capitalization of $1.301 trillion [2] - Tesla generated approximately 90% of its sales from its automotive segment and 10% from its energy generation and storage segment in the 2024 fiscal year [3] - The company's largest markets are the US and China, accounting for approximately 49% and 21% of 2024 sales, respectively, while the rest of the world accounts for about 30% [3]

Summary of Tesla, Inc. (TSLA) Conference Call Company Overview - **Company**: Tesla, Inc. (TSLA) - **Industry**: Automobile Manufacturers Key Financial Highlights - **3Q25 Results**: - Revenue: $28.1 billion, up 11.6% year-over-year (y/y) and 24.9% quarter-over-quarter (q/q) [9] - Automotive Revenue: $21.2 billion, 3% above consensus, and up 5.9% y/y [9] - Energy Revenue: $3.4 billion, up 43.7% y/y but missed consensus by 3% [9] - Gross Profit: $5.1 billion with a margin of 18% [10] - Free Cash Flow (FCF): $4 billion, significantly above consensus estimate of $1.5 billion [12] Earnings Performance - **Earnings Per Share (EPS)**: - Adjusted EPS: $0.50, missing consensus of $0.59 [12] - Tax impact accounted for approximately $0.05 of the miss [12] - **Operating Profit**: $1.6 billion with a margin of 5.8%, below UBS estimate of $1.9 billion [11] Production and Capacity Expansion - **Production Capacity**: Current capacity is approximately 2.4 million units, with plans to expand to 3 million units within 24 months [6] - **2025 Production Forecast**: Expected to be around 1.7 million units, with a consensus of 1.9 million units [6] - **Cybercab Production**: Expected to start in Q2 2026 [6] Strategic Initiatives - **Transition to AI**: Tesla is navigating a shift from being primarily an EV maker to focusing on AI technologies [1] - **Optimus Project**: - Targeting to unveil Optimus V3 in Q1 2026, with production expected to start at the end of 2026 [6] - Higher capital expenditure anticipated for 2026, significantly above $9 billion [26] - **Robotaxi Service**: - Completed 250,000 miles in Austin and over 1 million miles in San Francisco [7] - Plans to operate in 8-10 metro areas by year-end [7] Market Dynamics and Challenges - **Tariff Impact**: Total tariff impact in Q3 was over $400 million, affecting both automotive and energy segments [14] - **Market Cap Valuation**: Current market cap reflects approximately $900 billion in value attributed to AI ventures [1] Valuation Metrics - **Price Target**: $247 based on a multiple of 127x the 2027 EPS forecast [8] - **Market Capitalization**: Approximately $1,548 billion [4] - **P/E Ratio**: 64.4 for 2022, projected to be 92.4 by 2029 [4] Conclusion - Tesla's recent performance indicates strong revenue growth, but challenges remain in terms of production capacity and market dynamics. The company's strategic focus on AI and robotics, particularly through the Optimus project and robotaxi services, suggests a long-term vision that may take time to materialize. The current market valuation appears to heavily factor in future AI potential, which could lead to volatility in stock performance as these initiatives progress.

Core Insights - Rowan Street Capital's third-quarter 2025 investor letter indicates a stable fund performance with a +0.22% return for the quarter, leading to a year-to-date return of +20.4% net of fees, outperforming the S&P 500's +14.8% [1] - Over the past three years, the fund has compounded at approximately +54.2% annually, achieving a cumulative return of +266%, significantly exceeding the S&P 500's +24.9% annualized gain [1] Company Highlights - Tesla, Inc. (NASDAQ:TSLA) is highlighted as a key investment, with a one-month return of 1.82% and a 52-week gain of 65.51%, closing at $438.97 per share with a market capitalization of $1.46 trillion as of October 22, 2025 [2] - Rowan Street Capital initiated its position in Tesla earlier in the year, with the stock appreciating approximately 76% since then, reflecting the company's founder-led and competitively advantaged business model [3] - Tesla ranks 23rd among the 30 Most Popular Stocks Among Hedge Funds, with 115 hedge fund portfolios holding the stock at the end of the second quarter, an increase from 104 in the previous quarter [4]

Group 1 - Tesla, Inc. is highlighted in Jim Cramer's recent game plan, with a focus on the company's self-driving operations and robots rather than car sales [1] - Elon Musk's recent purchase of $1 billion worth of Tesla stock is noted as a significant commitment, showcasing insider buying from the world's richest man [2] - The article suggests that while Tesla has investment potential, certain AI stocks may offer greater upside potential and less downside risk [2] Group 2 - Tesla designs, manufactures, and sells electric vehicles, energy generation, and storage systems, including vehicles, charging networks, and solar and battery products [2]