Bank of America (BofA) has disclosed in a new SEC filing that it added more than 1.1 million Tesla shares to its portfolio during the second quarter, closing June with a total of 25,981,479 shares in the EV maker.
The position was worth $8.25 billion at the end of the quarter.
By last Friday, it had increased to about $8.59 billion, as Tesla‘s share price rose by 4% from $317.66 (on June 30) to $330.56.
It represents a record stake for the second quarter in a row, after it had set the highest value with 24.86 million shares by the end of March.
Separately, the bank increased its Call options by 29.3% while trimming its Puts by 26%.
BofA also has a position in Lucid Motors and Rivian.
In the Marc Winterhoff-led company, the bank slightly trimmed its holdings by 315,809 shares during the second quarter. It held 3,058,366 Lucid shares by June 30, worth $6.45 million.
Its stake in the Irvine-based EV maker had jumped 66% from April to June. The firm ended the second quarter with 17,786,082 shares, valued at over $244 million.
Regarding Chinese automakers, Bank of America slashed its position in Shanghai-based Nio by over 70% — selling 9.7 million shares in the April—June period and holding around 3.4 million by the end of the quarter.
BofA held 4 million shares in XPeng after a trim of 612,200 shares during the last quarter. In Geely-backed Polestar, it nearly exited its position — the firm dumped 919,975 shares, reporting 71,973 shares held by June 30.
The bank first invested in Tesla in the second quarter of 2013 — three years after the company had its IPO — and has gradually increased its holdings over time, despite some fluctuations.
In the third quarters of both 2020 and 2022, the number of shares held jumped as Tesla conducted stock splits.
Tesla‘s institutional ownership jumped from 600 million shares to nearly 1.6 billion in August 2022.
Since the third quarter of 2022, it remained around that value for about two years, then progressively jumping above 1.7 billion shares, according to Fintel.
As of Monday — and according to Nasdaq — there are 3,980 institutional investors holding a total of nearly 1.6 billion shares.
Its largest institutional owner by the end of the quarter was Vanguard Group, with over 251 million shares — which are currently valued at nearly $85.7 billion.
BlackRock manages over $12 trillion assets globally, and held 205 million Tesla shares by the end of the quarter, which are worth $70.2 billion.
State Street Corp, which held 113.7 million shares by the end of March, has not yet filed its quarterly report with the SEC.
Geode Capital Management disclosed last week that it has slightly raised its stake in the company by 2% to 64.7 million shares, while Barclays increased its position with 20,506,163 shares reported in the second quarter.
In the second quarter, JP Morgan Chase’s position in the EV maker increased by 16.7% to a new high of 46,015,610 shares, valued at $14.62 billion as of June 30.
Norges Bank has purchased over 37 million Tesla shares during the second quarter, reopening its position in the EV maker. It ranks eighth among the EV maker’s largest institutional shareholders.
