Stevens Capital Significantly Cuts its Tesla Position
Key Points
Stevens sold 89,187 shares of Tesla; estimated trade value of $26.81 million based on the quarterly average price in Q2 2025.
The sale represents a 7.3% shift in 13F reportable assets under management for the Q2 2025.
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What happened
Stevens Capital Management LP reported in a regulatory filing dated Aug. 12, 2025, that it sold 89,187 shares of Tesla(NASDAQ:TSLA) during the second quarter of 2025. The estimated transaction value was $26.81 million, based on the average price of tesla shares in the second quarter.
The fund's remaining Tesla holding totaled 2,768 shares, valued at $943,445 as of Aug. 12, 2025. For full details, see the SEC filing.
What else to know
This sale left Tesla at 0.2% of 13F AUM as of June 30, 2025
The following are the fund's top holdings post-filing at the end of the second quarter:
- MicroStrategy: $35.09 million (9.5% of AUM)
- CME Group: $20.69 million (5.6% of AUM)
- Apple: $19.38 million (5.3% of AUM)
- Robinhood Markets: $14.36 million (3.9% of AUM)
- Micron Technology: $12.92 million (3.5% of AUM)
As of Aug. 12, 2025, Tesla shares were priced at $340.84, down 10.1% over the past year as of Aug. 12, 2025; 1-year alpha vs. S&P 500: 49.78 percentage points for the period ending Aug. 12, 2025
Forward P/E: 138.37; EV/EBITDA: 78.08; 5-year revenue CAGR: 31.8% (as of Aug. 13, 2025); shares are 30.2% below the 52-week high as of Aug. 12, 2025
Company overview
| Metric | Value |
|---|---|
| Market capitalization | $1,099.36 billion |
| Revenue (TTM) | $92.72 billion |
| Net income (TTM) | $6.10 billion |
| Current stock price | $340.84 |
Company snapshot
- Offers electric vehicles, energy generation and storage systems, and related services as primary products; automotive sales and energy solutions drive revenue.
- Operates a vertically integrated business model, generating income through direct sales of vehicles, energy products, software upgrades, and after-sales services.
- Serves retail consumers, commercial and industrial clients, and utilities in the United States, China, and international markets.
Tesla, Inc. operates in electric vehicles and energy solutions across the United States, China, and international markets. The company's strategy emphasizes direct sales, advanced manufacturing, and expansion into energy storage and generation. Tesla has diversified revenue streams spanning its automotive and energy segments.
Foolish take
Stevens Capital Management's decision to offload 89,187 shares in Tesla in the second quarter is a significant decision for the investment company. The sale left Stevens holding just 2,768 Tesla shares, representing just 0.2% of its assets under management. For reference, Tesla's weighting in the S&P 500 index is about 1.6%, so you could argue that Stevens is now underweight the stock.
The decision is likely to have been made with consideration for Tesla's declining electric vehicle (EV)sales, and concerns over the impact on its future sales coming from the removal of Federal tax credits on the purchase of EVs. In addition, the future of Tesla's robotaxi rollout and its full self-driving (FSD) software are also subjects of debate.
There are no guarantees with Tesla, but usually where there's risk, there's also potential reward, and there's no company better positioned to win in the race to develop a commercially viable robotaxi service. In addition, despite falling EV sales (notably in the Model Y), Tesla retains a dominant market position in the EV market, as well as a massive fleet of vehicles amassing vast amounts of data to help it reach its aim of selling unsupervised FSD. A large position in Tesla may not suit Stevens anymore, but the stock has a place in an enterprising investor's portfolio.
Glossary
13F reportable assets: Assets that institutional investment managers must disclose quarterly to the SEC, showing their holdings in U.S. publicly traded securities.
AUM (Assets Under Management): The total market value of investments managed by a fund or investment firm on behalf of clients.
Quarterly average price: The average price of a security over a specific quarter, used for estimating trade values.
Alpha: A measure of an investment's performance compared to a benchmark index, indicating excess return or outperformance.
Forward P/E: Price-to-earnings ratio using forecasted earnings over the next 12 months, reflecting market expectations.
EV/EBITDA: Enterprise value divided by earnings before interest, taxes, depreciation, and amortization; used to value a company.
CAGR (Compound Annual Growth Rate): The annualized growth rate of an investment or metric over a specified period, assuming compounding.
Vertically integrated business model: A company structure where it controls multiple stages of production or distribution within its industry.
Direct sales: Selling products directly to consumers without intermediaries such as dealerships or third-party retailers.
After-sales services: Support and services provided to customers after purchasing a product, such as maintenance or software updates.
TTM:The 12-month period ending with the most recent quarterly report.
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Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple and Tesla. The Motley Fool recommends CME Group. The Motley Fool has a disclosure policy.
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