Here’s Why Tesla (TSLA) Underperformed in the Second Quarter

Carillon Tower Advisers, an investment management company, released its “Carillon Clarivest Capital Appreciation Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. Global equities markets were facing significant declines in the first half of 2022 due to concerns like the Russia/Ukraine war, surging inflation, COVID-19, and central-bank tightening. At the end of the second quarter, the portfolio was most underweight in consumer discretionary and industrials sectors and most overweight in information technology and healthcare sectors. But all sectors in the Russell 1000 Index were negative. However, the stock selection and sector allocation contributed positively to the fund’s performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Carillon Tower Advisers discussed stocks like Tesla, Inc. (NASDAQ:TSLA) in the second quarter 2022 investor letter. Headquartered in  Austin, Texas, Tesla, Inc. (NASDAQ:TSLA) is an electric vehicle company. On October 5, 2022, Tesla, Inc. (NASDAQ:TSLA) stock closed at $240.81 per share. One-month return of Tesla, Inc. (NASDAQ:TSLA) was -15.12% and its shares lost 7.71% of their value over the last 52 weeks. Tesla, Inc. (NASDAQ:TSLA) has a market capitalization of $754.571 billion.

Here is what Carillon Tower Advisers specifically said about Tesla, Inc. (NASDAQ:TSLA) in its Q2 2022 investor letter:

Tesla, Inc. (NASDAQ:TSLA), the electric vehicle and clean energy company, is set to recall more than 100,000 cars in China over a potential safety risk and is reportedly delaying a plan to restore production at its Shanghai plant. CEO Elon Musk was reported to have said that the company would cut 10% of salaried staff and freeze hiring due to a bad feeling he has about the economy.”

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Tesla, Inc. (NASDAQ:TSLA) is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 72 hedge fund portfolios held Tesla, Inc. (NASDAQ:TSLA) at the end of the second quarter which was 80 in the previous quarter.

We discussed Tesla, Inc. (NASDAQ:TSLA) in another article and shared the best clean energy stocks to invest in. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.