A 500% rally shows the Elon Musk euphoria for bold-faced fund

Bloomberg12-13

(Bloomberg) — From Wall Street funds to small-time day traders, those who dared to bet big on Elon Musk’s business empire are closing out the year with hefty payoffs, as Donald Trump’s US election win...

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The fund invests in shares of private-market unicorns, and its latest filing showed that more than a third of its holding comprised a bet on SpaceX at the end of September. Trump’s win brought a rush of retail investors to the fund, lifting its shares to an eye-popping premium to the value of its underlying assets.Some of the vehicles scoring big gains could prove risky, however, given they often trade at huge premiums to their underlying assets. For instance, DXYZ’s $800 million valuation is the highest since April, and","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0056508442.USD":"贝莱德世界科技基金A2","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4527":"明星科技股","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","DXYZ":"Destiny Tech100 Inc","BK4550":"红杉资本持仓","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU2063271972.USD":"富兰克林创新领域基金","TSLL":"Direxion Daily TSLA Bull 2X Shares","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","BK4544":"ARK ETF合集","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","ARKK":"ARK Innovation ETF","LU0823414478.USD":"法巴经典能源转换基金","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","BK4099":"汽车制造商","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1861215975.USD":"贝莱德新一代科技基金 A2","BK4548":"巴美列捷福持仓","LU1548497426.USD":"安联环球人工智能AT Acc","TSYW.SI":"TESLA 3xLongSG261006","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","BK4598":"佩洛西持仓","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","BK4592":"伊斯兰概念","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","FDN":"First Trust Dow Jones Internet I","BK4534":"瑞士信贷持仓","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","BK4585":"ETF&股票定投概念","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU0823411888.USD":"法巴消费创新基金 Cap","TSLA":"特斯拉"},"translate_title":"500%的上涨显示了埃隆·马斯克(Elon Musk)对大胆基金的兴奋","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DXYZ":1,"TSLA":0.9,"ARKK":0.9,"TSLL":0.65,"FDN":0.65,"TSYW.SI":0.6},"content_text":"(Bloomberg) — From Wall Street funds to small-time day traders, those who dared to bet big on Elon Musk’s business empire are closing out the year with hefty payoffs, as Donald Trump’s US election win turbocharges the fortunes of the world’s richest man.\n\n\n\n\nMusk’s support for Trump during the campaign and his appointment to the newly created Department of Government Efficiency have made his enterprises, including Tesla Inc. (TSLA) and private unicorns SpaceX and xAI, hot properties. Their market value has surged this year, elevating Musk’s own personal wealth past $400 billion. \nAmong those to successfully surf the Musk trade is closed-end fund Destiny Tech100 Inc. (DXYZ), which has surged more than 500% since the Nov. 5 election. The fund invests in shares of private-market unicorns, and its latest filing showed that more than a third of its holding comprised a bet on SpaceX at the end of September. Trump’s win brought a rush of retail investors to the fund, lifting its shares to an eye-popping premium to the value of its underlying assets. \n“The election was a big catalyst for these ‘Trump derivatives’,” said Todd Sohn, an ETF strategist at Strategas. “Musk is clearly involved with the administration, so investors went to the funds where they can get quick exposure to his firms.”\nSome old-school stock pickers such as the Baron Partners Fund have also emerged winners. The fund is set for a near 40% year-to-date return — well in excess of the Nasdaq 100 (NQ=F) — having been in the red on the eve of the election. Its octogenarian manager Ron Baron, counts Tesla as his biggest holding, comprising 40% of its assets, while SpaceX accounts for 10% as of November.\nAnother of this year’s Musk-linked turnaround stories is Cathie Wood’s flagship $7 billion exchange-traded fund ARK Innovation ETF. As of October, ARKK appeared set for a year of negative returns, but surged more than 25% since the election.\nAdditionally, the ARK Next Generation Internet ETF, which has exposure to Tesla, Bitcoin and digital asset firms, is headed for more than a 50% gain this year. Sohn of Strategas counts these as direct beneficiaries of the Musk trade.\n\n\n\n\nMusk’s companies are benefiting from expectations that the new administration will streamline the rollout of self-driving cars and eliminate tax credits for electric vehicles, that help Tesla’s rivals. SpaceX makes most of its money from US government contracts and can likely win more support under a Trump administration.\nWhile SpaceX, valued at $350 billion, has become the world’s most valuable start-up, Tesla’s market cap has soared more than $500 billion since the election. Musk’s artificial intelligence startup, xAI, is seen to have more than doubled in value to $50 billion since it last raised money in May. \nSome of the vehicles scoring big gains could prove risky, however, given they often trade at huge premiums to their underlying assets. For instance, DXYZ’s $800 million valuation is the highest since April, and it trades at more than 10 times its latest published NAV, putting its premium among the highest of similar closed-end funds.\nThe Baron fund, meanwhile, is in the top 1% of its category in the past month, data compiled by Bloomberg shows. While taking concentrated bets can backfire, the strategy reversed the fund’s underperformance this year.\n“I wouldn’t say it’s common,” said David Cohne, an analyst at Bloomberg Intelligence, said of the reversal. “The fund was rewarded by management’s conviction in Tesla, which benefited from Musk’s relationship with Trump’s.”\n—With assistance from Dylan Sloan.\n©2024 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2491327393"}