Fund in Korea Cuts Its Investment in Tesla, Shifting to Chinese Rivals Instead

(Bloomberg) — South Korea’s first mutual fund dedicated to investing in the electronic-vehicle industry has cut its exposure to Tesla Inc. to the lowest level ever while shifting money into its Chinese rivals.

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The Korea Investment Management Co. fund, a Tesla holder since inception in 2017, has steadily trimmed its exposure to the US carmaker this year to less than 3% of its net asset value, from as high as 9% in the past.

“We sought to lower volatility in the…

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