Large Fund Sees Tesla (TSLA) as Long-Term 'Positive'; Adds to Position in Q1

Tesla Motors (Nasdaq: TSLA) shares are active in early trading Thursday following news that one big investor took a liking to the company last quarter.

Reuters reported late Wednesday that Fidelity Investments $109 billion Contrafund added to its Tesla position in Q1, cutting its exposure to biotech stocks in the process.

According to a summary on Contrafund commentary, Our long-term fundamental view for Tesla remained positive, and we added modestly to the fund's position in the stock. It wasn't made clear what the fund's exact positions size in Tesla was.

Contrafund returned 0.47 in Q1, lagging the S&P 500 (1.81 percent gain). The fund was largely hampered by Amazon.com (Nasdaq: AMZN) performance, though it still has an overweight position in the e-commerce giant.

Shares of Tesla are down 0.1 percent early Thursday.

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