Baillie Gifford, the Scottish fund manager that manages funds including the Edinburgh Worldwide Investment Trust and the Baillie Gifford US Growth Trust , reduced its position in electric vehicle maker Tesla by 40% during the first quarter, according to an analysis of its 13-F filing made Thursday from Whale Wisdom. Tesla still accounts for 6.06% of its portfolio, its top holding but down from 10.72% at the end of the fourth quarter. Baillie Gifford also reduced its holding in its second-highest position, Amazon , by 7% to 5.1% of its portfolio. Of its top holdings, the biggest gain was for biotech Moderna , where its position rose to 3.32% from 1.41%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit for more information on this news.