This article first appeared on GuruFocus.

Tesla (TSLA, Financials) edged higher after new regulatory filings showed several major institutional investors added to their positions during the third quarter. Nomura Asset Management increased its stake by 4.2%, purchasing 47,674 shares to bring its total holdings to 1.17 million shares valued at about $373.6 million, making Tesla its tenth-largest position.

• Is TSLA fairly valued? Test your thesis with our free DCF calculator.

The latest round of 13F filings revealed broader buying activity among asset managers even as Tesla has lagged the S&P 500 this year. Firms including Brighton Jones, Revolve Wealth Partners, Bison Wealth and AMG National Trust Bank all boosted their stakes, while ARK Invest added more than 512,000 shares across its funds.

Investors have continued to back Tesla despite a challenging year marked by softer vehicle sales, the expiration of the $7,500 federal tax credit and periodic controversies involving CEO Elon Musk. Many funds view Tesla as a diversified technology and energy company, citing growth potential in its energy storage business, Full Self-Driving software, the planned Robotaxi service and its humanoid robotics program.

Not all large investors were net buyers. Peter Thiel’s fund cut its Tesla stake by 76% in the quarter, and Bill Gates (Trades, Portfolio) has maintained a short position. Still, filings show institutional ownership has climbed to roughly 66% of outstanding shares.