This other Elon Musk proxy is up more than 200% since the election

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This other Elon Musk proxy is up more than 200% since the election

The election victory of Donald Trump is sparking a huge rally for investments tied to Elon Musk , even indirectly. The Destiny Tech100 Fund — a closed-end fund that trades on the New York Stock Exchange under the ticker DXYZ — surged again on Monday, trading above $40 per share. The fund is now up more than 200% since Election Day. The fund holds shares in privately held tech companies, most notably Musk’s SpaceX. The one position accounts for more than a third of the fund’s portfolio, according to its website . Other notable holdings include Axiom Space, Epic Games and OpenAI. DXYZ 5D mountain This closed-end fund has rallied sharply since the election. The rally is not too surprising given that Musk campaigned with the president-elect and that Tesla has also rallied sharply since the election. However, the price of the Destiny fund could give some investors pause. The latest unaudited financial report for the fund showed net asset value per share of $5.15 as of June 30. That means that the fund is now trading at a premium of roughly 700% above that valuation. To be sure, investors may be ******** SpaceX and other holdings are worth more now than they were on June 30. DXYZ launched in March, but this isn’t the first time that the fund has traded at an eye-popping premium . The fund traded as high as $105 per share during the April 8 trading session, but was back below $10 per share in August. While it is not uncommon for closed end funds to trade at a gap to their net asset value, the difference for the Destiny fund is unusually large. Additionally, it is more common for the funds to trade at a discount than a premium. DXYZ currently holds positions in 22 companies, according to its website, though the plan is to build out a portfolio of 100, Destiny XYZ CEO Sohail Prasad told CNBC in April. The fund has a management fee of 2.5%.

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