TOKYO (Aug 14): A bet on shares of Tesla Inc. has helped propel a fund managed by Nikko Asset Management Co. to the top position in Japan just a little over a year since its inception.

The $4.8-billion Global Prospective Fund has returned 84% over 12 months, the most among Japanese funds with at least $1 billion in assets, according to data compiled by Bloomberg. Tesla -- the world’s most valuable automaker that’s seen its stock more than triple in 2020 -- held the highest weighting of 8.4% as of end June. The fund’s net asset value has more than doubled from a March low.