Late on Wednesday, Reuters reported that Fidelity Investments added to its Tesla Motors Inc (NASDAQ:TSLA) stake in the first quarter of 2014. The investment firm’s $109 billion Contrafund added to its long position in the electric car maker during the first three months of the year, and remains fundamentally positive on the long term potential of Elon Musk’s company.

Tesla Motors TSLA

The news of big-fund participation in Tesla Motors Inc (NASDAQ:TSLA) long plays may offer relief to some investors, but the market was negative on the company after opening on Thursday. Stock in the Model S manufacturer fell by more than 1.5% directly after the market opened this morning. Shares in the company have lost a good deal of value in recent months, and shareholders are looking for proof that the top has not been reached.

Fidelity believes in Tesla’s future

“Our long-term fundamental view for Tesla remained positive, and we added modestly to the fund’s position in the stock,” according to the Contrafund commentary on its first quarter changes. The company appears to be a strong believer in the long-term vision of Tesla Motors Inc (NASDAQ:TSLA), and they’ve earned substantial returns off of that belief in the last year.

As well as betting on Tesla Motors Inc (NASDAQ:TSLA), fund manager Will Danoff is betting against the perceived enemy of the company, Big Oil. “The energy sector was the fund’s largest underweighting at period end, as we believed strong U.S. shale gas and oil production could suppress prices and profits,” according to the fund manager.

He avoided bets on Exxon Mobil and Chevron during the first quarter. Both stocks have lost close to 2% since the start of the year. Fidelity’s Contrafund also revealed its returns, which came to 0.47% for the first three months of the year, were suppressed by a significant stake in retail giant Amazon.com Inc. (NASDAQ:AMZN). That company’s stock lost more than 6% in the first three month’s of 2014.

Tesla Motors runs at auto-transformation

Tesla Motors Inc (NASDAQ:TSLA) is highly valued because of the company’s potential to change the auto market forever. If the company manages to release a mass-market electric car next year, it will have secured its place in the history of the industry. That’s a difficult challenge, however, and it seems that much of the market is pulling back from the high value placed upon it.

The firm’s stock hit a high of more than $250 back in late February and early March, but has sunk below $200 since the market’s momentum bust kicked in. If the firm’s stock doesn’t recover, Fidelty result may be compressed by that loss, though it is unclear how much of the Contrafund portfolio is in Tesla Motors Inc (NASDAQ:TSLA) stock.

Tesla Motors Inc (NASDAQ:TSLA) is not releasing its earnings for the first quarter until May 5th, and the firm’s stock is unlikely to see much headline pressure until that date.