(Bloomberg) -- Elliott Investment Management has built a stake in one of the UK’s best-known technology-focused investment funds.

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The activist investor has a 5% exposure to Scottish Mortgage Investment Trust Plc, according to a filing late Thursday. Most of the holding is via financial instruments, but Elliott has a 0.5% stake that carries voting rights, the statement showed.

“We have been in contact, as we often are with shareholders,” SMIT Chair Justin Dowley told Bloomberg News, declining to comment further. Bloomberg News has contacted Elliott for comment.

SMIT’s largest holdings include chip giant Nvidia Corp. and semiconductor machinery group ASML Holding NV, with each stake worth more than $1 billion, according to data compiled by Bloomberg. The fund, managed by Edinburgh-based Baillie Gifford, rode a rally during the pandemic in electric-car maker Tesla Inc. and vaccine-producer Moderna Inc., but its share price then slumped as interest rates surged and Covid-19 faded.

Read more: After 2,240% Run, Tesla Visionary Leaves UK Fund Bleeding Money

Its shares rose as much as 1.9% Friday to take gains this month above 9%.

Paul Singer’s Elliott is considered one of the world’s most-influential activist investors — funds who build stakes in companies and attempt to influence strategy. Elliott manages $65.5 billion, according to its website, and previous targets have included Goodyear Tire & Rubber Co. and Salesforce Inc.

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