Ferrari NV surged in Milan after George Soros’s investment fund disclosed a 28 million euro ($31.2 million) stake, putting it among the top 10 shareholders in the newly independent supercar maker.

Soros’s fund owned 0.45 percent of the company at the end of last year, according to a U.S. filing late Tuesday. Spun off from Fiat Chrysler at the beginning of 2016, Ferrari is controlled by the Agnelli family holding company Exor SpA and Piero Ferrari, son of the founder Enzo, who together own about 34 percent of the company and almost 50 percent of the voting rights. Mutual fund manager T. Rowe Price Group Inc. disclosed it’s the third-largest investor, according to data compiled by Bloomberg, with 4 percent at the end of last year.

The Soros stake is a sign of support for Ferrari, which battled analyst skepticism and saw its market value slump by nearly one-third since its New York Stock Exchange debut in October. After deliveries dropped 22 percent in China last year, the supercar company said growth will probably slow down in 2016, its first year of independence from Fiat Chrysler Automobiles NV.

Ferrari rose to its highest since Feb. 8, and was up 4.7 percent to 32.68 euros at 1:01 p.m. in Milan. The shares have traded there since January, when Fiat Chrysler completed the Ferrari spinoff by distributing its remaining 80 percent stake to shareholders.

Fiat Chrysler Chief Executive Officer Sergio Marchionne, also chairman of Ferrari, is the company’s sixth-biggest investor with 1.46 million shares. Also among the top 10 positions is a short holding by FIL Fund Management Ltd. equivalent to 0.5 percent of the company’s stock.