Category: Hedge Fund Positions

Largest US pension cuts stake in NIO, liquidates Li Auto in Q1

CalPERS / China / Electric / eMobility / eV / Hedge Fund Positions / Li Auto / Nio / XPeng
May 13, 2023

CalPERS liquidated its position in XPeng in the third quarter of 2022.

The largest US public pension continued to trim its investment in Chinese electric vehicle (EV) stocks in the first quarter.

The California Public Employees' Retirement System (CalPERS) owned 2,210,446 shares of NIO's US-traded ADRs at the end of the first quarter, according to a 13F report dated May 12.

This is down 390,806 shares, or 15.02 percent, from 2,601,252 at the end of the fourth quarter of 2022.

The pension's holdings in NIO were worth $23.23 million at the end of the first quarter, down 8.4 percent from 25.36 million at the end of the fourth quarter.

CalPERS now has about $440 billion in assets under management and is the largest public pension in the US. It opened a position in NIO in the first quarter of 2019, when it bought 140,451 shares. NIO went public in the US on September 12, 2018.

CalPERS cut its position in NIO by 10.79 percent in the fourth quarter of last year. The value of the pension's holdings in NIO fell 44.85 percent during the fourth quarter due to a large drop in NIO's stock price during the period.

In the third quarter of 2022, CalPERS liquidated its position in XPeng (NYSE: XPEV) while increasing its stake in NIO by 18.20 percent. As of the end of the first quarter, it still did not own any XPeng shares.

The pension liquidated its position in Li Auto, another Chinese EV company, in the first quarter. CalPERS held 1,136,298 shares of Li Auto at the end of the fourth quarter last year.

NIO, XPeng and Li Auto all rose in the first quarter, up 7.79 percent, 9.14 percent and 22.3 percent, respectively.

Renaissance keeps NIO position stable in Q1, nearly liquidates position in XPeng-CnEVPost

Several prominent hedge funds reduced their positions in these three Chinese EV companies in the first quarter.

Bridgewater reduced its holdings in NIO by 40.53 percent, XPeng by 25.98 percent and Li Auto by 54.69 percent in the first quarter, according to Friday's Form 13F.

Renaissance cut its position in NIO by 0.16 percent, XPeng by 98.88 percent and Li Auto by 20.44 percent during the first quarter.

Bridgewater cuts positions in NIO, XPeng, Li Auto in Q1

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Bridgewater cuts positions in NIO, XPeng, Li Auto in Q1

Bridgewater / China / Electric / eMobility / eV / Hedge Fund Positions / Li Auto / Nio / XPeng
May 13, 2023

Bridgewater reduced its holdings in NIO by 40.53 percent, XPeng by 25.98 percent and Li Auto by 54.69 percent in the first quarter.

Bridgewater Associates, the world's largest hedge fund founded by renowned investor Ray Dalio, reduced its position in the Chinese electric vehicle (EV) trio in the first quarter, the second consecutive quarter it did so.

Bridgewater held 2,526,156 US-traded ADRs of NIO (NYSE: NIO) at the end of the first quarter, down 1,721,751 shares, or 40.53 percent, from 4,247,907 at the end of the fourth quarter, according to a Form 13F it filed with the SEC on Friday.

The value of Bridgewater's holdings in NIO was $26.55 million at the end of the first quarter, down $14.87 million, or 35.90 percent, from $41.42 million at the end of the fourth quarter.

Bridgewater's holdings in NIO decreased by 27.91 percent in the fourth quarter of last year. Prior to that, the fund's position in NIO had grown for five consecutive quarters.

At the end of the first quarter, Bridgewater's holdings in XPeng (NYSE: XPEV) stood at 1,501,493, a decrease of 527,119, or 25.98 percent, from the end of the fourth quarter.

The fund's holdings in XPeng were last valued at $16.68 million, a decrease of 17.27 percent from the end of the fourth quarter.

Bridgewater's holdings in XPeng decreased by 6.15 percent during the fourth quarter of last year. This followed three quarters of increased or unchanged holdings.

Bridgewater's holdings in Li Auto's US-traded ADRs were 792,442 shares at the end of the first quarter, a decrease of 956,375 shares or 54.69 percent from the end of the fourth quarter.

Bridgewater's Li Auto position had a value of $19.77 million at the end of the first quarter, a decrease of 44.58 percent from the end of the fourth quarter.

NIO, XPeng, and Li Auto all gained in the first quarter, up 7.79 percent, 9.14 percent, and 22.3 percent, respectively.

Renaissance keeps NIO position stable in Q1, nearly liquidates position in XPeng-CnEVPost

Renaissance keeps NIO position stable in Q1, nearly liquidates position in XPeng

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Renaissance keeps NIO position stable in Q1, nearly liquidates position in XPeng

China / Electric / eMobility / eV / Hedge Fund Positions / Li Auto / Nio / XPeng
May 13, 2023

Renaissance reduced its position in NIO by 0.16 percent, XPeng by 98.88 percent and Li Auto by 20.44 percent during the first quarter.

Renaissance Technologies LLC, one of the world's most prominent hedge funds, held its position in NIO (NYSE: NIO) steady during the first quarter, but reduced its holdings in XPeng (NYSE: XPEV) and Li Auto (NASDAQ: LI).

Renaissance held 10,791,394 US-traded ADRs of NIO at the end of the first quarter, down 17,200 shares or 0.16 percent from 10,808,594 at the end of the fourth quarter, according to a Form 13F filing on Friday.

Renaissance's holdings in NIO were worth about $113 million, up $8.03 million, or 7.62 percent, from $105 million at the end of the second quarter, as NIO shares rose in the first quarter.

The fund began its holdings in NIO in the second quarter of 2021, when it bought 5,293,900 shares. It reduced its holdings in NIO by 28.63 percent and 14.77 percent in the third and fourth quarters of last year, respectively.

While maintaining a flat position in NIO, the fund reduced its holdings in XPeng and Li Auto, particularly in XPeng, in the first quarter.

At the end of the first quarter, Renaissance held 81,929 shares of XPeng's US-traded ADRs, down 7,236,771, or 98.88 percent, from 7,318,700 shares at the end of the fourth quarter last year.

The fund's holdings in XPeng were valued at $910,000, down 98.75 percent from $72.75 million at the end of the fourth quarter.

Renaissance first bought XPeng in the third quarter of 2021.

The fund owned 8,111,300 shares of Li Auto at the end of the first quarter, down 2,083,700 shares or 20.44 percent from 10,195,000 at the end of the fourth quarter.

Its holdings in Li Auto were worth $202 million, down 2.69 percent from $208 million at the end of the fourth quarter.

Renaissance first bought Li Auto in the second quarter of 2021 and increased its position in the company in each subsequent quarter until the fourth quarter of last year, when it reduced its stake in the automaker by 17.91 percent.

During the first quarter, NIO gained 7.79 percent, XPeng gained 9.14 percent and Li Auto gained 22.3 percent.

Baillie Gifford trims holdings in NIO, Tesla slightly in Q1

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Baillie Gifford trims holdings in NIO, Tesla slightly in Q1

Baillie Gifford / China / Electric / eMobility / eV / Hedge Fund Positions / Nio / Tesla
May 12, 2023

Baillie Gifford trimmed its holdings in NIO and Tesla by 0.77 percent and 2.83 percent, respectively, in the first quarter, but the value of its holdings in them rose.

Baillie Gifford held 120,132,616 shares of NIO's US-traded ADRs at the end of the first quarter, according to a 13F filing posted on the SEC's website on May 3.

That's down 926,459 shares, or 0.77 percent, from 121,059,075 at the end of the fourth quarter, CnEVPost's calculations show.

During the fourth quarter of last year, Baillie Gifford's position in NIO increased by 24,277,897 shares or 25.09 percent.

Baillie Gifford's holdings in NIO were worth $1.26 billion at the end of the first quarter, up 6.97 percent from $1.18 billion at the end of the fourth quarter.

NIO rose 7.79 percent in the first quarter after it fell 38 percent in the fourth quarter of last year.

In addition to reducing its position in NIO slightly, Baillie Gifford also reduced its holdings in Tesla slightly in the first quarter.

At the end of the first quarter, the fund held 26,054,483 shares of Tesla, down 759,855 shares, or 2.83 percent, from 26,814,338 shares in the fourth quarter of last year.

However, Baillie Gifford's holdings in Tesla were worth $5.4 billion at the end of the first quarter, up 63.65 percent from $3.3 billion in the fourth quarter of last year, due to a big jump in Tesla's stock price in the first quarter.

Tesla rose 68.42 percent in the first quarter after it fell 59 percent in the fourth quarter of last year.

Baillie Gifford previously held Li Auto (NASDAQ: LI), but liquidated its position in the extended-range electric vehicle (EREV) maker in the fourth quarter of last year.

As of March 31, Baillie Gifford did not own Li Auto, XPeng (NYSE: XPEV) or BYD (OTCMKTS: BYDDY) shares.