Nuveen, a wholly owned subsidiary of the U.S. teachers’ pension fund TIAA, disclosed this week that it initiated positions in electric vehicle makers Tesla and Lucid during the first quarter.
As of the end of March, the asset manager had $1.3 trillion in assets under management.
In a new 13F filing with the Securities and Exchange Commission (SEC), Nuveen revealed that it bought over 12.53 million shares in the Elon Musk-led brand between January and March.
Based on the last closing price, the shares are worth $4.36 billion. Tesla‘s stock surged 44% in the past 30 days and nearly doubled over the past twelve months.
The EV maker, which went public in June 2010, currently has over 4,100 institutional owners, collectively holding 1.56 billion shares, according to data from Nasdaq.
The world’s biggest asset manager BlackRock is its largest institutional shareholder and closed the first quarter holding 205.67 million shares in the company, worth $53.3 billion.
Nuveen also opened a position in Lucid buying 3,399,034 shares in the first quarter, a stake currently valued at nearly $9.4 million.
Over 60% of the EV maker is owned by Saudi Arabia’s Public Investment Fund (PIF). It has been investing in the company since 2018, three years before becoming a publicly listed firm.
As of Thursday, the Newark-based automaker has 545 institutional shareholders, holding 2.26 billion shares. Excluding the PIF, Vanguard, UBS and BlackRock are its largest investors.
By the end of first quarter, Vanguard held 110.93 million Lucid shares, while UBS’ stake in the brand surpassed BlackRock’s — as it added more than 33 million shares between January and March, owning nearly 57.12 million.
According to Nasdaq data, the asset manager’s largest investments are in Microsoft, Nvidia, and Apple, holding 49.9 million, 139.27 million, and 78.66 million shares, respectively. As of Thursday, the combined value of these holdings was $58.15 billion.
With its latest investment, Nuveen ranked as the 26th (out of over 4,000) largest institutional holder of Tesla shares although not all have submitted their first-quarter 13F filings yet.
For Lucid, Nuveen ranked 19th among more than 500 institutional investors.
