Connor, Clark & Lunn Investment Management increased its holdings in electric vehicle makers XPeng and Rivian to more than 2 million shares each in the second quarter, marking record stakes for the firm, according to a securities filing on Thursday.
The firm, which is one of the largest privately owned asset management companies in Canada, has doubled its stake in Rivian from 1 million to nearly 2.2 million shares. The stake was valued at roughly $30 million as of the end of June.
The firm opened a position in the Irvine-based automaker in mid-2022, seven months after the company’s initial public offering, holding over 19,000 shares by the end of June.
A year later, it sold its stake in the EV maker, but reopened a position in the third quarter of 2024. Between January and March, the company’s holdings jumped from 59,000 shares to 1 million.
Rivian is currently owned by 865 institutions, which hold about 633 million shares, according to data from Nasdaq.
Its largest shareholder and early investor, Amazon, holds over 158 million of those shares.
Baillie Gifford & Co, one of its main institutional shareholders, trimmed its stake by nearly 1 million shares in the second quarter, holding about 47.5 shares by the end of June.
CC&L first invested in Tesla in 2014, four years after the US company’s IPO. It slowly raised its stake to a record 773,000 shares in late 2022.
However, as of the end of June 2025, the firm held 246,259 shares worth $78 million in the Elon Musk-led company.
The company does not own a position in Lucid Motors, in which it invested for a year between 2021 and 2022.
The Canadian firm also used to have a position in Chinese EV maker Nio, from the last quarter of 2019 to the third quarter of 2024, when it exited its position.
Its peak stake in the Shanghai-based company was reached by the end of September 2022, when it held 626,000 shares, valued at about $9.8 million at the time.
CC&L added 743,582 shares in XPeng from April to June, bringing its total stake to 2,056,572 shares, valued at $36.8 million.
In the first quarter, the asset manager had raised its stake to above 1 million shares for the first time since it opened a position in the Chinese company, with 17,000 shares held by the end of September 2021.
This happened after the firm briefly exited its position in the second quarter of 2024, then repurchasing nearly 47,000 shares of XPeng by year-end.
It marked the second time the firm had completely sold out of the automaker’s stock. The first exit came at the end of 2022, before it returned to the position a year later.
Up until the end of March, CC&L’s largest holding in XPeng was in the third quarter of 2022, just before that first exit, when it owned 189,553 shares valued at nearly $2.3 million.
XPeng‘s institutional ownership peaked at the end of 2021, when institutional investors collectively held about 260 million shares.
Since then, the figure has generally declined, despite some minor fluctuations, falling to roughly half that amount in 2024.
As of Friday, XPeng is owned by 246 institutional shareholders, collectively holding over 145 million shares, according to data from Nasdaq.
By the end of the first quarter, the institutions with the highest positions in the automaker were Alibaba Group Holding and Tmt General Partner, with over 30 million shares each.
Tmt General Partner cut its position in the automaker by 22% in the second quarter. By June 30, the firm held 25.5 million shares worth $228 million. Not all institutions have submitted their quarterly filings with the SEC as of yet.
