Several investment divisions of the Los Angeles-based Capital Group — which manages over $3 trillion in assets — filed their quarterly portfolios with the SEC on Thursday.
The asset management giant Capital Group reshuffled its Rivian holdings between its two investment divisions in the first quarter of 2026 — while slightly adjusting their stake in Tesla and GM.
Capital World Investors, one of Capital Group’s two main equity divisions, opened a brand-new position in Rivian during the quarter, acquiring 10,952,229 Class A common shares valued at approximately $156.3 million.
However, the move was largely offset by a sharp reduction from the group’s other division.
Capital International Investors cut its Rivian stake by 50.8% in the same period, selling 10,557,228 shares to close the quarter with 10,212,616 shares worth approximately $145.7 million.
The division had held 20,769,844 shares worth $409 million at the end of December.
The reallocation suggests an internal portfolio restructuring rather than a shift in conviction on Rivian.
Capital International Investors and Capital World Investors operate as separate divisions of Capital Research and Management Company, each with its own investment teams and decision-making processes, but both under the Capital Group umbrella.
The combined Capital Group position in Rivian stood at approximately 21.2 million shares as of March 31, broadly in line with the 20.8 million shares Capital International Investors alone held at the end of the fourth quarter.
The net result across both divisions is a modest increase of roughly 395,000 shares.
At Rivian‘s end-of-quarter closing price of approximately $15.05, that amounts to about $5.9 million in net new investment.
The stock has since progressively declined to a new three-month low of $13.64 last Friday before reverting to above $14 this week.
As of press time, Rivian‘s stock was trading 1.0% higher at $14.46 during Thursday’s market session.
The first quarter marked a pivotal period for the EV maker.
Rivian began producing saleable units of its R2 mid-size SUV in late April, targeting 20,000 to 25,000 R2 deliveries this year within a total guidance of 62,000 to 67,000 vehicles.
Institutional Ownership
As of Thursday, Nasdaq data showed Rivian has 923 institutional shareholders, collectively holding 794 million shares in the EV maker.
The EV maker has been primarily backed by Amazon, which first invested in the company in 2019 and holds approximately 158 million shares.
However, Volkswagen Group has recently overtaken Amazon as Rivian’s largest shareholder.
The German giant now holds 209.8 million Class A common shares, representing a 15.9% stake — up from 146 million shares as of mid-2025.
UBS, which ranks in the top 20 largest institutions, reduced its Rivian holdings by 26.4% in the first quarter of 2026 to just below 10.3 million shares.
Deutsche Bank also trimmed its Rivian position for the second straight quarter, holding 1,879,129 shares at the end of March — its lowest level since mid-2024.
Among its major institutional shareholders, Baillie Gifford has also updated its portfolio with a slight increase of 40,145 shares in a stake of over 43.8 million.
Citigroup reported on Monday that it closed the first quarter holding 8,674,247 Rivian shares — a 12.1% cut after selling approximately 1.19 million shares between January and March.
BlackRock disclosed on Wednesday a stake of nearly 54 million shares in the EV maker, after acquiring 3.5 million shares during the last quarter.
Tesla Stake
Capital World Investors disclosed 42,904,073 Tesla shares as of March 31, a marginal increase of 419,621 shares, or roughly 1%, from the 42,484,452 held at the end of the fourth quarter.
The position was valued at approximately $15.9 billion and accounted for 2.2% of the firm’s total portfolio.
The Tesla stake has remained within a narrow band of 39 million to 44 million shares since early 2023, following a dramatic reduction in late 2022 when Capital World Investors sold over 41.7 million shares in a single quarter — cutting the position by 46.3% from its peak of 90.2 million shares.
The value of the holding dropped by 75% in that quarter, reflecting both the selling and a steep decline in Tesla‘s share price at the time.
The Capital Group subsidiary first entered the company in mid-2013, with 1,242,800 shares purchased. The stake was valued at $133.5 million.
GM Holdings
Capital World Investors held 18.6 million General Motors shares at the end of the first quarter, a reduction of 919,762 shares — or 4.7% — from the 19.5 held at the end of December.
The position was valued at approximately $1.4 billion.
The firm’s holdings in GM has been in steady decline.
Capital World Investors held roughly 48 million GM shares through much of 2024 before cutting 22.2 million shares — a 46.1% reduction — in the fourth quarter of that year.
The firm continued to sell in the first quarter of 2025, reducing the position by a further 35.9%, before reversing course with purchases in the second and third quarters.
The firm first invested in GM during the third quarter of 2013 — with 10 million shares worth $501.5 million then.
Previous Holdings
Capital World Investors does not hold positions in either Ford Motor Company or XPeng, and has not for several years.
The firm fully exited Ford in the third quarter of 2017, selling all 11.1 million shares it held at the time.
Capital World Investors had first invested in the Detroit automaker in 2014 and briefly expanded the stake to 19.2 million shares in mid-2016 before unwinding the position entirely over the following year.
The firm exited XPeng in the second quarter of 2023, selling its remaining 2.5 million American depositary shares.
It had first opened a position in the Chinese EV maker in the third quarter of 2020, acquiring 8.5 million ADS.
The holding peaked at 16.3 million shares by the end of 2021 before Capital World Investors progressively reduced it over the next 18 months.
