Geode Capital Management added shares of Tesla, Rivian and Lucid in the third quarter and trimmed General Motors and Ford, but the value of its carmaker holdings fell by $4.5 billion as most of the stocks declined, according to its latest 13F filing with the U.S. Securities and Exchange Commission.
The Boston-based index manager reported positions worth $28.06 billion across eight automakers at September 30, down 13.8% from $32.56 billion at the end of June. Its total reported portfolio rose 2.6% over the same period to $1.924 trillion.
Geode filed the report on Friday listing 8,379 entries covering 4,380 securities, against 8,470 entries and 4,447 securities in its second-quarter filing, filed on August 12.
Each holding is split between Geode Capital Management and an affiliate included in the filing, Geode Capital Management Trust Company. As in previous quarters, the filing reports no put or call options.
A 13F shows only what a manager held on the last day of the quarter, not trades made during it or changes since.
Geode was founded in 2001 as a subsidiary of Fidelity Investments and became independent in 2003. Its primary service is managing passive index portfolios, most often as a sub-adviser for institutional clients, the brochure said.
“In managing passive index strategies, Geode does not seek to outperform an index or to make active investment decisions based on market forecasts, issuer-specific analysis, or economic trends,” it said. Geode also “does not dictate index composition or methodology,” according to the brochure.
Other managers’ third-quarter filings show differing moves. Citigroup added Lucid, Rivian, Nio and Tesla in the quarter while cutting XPeng and Li Auto.
Tesla
Tesla remained by far Geode’s largest automaker position, accounting for 88% of the group’s value. It was Geode’s 10th-largest holding overall in both quarters, but its weight in the portfolio fell to 1.28% from 1.54%.
Geode held 69,899,419 Tesla shares at September 30, up 984,699, or 1.4%, from 68,914,720 at the end of June. The reported value of the position fell 14.4%, or $4.17 billion, to $24.70 billion, as Tesla’s stock dropped 15.6% in the quarter from $420.60 to $354.81.
Tesla’s share count barely moved in the period, rising to 3,952,757,946 at October 15 from 3,949,547,394 at July 16, according to the covers of its quarterly reports. That lifted Geode’s stake to about 1.77% from 1.74%.
Tesla reported a 43% drop in third-quarter net income on October 21.
A year earlier, Geode and Vanguard lifted their Tesla holdings to record levels in the third quarter of 2025.
Rivian
Geode raised its Rivian holding by 1,707,423 Class A shares, or 10.6%, to 17,774,791. The reported value fell 4.8% to $264.8 million as Rivian’s stock dropped 13.9% to $14.94.
Part of the increase reflects Rivian’s larger share base. The company sold 86.25 million new shares at $15.50 each in July after underwriters took their full option, raising about $1.34 billion before costs, according to its filings.
Rivian’s Class A shares outstanding rose to 1.456 billion at September 30 from about 1.358 billion at the end of June, a 7.2% increase, its third-quarter 10-Q shows. Geode’s holding grew faster, lifting its stake to about 1.22% from 1.18%.
Rivian posted quarterly revenue above $2 billion for the first time in the third quarter, at $2.155 billion, it said on October 29.
Lucid
Geode added 425,072 Lucid shares, or 9.8%, taking its holding to 4,761,341. The value of the position dropped 33.2% to $19.4 million as Lucid’s stock fell 39.2% in the quarter, from $6.69 to $4.07.
The increase follows a 67.5% rise in the second quarter, when Geode’s stake crossed 1.1% as Lucid’s share count grew after a stock offering.
Measured against Lucid’s 394,070,176 shares at the end of June, the new holding equals about 1.21%. Lucid has not yet filed its third-quarter 10-Q, which will give the September 30 share count. The company reports quarterly results on Monday after the market closes.
GM and Ford
Geode cut its GM holding by 724,559 shares, or 3.3%, to 21,085,627. The value fell 4.0% to $1.62 billion, while GM’s stock was nearly flat, at $77.00 against $77.08 at the end of June.
The reduction roughly matched GM’s buybacks. The carmaker’s shares outstanding fell about 3.2% in the quarter, to 849 million from 877 million, according to its balance sheets, leaving Geode’s stake little changed at about 2.5%.
GM said in its third-quarter results on October 20 that it had completed a $6.0 billion buyback announced in January and approved a new $20.0 billion repurchase authorization. “As of September 30, 2026, the company had 849 million shares outstanding, down from 904 million at the end of 2025,” GM said.
Ford shares held by Geode slipped 720,765, or 0.6%, to 120,289,427. The value fell 14.4% to $1.45 billion as Ford’s stock declined 13.2% to $12.06, leaving the Ford position below GM’s after it had been slightly larger at the end of June.
The Detroit automaker had 3,922,365,390 common shares outstanding at October 26, up from 3,916,743,591 at July 24, according to its 10-Q covers. That leaves Geode’s holding at about 3.07% of Ford’s common stock, excluding the Class B shares controlled by the Ford family, down from 3.09%.
Other Brands
Among U.S.-listed Chinese automakers, Geode raised its Li Auto holding by 51,137 American depositary shares (ADSs), or 28.1%, to 232,910. The position was worth $2.6 million, up 24.0%, as Li Auto’s ADSs fell 3.2% to $11.36.
As in the previous two quarters, the filing lists no Nio or XPeng ADSs. It also shows no Stellantis, Toyota, Honda or Ferrari shares.
Geode exited its position in electric scooter maker Niu Technologies, which stood at 34,436 ADSs at the end of June.
Its Polestar holding fell by 8,507 ADSs, or 8.3%, to 94,057. The value dropped 68.1% to $614,585 as Polestar’s ADSs lost 65.2% in the quarter, from $18.78 to $6.54.
Geode also reduced its VinFast holding by 23,077 shares, or 1.1%, to 2,057,440, worth $6.4 million. VinFast’s stock closed both quarters at $3.12.
