Several institutional shareholders have been updating their quarterly portfolios disclosing adjustments in their Rivian holdings.
Nuveen and Legal & General Group (L&G) both trimmed their stakes in the Irvine-based EV maker during the April-June period while Vanguard and BlackRock increased their holdings in the EV maker.
Nuveen, a wholly owned subsidiary of the US teachers’ pension fund TIAA, opened a position in the premium brand in the first quarter, with 2,697,368 shares worth $33.58 million by the end of March.
The asset manager disclosed on Tuesday that it sold over 386,000 shares in the second quarter, holding 2,310,879 Rivian shares by June 30. The stake was then valued at $31.75 million.
According to Fintel, Nuveen also started investing in EV makers Lucid Motors and Tesla in the beginning of 2025.
It trimmed its stake in Lucid by 100,000 shares to 3,275,990 shares in the second quarter, worth $6.91 million.
On the other hand, the firm increased its position in Tesla by nearly 1 million shares, holding 13,498,127 shares in the Elon Musk-led company by the end of June. The stake is valued at over $4.28 billion.
British insurer Legal & General Group, the eighteenth largest institutional shareholder in Rivian, reduced its position by 237,259 shares to a total of 4,814,378 during the April-June period, valued at $66.15 million.
L&G owns a stake in the EV maker since late 2021, when the company went public. By then, it had 675,161 shares.
The firm gradually increased its stake in Rivian, reaching nearly 3.96 million shares by the end of 2023, before slightly reducing its position in the next quarter.
Its record position was reached in the first quarter, when it reported 5,051,637 shares held. The stake was worth $62.89 million.
Rivian shares saw a 35.9% surge from March 31 to May 20, when it reached a 6-month peak value of $16.92. However, by the end of June, the stock had lost 18.8% of the gains, having closed at $13.74 on the last day of the second quarter.
From June 30 to August 12, the value fell another 12.88%, with the EV maker’s shares hitting a new three-month low after the company reported its second quarter earnings results earlier this month.
This means that Legal & General Group’s reported shares, as of the end of the last quarter, are now valued at around $57.62 million.
Since the company’s debut on Nasdaq, institutional investors have consistently held between 600 million and 700 million shares — including Amazon’s stake.
Holdings peaked in mid-2024 at over 700 million shares, but have since declined to around 650 million shares.
Rivian is currently owned by 869 institutions, which hold about 642 million shares, according to data from Nasdaq. Its early investor, Amazon, holds over 158 million of those shares.
As of the end of the second quarter, Rivian‘s largest institutional shareholders are Vanguard and BlackRock, two of the world’s largest asset managers. They are followed by Baillie Gifford.
Vanguard added nearly 2 million shares in the EV maker from April to June, holding 79,076,202 shares by the end of the quarter. They are valued at $946.5 million.
BlackRock, on the other hand, slightly increased its position by adding 274,000 shares to its total of over 50 million shares. The stake nearly reaches $598.7 million.
Baillie Gifford, Rivian‘s third largest institutional shareholder, trimmed its stake in the EV maker by nearly 1 million shares in the second quarter to around 47.58 million, according to its recent SEC filing.
