Two Sigma Investments disclosed significant changes to its EV holdings in its latest 13F filing for the first quarter of 2026.
The New York-based hedge fund operates through three distinct entities.
Two Sigma Investments and Two Sigma Advisers are both SEC-registered investment advisers that manage money for institutional clients using the firm’s quantitative, data-driven models — though they serve different fund structures and client mandates.
Two Sigma Securities, meanwhile, is the firm’s broker-dealer arm, focused on market making, liquidity provision, and algorithmic execution across equities, futures, and options.
Of the three, only Two Sigma Investments and Two Sigma Securities have reported its first-quarter 2026 portfolio so far.
According to Fintel data, Two Sigma Advisers held over 20.6 million Rivian shares as of its most recent filing, following an increase of 6.3 million shares during the fourth quarter of 2025.
Two Sigma Securities, on the other hand, exited its Rivian position entirely during the same period, selling all 37,203 shares and eliminating all call and put options.
Rivian
Two Sigma Investments reduced its position in Rivian for the second consecutive quarter, selling 3.65 million shares between January and March.
By the end of the first quarter, it held 9.5 million shares in the EV maker, a position valued at approximately $143.8 million as of March 31.
The New York-based quantitative hedge fund first disclosed a position in the EV maker in the fourth quarter of 2022, with 148,696 shares worth approximately $2.7 million.
It grew the stake to 856,491 shares by the end of the first quarter of 2023 before fully liquidating in the second quarter.
Two Sigma re-entered the stock in the third quarter of 2023 with 5.7 million shares and quickly scaled to nearly 11 million shares by year-end — a position then valued at roughly $257.5 million.
The fund again fully exited in the first quarter of 2024, before opening a new position of almost 2.6 million shares during the first three months of 2025.
That position grew rapidly through the first half of 2025, reaching 14.4 million shares by the end of June.
The stake then peaked in the third quarter at nearly 16.8 million shares.
Institutional Ownership
As of Tuesday, Nasdaq data showed Rivian has 934 institutional shareholders, collectively holding 777.5 million shares in the EV maker.
The company led by RJ Scaringe has been primarily backed by Amazon, which first invested in the company in 2019.
The retail giant has held approximately 158 million shares in the EV maker since.
Recently, Volkswagen Group has 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 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 last week a stake of nearly 54 million shares in the EV maker, after acquiring 3.5 million shares during the last quarter.
Goldman Sachs purchased over 3 million shares in the company between January and March, closing the quarter holding 8.9 million shares — a record position for the firm.
Nio
The investment arm of Two Sigma’s stake in the Shanghainese EV maker Nio has jumped from 679,000 shares to 13.3 million shares during the first quarter.
The stake was worth $80.3 million by March 31.
It represents the largest position Two Sigma Investments has ever held in the Chinese company, in which it first invested in the third quarter of 2018.
By then, the fund disclosed holding 510,428 shares — worth about $3.6 million. However, it fully exited the position by year-end.
It re-entered briefly in early 2019 with a small stake of 17,690 shares before liquidating again in the third quarter.
Two Sigma Investments briefly entered the stock with 254,800 shares owned during the final quarter of 2019.
Then, it came back in mid-2020 with 559,023 shares and rapidly scaled up through Nio‘s stock surge — with its stake reaching 4 million shares, worth $197.8 million by year-end.
From there, Two Sigma steadily reduced through 2021, then made a dramatic move in early 2021 — when it held 5 million shares — before slashing them by 83% to 856,765 shares one quarter later, and exiting entirely by year-end 2022.
The pattern repeated in the following year and a half.
Two Sigma re-entered again in the second quarter of 2024 with 395,000 shares and held a flat position of 540,800 shares through mid-2025.
After another full exit in mid-2025, the fund rebuilt its stake to 480,300 shares between July and September, and ended the year with 679,000 shares.
Two Sigma Securities disclosed holding 50,636 shares in Nio during the first quarter, a 52.6% reduction from the prior quarter.
Two Sigma Advisors, which hasn’t yet reported its quarterly portfolio update with the SEC, held 5.5 million Nio shares by the end of 2025.
Institutional Ownership
According to Nasdaq, Nio has 519 institutional owners with combined holdings of approximately 288 million shares.
CYVN Holdings remains the Chinese EV maker’s main backer with a stake of nearly 20%.
At the end of 2025, DE Shaw & Co was the largest institutional holder after CYVN with over 48 million shares, while BNP Paribas and Jane Street Group each held around 20 million.
First-quarter filings paint a different picture.
DE Shaw sold nearly 10 million shares between January and March, a 20% cut that brought its position to 38.3 million shares — currently valued at approximately $225 million.
The firm remains Nio‘s top institutional holder outside CYVN, despite the reduction.
BNP Paribas shed 8 million shares during the same period, ending March with 13.3 million — a 38.3% decrease.
Jane Street Group made the sharpest move among Nio‘s former top holders, slashing its stake by 71.9% to 5.5 million shares and falling well outside the top 10.
The selling was not uniform across institutions, however.
BlackRock moved in the opposite direction, nearly doubling its Nio position with a 92.2% increase to 10.73 million shares.
Bank of America similarly expanded its stake during the quarter — reaching a new high of 14.3 million shares.
Nio reports first-quarter financial results later this week, on May 21.
