Wolverine Asset Management reduced its bearish options positions on both Lucid Motors and Rivian during the first quarter, according to its latest portfolio update.
The Chicago-based investment firm held put options on 9,546,800 Lucid shares as of March 31, valued at approximately $90.9 million.
The figures represent a 43.1% reduction in share count and a 48.7% decline in value compared to the prior quarter, when it held puts on 16,778,500 shares — worth roughly $177.35 million.
Additionally, it marks the third consecutive quarterly decline in the position.
As of September 30, 2025, Wolverine held puts on 20,300,700 Lucid shares valued at approximately $482.9 million.
The Saudi-backed premium brand remains majority-owned by Saudi Arabia’s Public Investment Fund, which controls approximately 60% of the company.
According to Nasdaq data, Lucid was owned by 432 institutional investors, collectively holding 254.7 million shares.
UBS updated its stake in Lucid on Tuesday, adding nearly 1.5 million shares — in a total of 9.1 million.
As of press time, the position was valued at $57.1 million.
The company ranked as Lucid’s second biggest institutional investor, excluding the major shareholder Public Investment Fund (PIF) and Uber.
Vanguard Group, which increased its stake to a record high in the fourth quarter, remains the largest institutional shareholder.
Rivian
Wolverine also scaled back its Rivian put options in the first quarter.
The fund held puts on 9,846,200 Class A shares as of March 31, valued at approximately $148.2 million — a 29.8% decrease in share count and a 46.4% drop in value quarter over quarter.
The reduction followed a quarter of relative stability.
As of December 31, 2025, the position stood at 14,019,300 shares worth roughly $276.3 million, up marginally from the September 30 quarter.
Wolverine first disclosed Rivian put options in the first quarter of 2023 with 249,500 shares valued at approximately $3.9 million.
By around the same time, the firm acquired shares of the EV maker for the first time.
After three quarters, however, Wolverine exited the position — selling the 122,440 shares it held in the third quarter of 2023.
The firm did not return to a position in Rivian.
In addition to trimming puts, Wolverine exited its Rivian call options entirely during the quarter.
The March 31 filing shows zero call option shares, a 100% reduction from the 31,700 shares held as of December 31, 2025, which were valued at approximately $625,000.
Rivian’s Institutional Owners
According to Nasdaq, Rivian had 906 institutional holders on Wednesday morning, collectively owning over 708.7 million shares.
Volkswagen recently overtook Amazon as the EV maker’s largest single outside shareholder with a 15.9% stake.
Vanguard and BlackRock remain the two biggest institutional investors after the two strategic backers.
However, most of the institutions have yet to disclose their quarterly portfolios.
Wolverine’s Portfolio
Wolverine listed 1,599 total holdings with a disclosed portfolio valued at more than $10.8 billion.
The firm also held put options on 16,594,400 Nio shares at the end of the first quarter — maintaining a large bearish derivatives position in the Chinese EV maker alongside its Lucid and Rivian exposure.
The position of the Chicago-based quantitative investment manager was valued at $100.06 million, down 16.5% in share count from 19,862,900 shares at the end of 2025.
Wolverine held no Nio common shares and no call options on the stock as of the end of March.
The firm reentered Tesla‘s common stock last quarter, however, after having exited its position in September 2025.
Wolverine held 74,955 Tesla shares by the end of March, worth $27.9 million, alongside 82,400 call options and 128,200 put options — both slightly trimmed from the prior quarter.
