Renaissance Technologies cut its Rivian holding by 58.1% and its Nio holding by 60.9% in the third quarter, and sold almost all of its Nvidia shares, which had been its largest position in June, according to its latest 13F filing with the U.S. Securities and Exchange Commission.
The quantitative investment firm founded by mathematician Jim Simons held 3,182,896 Rivian Class A shares at the end of September, down from 7,599,796 in June. Its Nio holding fell to 6,313,800 American depositary shares (ADS) from 16,161,048.
Renaissance trades on computer models, and its holdings can turn over sharply from one quarter to the next.
The report, covering the quarter ended September 30, lists 3,151 holdings worth $73.42 billion, up from 3,140 entries worth $72.62 billion in June.
Rivian Cut Again
The Rivian cut is the third in a row since Renaissance reported 16,397,496 shares at the end of 2025, the largest in its filings since Rivian went public in November 2021. It reduced the position to 10,917,096 shares in March and 7,599,796 in June.
The September count is 80.6% below the December peak and the smallest since June 2025, when the firm held 1,991,200 shares. It equals about 0.22% of the 1,455,696,138 Class A shares Rivian reported outstanding on October 20.
The position was valued at $47.6 million, down from $131.9 million in June, as Rivian shares fell 13.9% over the quarter to $14.94, the September 30 close at which they were marked. The holding ranked 373rd in the portfolio by value, down from 108th.
Rivian shares closed at $12.80 on Thursday, down 5.5%, which would value the stake at about $40.7 million. The stock has fallen 35.1% this year from its 2025 closing price of $19.71, and is 43.6% below the 52-week high of $22.69 it touched on December 22, 2025.
Rivian reported third-quarter results on October 29. Deliveries rose 46% to 19,248 vehicles and revenue rose 38% to $2.155 billion, and the company raised its 2026 delivery forecast to 67,000 to 70,000 vehicles from 65,000 to 70,000.
Other large holders moved the other way. JPMorgan Chase raised its Rivian stake by 30.0% to a record 29,444,117 shares, State Street added 13.6% to 25,444,018 and Fidelity’s parent FMR lifted its holding 23.7% to 10,574,694 shares.
Nio Reversal
The Nio cut reversed two quarters of increases. Renaissance had raised its holding from 8,489,400 ADS at the end of 2025 to 14,452,131 in March and 16,161,048 in June, the most since June 2022, when it reported a record 17,768,900.
Between December 2024 and December 2025, the holding stayed between 7.0 million and 9.1 million ADS.
The September figure is its smallest Nio position since June 2024, when it held 258,700 ADS. The holding was valued at $21.7 million, down from $81.8 million, as Nio’s ADS fell 32.2% over the quarter to $3.43.
Nio’s ADS closed at $3.05 on Thursday, down 5.9%, their lowest close since April 2020, after JPMorgan reported a near exit from its Nio stake.
They touched $3.02 during the session, matching April 8, 2025’s intraday low. At Thursday’s close, the Renaissance stake would be worth about $19.3 million.
The US-listed shares are down 40.2% this year, 11.1% below their September 30 close and 39.7% below their June 30 close.
Nio delivered 34,246 vehicles in October, down 15.2% from a year earlier and its first year-on-year decline since February 2024. It was the group’s lowest monthly total since April, when it delivered 29,356.
The Nio brand delivered 18,125 vehicles, Onvo 8,383 and Firefly a record 7,738. It delivered 109,178 vehicles in the third quarter, up 25.4%, and has not yet reported third-quarter financial results.
Other filers split on Nio. UBS nearly doubled its holding to 36,586,129 ADS, Barclays raised its stake 76.1% to 4,476,270 and Citigroup added 20.0% to 816,755. Mackenzie Financial raised its position for a fifth straight quarter to 7,510,347 ADS.
JPMorgan cut its Nio holding by 97.7% to 62,998 ADS, and Deutsche Bank cut 37.7% to 212,938.
Nvidia Falls Out of the Top
Renaissance reported 23,170 Nvidia shares at the end of September, down 99.7% from 7,091,256 in June. The June stake, valued at $1.42 billion, was the largest in the portfolio. The September position, worth $5.3 million, ranked 1,373rd.
It was the firm’s smallest Nvidia holding since December 2022, when it reported none. Micron Technology replaced Nvidia as its largest position, at $1.62 billion, ahead of Alphabet at $1.38 billion and Advanced Micro Devices at $1.21 billion.
Nvidia shares closed at $166.19 on Thursday, down 4.3%, their lowest close since March 30, after the board accepted Jensen Huang’s resignation as President and Chief Executive Officer and named Chief Financial Officer Colette Kress Interim Chief Executive Officer.
The Renaissance filing shows the position as of September 30, six weeks before Huang’s resignation.
Nvidia stock is down 10.9% this year and 30.5% below its record close of $239.24 on October 6.
Tesla and Other Carmakers
Renaissance cut its Tesla holding by 38.4% to 684,145 shares, valued at $242.7 million, from 1,110,960 in June. Tesla fell to 47th place in the portfolio from 17th but remained its largest carmaker holding by value.
Renaissance had reported no Tesla shares in June 2025 and 1,362,122 at the end of 2025. The stock closed at $397.45 on Thursday, down 11.6% this year and 18.9% below its record close of $489.88 on December 16, 2025. It has risen 33.2% since its 2026 closing low of $298.32 on July 29.
Among Chinese EV makers, it trimmed its Li Auto position 4.3% to 6,235,939 ADS, worth $70.8 million, now its largest holding of a Chinese carmaker by value.
It was the fifth straight quarterly decline and the smallest Li Auto holding since June 2022, when the firm reported 6,028,900 ADS. The stake peaked at 12,419,600 in September 2022. It reported 180,300 XPeng ADS, worth $1.7 million, after holding none in June.
It raised General Motors by 20.9% to 571,800 shares, worth $44.0 million, and returned to Ford with 459,009 shares, worth $5.5 million. It had held 24,730,852 Ford shares at the end of 2025 and none in March or June.
Renaissance also reported new positions in Stellantis, with 1,323,162 shares, and Toyota, with 10,300 ADS. It raised Honda by 87.2% to 168,300 ADS, halved Ferrari to 18,306 shares and cut VinFast by 81.0% to 24,700 shares.
It held no Polestar shares in either quarter and has not reported Lucid shares since June 2025.
Renaissance also reported 2,013,200 Uber shares, worth $137.9 million, after holding none in June. It had held 1,796,200 in March.
Managers have until November 16 to report holdings as of September 30. Morgan Stanley, which reported 27,411,634 Nio ADS in June, has not yet filed, nor have BlackRock, Vanguard or Goldman Sachs.
