Canada Pension Plan Investment Board (CPPIB), the largest pension fund in the North American country, reduced its position in the Chinese car-making trio in the second quarter, after increasing its position in the first quarter.
CPPIB held 2,928,040 shares of NIO's US-traded ADRs at the end of the second quarter, down 1,469,191 shares, or 33.41 percent, from 4,397,231 at the end of the first quarter, according to a Form 13F filing on Friday.
The latest market value of the fund's holdings in NIO was $63.6 million, down $29.0 million, or 31.29 percent, from $92.6 million at the end of the first quarter.
CPPIB is one of the world's largest institutional investors in private equity, with more than $100 billion invested in private companies, both directly and through funds. It bought its first 688,359 shares of NIO in the second quarter of 2019.
The pension fund continued to reduce its holdings in NIO in the second and third quarters of last year, but continued to increase its holdings in the fourth quarter and first quarter of this year.
CPPIB also reduced its position in NIO's local peers XPeng Motors and Li Auto in the second quarter.
At the end of the second quarter, CPPIB held 973,200 shares of XPeng's ADRs, down 532,720 shares, or 35.38 percent, from 1,505,920 shares at the end of the first quarter.
This comes after the pension fund increased its position in XPeng in the fourth quarter of last year and the first quarter of this year, notably increasing its position from almost zero to 1,226,600 shares in the fourth quarter of last year.
CPPIB's holdings in XPeng were valued at $30.9 million, a decrease of $10.6 million from $41.5 million at the end of the first quarter.
At the end of the second quarter, CPPIB held 1,367,600 shares of Li Auto's US-traded ADRs, a decrease of 125,320 shares, or 8.39 percent, from 1,492,920 shares at the end of the first quarter.
Nonetheless, the pension fund's holdings in Li Auto had a market value of $52.4 million, up 35.97 percent from $38.5 million at the end of the first quarter, as Li Auto's share price soared in the second quarter.
During the second quarter, NIO rose 3 percent, XPeng rose 15 percent and Li Auto rose 48 percent.
The 13F filing from Baillie Gifford & Co, which was released earlier this month, shows that the Scottish investment firm increased its holdings in NIO and decreased its holdings in Tesla and Li Auto during the second quarter. It did not hold a stake in XPeng Motors.
Bridgewater Associates, the world's largest hedge fund, increased its bets on NIO and XPeng and slightly reduced its position in Li Auto in the second quarter.
Renaissance Technologies LLC, one of the world's most prominent hedge funds, increased its position in both NIO and XPeng by more than 200 percent and its position in Li Auto by 34.76 percent in the second quarter.
US billionaire George Soros' Soros Fund Management increased its bet on NIO in the second quarter, although not through the more common shares.