The largest public pension in the US increased its bets on NIO and Li Auto and liquidated its position in XPeng Motors in the third quarter.
The California Public Employees' Retirement System (CalPERS) owned 2,915,887 US-traded ADRs of NIO at the end of the third quarter, according to a 13F filing dated November 9.
This is an increase of 448,926 shares, or 18.2 percent, from the 2,466,961 shares held at the end of the second quarter.
CalPERS currently has about $430 billion in assets under management and is the largest public pension in the US.
The pension's holdings in NIO were worth $45.98 million at the end of the third quarter, down 14.18 percent from $53.58 million at the end of the second quarter.
CalPERS opened a position in NIO in the first quarter of 2019, when it bought 140,451 shares. NIO went public in the US on September 12, 2018.
The pension also owned 1,160,542 US-traded ADRs of Li Auto at the end of the third quarter, up 201,837 shares or 21.05 percent from 958,705 at the end of the second quarter.
CalPERS' holdings in Li Auto were worth about $26.7 million, a decrease of $10 million, or 27.29 percent, from $36.7 million at the end of the second quarter.
Notably, CalPERS liquidated its position in XPeng during the third quarter as it increased its holdings in NIO and Li Auto.
As of the end of the third quarter, the fund no longer owned any shares of XPeng. As a comparison, it held 975,106 shares of XPeng at the end of the second quarter, when it was worth $30.95 million.
In the third quarter, NIO was down 27 percent, XPeng was down 64 percent and Li Auto was down 40 percent.
CnEVPost reported earlier today that Bridgewater Associates, the world's largest hedge fund, continued to increase its bets on NIO in the third quarter, while its positions in XPeng Motors and Li Auto remained stable.
Baillie Gifford & Co's 13F filing, released last week, shows the Scottish investment firm increased its holdings in Tesla and NIO and decreased its holdings in Li Auto during the third quarter.