Renaissance Technologies LLC, one of the world's most prominent hedge funds, cut its position in NIO in the third quarter and doubled its bets on two other Chinese electric vehicle companies, XPeng Motors and Li Auto.
Renaissance held 12,681,700 US-traded ADRs of NIO at the end of the third quarter, down 5,087,200 shares, or 28.63 percent, from 17,768,900 shares at the end of the second quarter, according to a Form 13F filing on Monday.
Renaissance's holdings in NIO were worth about $200 million, down $186 million, or 48.18 percent, from $386 million at the end of the second quarter.
The fund began holding NIO in the second quarter of 2021, when it bought 5,293,900 shares. It then reduced its position in NIO for two consecutive quarters in the third and fourth quarters of 2021.
In the first and second quarters of this year, Renaissance increased its position in NIO for two consecutive quarters.
While reducing its position in NIO, the fund significantly increased its position in XPeng and Li Auto in the third quarter.
At the end of the third quarter, Renaissance held 6,316,939 shares of XPeng's US-traded ADRs, up 2,696,339 shares, or 74.47 percent, from 3,620,600 shares at the end of the second quarter.
The fund's holdings in XPeng were valued at $75.49 million, down 34.31 percent from $115.0 million at the end of the second quarter, as XPeng declined significantly during the third quarter.
Renaissance first bought XPeng in the third quarter of 2021.
Renaissance owned 12,419,600 shares of Li Auto at the end of the third quarter, up 6,390,700 shares or 106 percent from 6,028,900 shares at the end of the second quarter.
The fund's holdings in Li Auto were worth $286 million, up 23.73 percent from $230 million at the end of the second quarter.
Renaissance first bought Li Auto in the second quarter of 2021 and has increased its position in the company in each subsequent quarter.
In the third quarter, NIO fell 27 percent, XPeng fell 64 percent and Li Auto fell 40 percent.
The 13F filings earlier this month showed that Bridgewater Associates, the world's largest hedge fund, continued to increase its bets on NIO in the third quarter and held steady positions in XPeng and Li Auto.
Baillie Gifford & Co increased its holdings in Tesla and NIO and decreased its holdings in Li Auto in the third quarter.
The California Public Employees' Retirement System, the largest public pension in the US, increased its bets on NIO and Li Auto and liquidated its position in XPeng in the third quarter.
US billionaire George Soros' Soros Fund Management increased its bet on NIO notes and bought call options on the company for the first time in the third quarter.