Baillie Gifford trimmed its holdings in and by 0.77 percent and 2.83 percent, respectively, in the first quarter, but the value of its holdings in them rose.

Scottish investment firm Baillie Gifford & Co trimmed its holdings in Nio (NYSE: NIO) and Tesla (NASDAQ: TSLA) slightly in the first quarter, but the value of both positions increased.

Baillie Gifford held 120,132,616 shares of Nio's US-traded ADRs at the end of the first quarter, according to a 13F filing posted on the SEC's website on May 3.

That's down 926,459 shares, or 0.77 percent, from 121,059,075 at the end of the fourth quarter, CnEVPost's calculations show.

During the fourth quarter of last year, Baillie Gifford's position in Nio increased by 24,277,897 shares or 25.09 percent.

Baillie Gifford's holdings in Nio were worth $1.26 billion at the end of the first quarter, up 6.97 percent from $1.18 billion at the end of the fourth quarter.

Nio rose 7.79 percent in the first quarter after it fell 38 percent in the fourth quarter of last year.

In addition to reducing its position in Nio slightly, Baillie Gifford also reduced its holdings in Tesla slightly in the first quarter.

At the end of the first quarter, the fund held 26,054,483 shares of Tesla, down 759,855 shares, or 2.83 percent, from 26,814,338 shares in the fourth quarter of last year.

However, Baillie Gifford's holdings in Tesla were worth $5.4 billion at the end of the first quarter, up 63.65 percent from $3.3 billion in the fourth quarter of last year, due to a big jump in Tesla's stock price in the first quarter.

Tesla rose 68.42 percent in the first quarter after it fell 59 percent in the fourth quarter of last year.

Baillie Gifford previously held (NASDAQ: LI), but liquidated its position in the extended-range electric vehicle (EREV) maker in the fourth quarter of last year.

As of March 31, Baillie Gifford did not own Li Auto, (NYSE: XPEV) or (OTCMKTS: BYDDY) shares.

NIO asks its community for advice on pricing of new ES6