Renaissance increased its stake in Nio by 228.96 percent to 17,768,900 shares and Xpeng by 256.81 percent to 3,620,600 shares in the second quarter.
Renaissance Technologies LLC, one of the world’s most prominent hedge funds, increased its bets on Chinese electric vehicle companies in the second quarter, particularly for Nio and Xpeng Motors.
Renaissance held 17,768,900 US-traded ADRs of Nio at the end of the second quarter, up 12,367,300 shares, or 228.96 percent, from 5,401,600 shares at the end of the first quarter, according to its Form 13F filed with the SEC on Friday.
Renaissance’s holdings in Nio were worth about $386 million, up 239.43 percent from $114 million at the end of the first quarter.
The fund began holding Nio in the second quarter of 2021, when it bought 5,293,900 shares.
Its position in Nio decreased sequentially in the third and fourth quarters of last year, but re-increased in the first quarter of this year.
Renaissance also significantly increased its position in Xpeng in the second quarter, holding 3,620,600 shares at the end of the second quarter, up 2,605,900 shares, or 256.81 percent, from 1,014,700 shares at the end of the first quarter.
The fund’s holdings in Xpeng were worth $115 million at the end of the second quarter, up 310.48 percent from $28 million at the end of the first quarter.
Renaissance first bought Xpeng in the third quarter of 2021.
The fund also increased its position in Li Auto in the second quarter, although not as much as Nio and Xpeng.
Renaissance owned 6,028,900 shares of Li Auto at the end of the second quarter, up 1,555,200 shares, or 34.76 percent, from 4,473,700 shares at the end of the first quarter.
The fund’s holdings in Li Auto were worth about $230 million at the end of the second quarter, up 100 percent from $115 million at the end of the first quarter.
Renaissance first bought Li Auto in the second quarter of 2021 and has increased its position in the company in each subsequent 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, released earlier this week, shows that the Scottish investment firm increased its holdings in Nio and decreased its holdings in Tesla and Li Auto in the second quarter. It has no holdings 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.
Bridgewater adds 202,598 shares of Nio in Q2, bringing total position to over 5.5 million shares
