Key Takeaways
- • Two Sigma Investments cut its Rivian stake for a second consecutive quarter, selling 3.65 million shares in Q1 2026 to hold 9.5 million shares valued at approximately $143.8 million as of March 31, according to its 13F filing.
- • Two Sigma Securities, the firm's broker-dealer arm, fully exited its Rivian position, selling all 37,203 shares and eliminating all call and put options, per Fintel data.
- • Two Sigma Investments raised its Nio stake from 679,000 shares to 13.3 million shares in Q1 2026, worth $80.3 million at March 31 and the largest position the firm has ever held in the Chinese EV maker.
- • Volkswagen Group has overtaken Amazon as Rivian's largest shareholder, holding 209.8 million Class A shares (a 15.9% stake) as of the latest filings.
- • Among Nio's institutional holders, DE Shaw, BNP Paribas and Jane Street Group reduced positions in Q1, while BlackRock nearly doubled its stake to 10.73 million shares and Bank of America reached a new high of 14.3 million shares. Nio reports Q1 results on May 21.
Summary
Two Sigma Investments disclosed significant changes to its electric vehicle holdings in its 13F filing for the first quarter of 2026. The New York-based quantitative hedge fund operates through three entities: Two Sigma Investments and Two Sigma Advisers, both SEC-registered investment advisers managing institutional money using the firm's data-driven models, and Two Sigma Securities, its broker-dealer arm focused on market making and algorithmic execution. Of these, only Two Sigma Investments and Two Sigma Securities had reported first-quarter 2026 portfolios at the time of the report. According to Fintel data, Two Sigma Advisers held more than 20.6 million Rivian shares as of its most recent filing, following an increase of 6.3 million shares in the fourth quarter of 2025.
At the Two Sigma Investments level, the fund reduced its Rivian position for the second consecutive quarter, selling 3.65 million shares between January and March. It held 9.5 million shares at quarter-end, valued at about $143.8 million as of March 31. The position has cycled repeatedly since the fund first disclosed Rivian in the fourth quarter of 2022, including full exits in 2024 and a peak of nearly 16.8 million shares in the third quarter of 2025. Two Sigma Securities exited its Rivian position entirely during the same period.
In Nio, Two Sigma Investments increased its stake from 679,000 shares to 13.3 million shares during the first quarter, worth $80.3 million by March 31. The position is the largest the firm has held in the Chinese EV maker, which it first invested in during the third quarter of 2018. The stake has been volatile, with repeated entries and full exits since 2018. Two Sigma Securities disclosed 50,636 Nio shares, a 52.6% reduction from the prior quarter. Two Sigma Advisers, which had not yet reported Q1 figures, held 5.5 million Nio shares at the end of 2025.
Across the broader institutional base, Rivian has 934 institutional shareholders holding about 777.5 million shares, according to Nasdaq data. Amazon, an early backer since 2019 with roughly 158 million shares, has been overtaken by Volkswagen Group, which holds 209.8 million Class A shares, or 15.9%, up from 146 million in mid-2025. UBS cut its Rivian holdings by 26.4% to just below 10.3 million shares, Deutsche Bank trimmed for a second straight quarter to 1,879,129 shares, and Citigroup sold about 1.19 million shares to hold 8,674,247. BlackRock disclosed a stake of nearly 54 million shares after acquiring 3.5 million, and Goldman Sachs bought over 3 million shares to reach a record 8.9 million.
Nio has 519 institutional owners holding roughly 288 million shares, per Nasdaq. CYVN Holdings remains the main backer with nearly 20%. First-quarter filings show DE Shaw sold nearly 10 million shares, a 20% cut, leaving 38.3 million shares valued at about $225 million, while BNP Paribas shed 8 million shares (a 38.3% decrease) to 13.3 million. Jane Street Group cut its stake by 71.9% to 5.5 million shares. BlackRock nearly doubled its position with a 92.2% increase to 10.73 million shares, and Bank of America reached a new high of 14.3 million shares. Nio reports first-quarter financial results on May 21.
At the Two Sigma Investments level, the fund reduced its Rivian position for the second consecutive quarter, selling 3.65 million shares between January and March. It held 9.5 million shares at quarter-end, valued at about $143.8 million as of March 31. The position has cycled repeatedly since the fund first disclosed Rivian in the fourth quarter of 2022, including full exits in 2024 and a peak of nearly 16.8 million shares in the third quarter of 2025. Two Sigma Securities exited its Rivian position entirely during the same period.
In Nio, Two Sigma Investments increased its stake from 679,000 shares to 13.3 million shares during the first quarter, worth $80.3 million by March 31. The position is the largest the firm has held in the Chinese EV maker, which it first invested in during the third quarter of 2018. The stake has been volatile, with repeated entries and full exits since 2018. Two Sigma Securities disclosed 50,636 Nio shares, a 52.6% reduction from the prior quarter. Two Sigma Advisers, which had not yet reported Q1 figures, held 5.5 million Nio shares at the end of 2025.
Across the broader institutional base, Rivian has 934 institutional shareholders holding about 777.5 million shares, according to Nasdaq data. Amazon, an early backer since 2019 with roughly 158 million shares, has been overtaken by Volkswagen Group, which holds 209.8 million Class A shares, or 15.9%, up from 146 million in mid-2025. UBS cut its Rivian holdings by 26.4% to just below 10.3 million shares, Deutsche Bank trimmed for a second straight quarter to 1,879,129 shares, and Citigroup sold about 1.19 million shares to hold 8,674,247. BlackRock disclosed a stake of nearly 54 million shares after acquiring 3.5 million, and Goldman Sachs bought over 3 million shares to reach a record 8.9 million.
Nio has 519 institutional owners holding roughly 288 million shares, per Nasdaq. CYVN Holdings remains the main backer with nearly 20%. First-quarter filings show DE Shaw sold nearly 10 million shares, a 20% cut, leaving 38.3 million shares valued at about $225 million, while BNP Paribas shed 8 million shares (a 38.3% decrease) to 13.3 million. Jane Street Group cut its stake by 71.9% to 5.5 million shares. BlackRock nearly doubled its position with a 92.2% increase to 10.73 million shares, and Bank of America reached a new high of 14.3 million shares. Nio reports first-quarter financial results on May 21.
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