UBS Group reduced its holdings in Nio and XPeng Motors by more than 4 million shares each in the fourth quarter

UBS Group AG, which holds more than $600 billion in US stock assets, has recently taken the lead in submitting its Q4 2025 US stock 13F position filing to the SEC as of December 31, 2025.

According to data from 13f.info and WhaleWisdom, UBS Group significantly reduced its holdings in Nio and XPeng Motors in Q4 but increased its position in Li Auto.

Excluding options, UBS Group reduced its holdings in Nio's US stock by $NIO Inc (NIO.US)$ 4.228 million shares, with the holding size decreasing by 15% quarter-over-quarter to 24.5497 million shares, hitting a new low since Q4 2024. Coupled with a 33.1% decline in Nio's US stock price during the period, the total value of UBS Group’s holdings fell by 42.9% quarter-over-quarter to $125 million.

Among institutions that have submitted their Q4 13F filings, UBS Group ranks first in terms of Nio’s holding size, followed by WT Asset Management Ltd. The latter reduced its holdings in Nio's US stock by 6.0397 million shares, a quarter-over-quarter decrease of 32%. Aspex Management (HK) Ltd., which replaced UBS Group as the largest institutional shareholder of Nio's US stock in Q3, has not yet disclosed its latest position.

Top 10 institutional holders of Nio's US stock 13F positions for Q3 2025 and their holding sizes. Image source: 13f.info

For the other two Chinese new energy vehicle makers listed in the US, XPeng Motors and Li Auto, UBS Group's holding positions have varied.

In the fourth quarter, UBS Group reduced its holdings of XPeng’s US shares$XPeng (XPEV.US)$by 4.9705 million shares, representing a 48% decrease quarter-over-quarter to 5.3412 million shares, marking the lowest level since the fourth quarter of 2024; coupled with the company’s share price falling by 13.4% during this period, the institution’s total holding value in XPeng’s US shares dropped by 55.1% quarter-over-quarter to $108 million.

UBS Group began establishing a position in XPeng’s US shares in the third quarter of 2020. After significantly increasing its stake in the third quarter of 2025, its holding surpassed 10 million shares for the first time, moving it up to fourth place in terms of largest holders.

Top ten institutions and their holdings in Xiaopeng's US stock 13F positions for the third quarter of 2025, image source: 13f.info

TMT General Partner Ltd., which previously ranked second in holdings, also made significant reductions in XPeng’s US shares in the fourth quarter, with its holding size decreasing by 59% quarter-over-quarter to 10.2858 million shares; Alibaba, which ranks first, has yet to disclose its latest 13F filing for the quarter.

In the fourth quarter, UBS Group increased its holdings of Li Auto’s US shares$Li Auto (LI.US)$by 503,600 shares, reflecting a 33% increase quarter-over-quarter to 2.0311 million shares; combined with the company’s share price dropping by 33.2% during this period, UBS Group’s total holding value in Li Auto’s US shares declined by 11.2% quarter-over-quarter to $34 million.

Considering UBS Group’s historical positions in Nio, XPeng, and Li Auto’s US shares, since first establishing positions in the third quarter of 2018 and the third quarter of 2020 respectively, the group’s latest holding sizes for the three companies rank fifth historically, with relatively active trading frequencies over recent quarters.

As of now, two institutions disclosed增持 (increasing) Nio’s US shares by more than 1 million shares in the fourth quarter: IMC-Chicago, LLC and SG Americas Securities, LLC, with increases of 102% and 90% respectively, reaching 3.1786 million shares and 3.0064 million shares.

Top ten institutional holders and their position sizes for Li Auto's US stock as of Q3 2025, Image Source: 13f.info

During the same period, the two institutions also marginally increased their holdings in XPeng Motors' US stock, with positions of 1.1684 million shares and 810,000 shares respectively. Yong Rong (HK) Asset Management Ltd re-established its position in XPeng Motors after 15 quarters, reaching a holding size of 1.588 million shares by the end of the reporting period.

In comparison, SG Americas Securities, LLC had a relatively lower position in Li Auto’s US stock, holding only 324,000 shares; IMC-Chicago, LLC exited its entire position in Li Auto’s US stock during the fourth quarter.

Overall, the proportion of 'Nio, XPeng, and Li Auto' remains at a relatively low level in UBS Group's portfolio.

By the end of the fourth quarter, UBS Group's total market value of holdings decreased by 3.4% to $616.68 billion quarter-over-quarter. Nio, XPeng, and Li Auto accounted for 0.02%, 0.02%, and 0.01% respectively; the top ten major holdings, including NVIDIA, Microsoft, Apple, Broadcom, and Amazon, collectively made up 14.52% of the institution’s portfolio.

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