Morgan Stanley slightly reduced its position in Nio in the fourth quarter, while increasing its holdings in XPeng Motors and Li Auto

On February 13 local time, Morgan Stanley, which manages more than $1.6 trillion in US stock assets, filed its Q4 2025 13F holdings report with the SEC as of December 31, 2025.

According to data from 13f.info and WhaleWisdom, Morgan Stanley slightly reduced its position in Nio's US shares while increasing its positions in XPeng Motors and Li Auto's US shares respectively.

Excluding options, Morgan Stanley reduced its holdings in Nio's US shares $NIO Inc (NIO.US)$ by 897,000 shares, with the position size decreasing by 5% sequentially to 15.2693 million shares. Affected by a 33.1% decline in Nio’s share price during the period, Morgan Stanley’s total holding value in Nio’s US shares fell by 36.8% sequentially to $78 million.

Among institutions that have submitted their Q4 13F filings, Morgan Stanley ranks fourth in terms of holding size in Nio’s US shares, trailing only UBS Group AG, BNP Paribas Financial Markets, and Jane Street Group, LLC.

As of February 13, 2026, the top ten institutional holders and their position sizes for Nio's US shares in Q4 2025, image source: 13f.info.

Aspex Management (HK) Ltd., which surpassed UBS last quarter to become the largest institutional shareholder in Nio’s US shares based on 13F filings, cut its holdings in Nio’s US shares by 21.8584 million shares in Q4, with the position size falling 62% sequentially to 13.1416 million shares, currently ranking sixth. This means the largest institutional shareholder of Nio’s US shares will change hands again after one quarter.

Morgan Stanley began building its position in Nio’s US shares when the stock debuted on the NYSE in Q3 2018, peaking at over 28 million shares in Q1 2024. The firm began building positions in XPeng Motors and Li Auto’s US shares when the two automakers listed on the NYSE and Nasdaq respectively in Q3 2020, with peak holdings exceeding 10 million shares and 9 million shares respectively.

In the fourth quarter, Morgan Stanley increased its holdings of XPeng Motors' US shares by 762,800 shares, representing a 15% increase from the previous quarter to 5.8551 million shares. Due to the company's share price falling 13.4% during the period, the value of Morgan Stanley’s holdings in XPeng Motors’ US shares fell 0.4% quarter-over-quarter to $118.7 million.

Among institutions that have already submitted their fourth-quarter 13F filings, Morgan Stanley ranks fourth temporarily in terms of its holdings of XPeng Motors' US shares.$XPeng (XPEV.US)$The top three institutions ahead of it are Alibaba, Primecap Management Company, and TMT General Partner Ltd. Among them, Alibaba’s holdings have remained unchanged for three consecutive quarters, still at 33.5372 million shares.

As of February 13, 2026, the top ten institutions holding positions in Xiaopeng Motors' U.S. stocks in the fourth quarter of 2025 and their position sizes, image source: 13f.info.

During the same period, Morgan Stanley increased its holdings in Li Auto’s US shares by 914,900 shares, marking a 46% increase from the previous quarter to 2.9158 million shares. Affected by the company's share price dropping 33.2% during this period, the total market value of Morgan Stanley’s holdings in Li Auto’s US shares fell 2.6% quarter-over-quarter to $49 million.

Among institutions that have already submitted their fourth-quarter 13F filings, Morgan Stanley ranks third temporarily in terms of its holdings of Li Auto’s US shares, behind Renaissance Technologies LLC and Xiamen New Latitude Innovation Investment Partnership (Limited Partnership). The former reduced its holdings of Li Auto’s US shares by 689,800 shares in the fourth quarter, with a quarter-over-quarter decrease of 8% to 7.4418 million shares; the latter has not changed its holdings for two consecutive quarters.$Li Auto (LI.US)$The position size ranks third, only behind Renaissance Technologies LLC and Xiamen Xinweida Venture Capital Partnership (Limited Partnership). Among them, the former reduced its holdings of Li Auto's U.S. stocks by 689,800 shares in the fourth quarter, with the position size decreasing by 8% to 7.4418 million shares; the latter's position size has remained unchanged for two consecutive quarters.

As of February 13, 2026, the top ten institutions holding Li Auto's 13F positions in the U.S. stock market for the fourth quarter of 2025 and their respective holdings, image source: 13f.info.

By the end of the fourth quarter, the total market value of Morgan Stanley’s holdings increased 1.4% quarter-over-quarter to $1.67 trillion, with the top ten largest positions—Apple, NVIDIA, Microsoft, Google, and Amazon—accounting for 22.15% of its portfolio.

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