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High-profile hedge funds jump on the EV bandwagon, loading up on Rivian shares

Published Mon, Feb 21 20229:00 AM EST

Yun Li @YunLi626

A slew of big-name hedge funds added stakes in the burgeoning electric vehicle space at the end of 2021, and the interest in newly public Rivian Automotive was particularly high among high-profile investors from Dan Loeb to Philippe Laffont. Electric pickup maker Rivian attracted sizeable investments from a number of hedge funds in the fourth quarter, according to new quarterly regulatory filings. Laffont's Coatue Management scooped up nearly $3.7 billion worth of shares last quarter, while Daniel Sundheim's D1 Capital Partners invested $1.6 billion in the EV maker, making it its second-biggest holding. Andreas Halvorsen's Viking Global Investors bought more than $300 million worth of Rivian's stock in the fourth quarter. Those three investors are some of the so-called Tiger Cubs who trained under hedge fund pioneer Julian Robertson. Electric vehicle makers have become investor darlings on growing demand for cleaner cars. Many bet that EV stocks could benefit from new legislation and federal grants to build a national network of electric vehicle charging stations. Rivian, backed by Amazon, was one of the biggest IPOs of 2021 with its market cap briefly topping those of traditional automakers like Ford and General Motors . However, the stock has wiped out all of its post-debut pop, falling 37% in 2022. Many other electric-vehicle start-ups have also suffered steep losses during 2022's tech-led market sell-off, including Lordstown Motors , Nio , Canoo and Nikola. Since some of these new companies have yet to produce th