Written by Cláudio Afonso | LinkedIn | X
Geode, the index fund arm of Fidelity, has published the quarterly update of its portfolio revealing that increased its stake in the electric vehicle (EV) startup Canoo by 150.61% over the last three months.
After acquiring 459,978 shares in the first quarter — bringing its total to 533,786 shares — the fund added another 803,944 shares between April and June. In total, Geode holds now 1,337,730 shares in the California-based EV maker.
| File Date | Previous Shares | Shares Reported | Shares Change |
|---|---|---|---|
| August 9, 2024 | 533,786 | 1,337,730 | 803,944 (+150.61%) |
| May 13,024 | 73,808 | 533,786 | 459,978 |
Canoo will report its second-quarter results on Wednesday, August 14, which will be followed by a conference call as shareholders expect updates from the several pilot programs the company has been involved in.
Never Miss an Update on Canoo
Over the same period, the fund also increased its position in the luxurious EV maker Lucid Motors by 9.62% owning now $52.1 million worth of shares, and on China’s manufacturer Nio to a total of 7,885,425 shares.
Founded in 2001, Geode closed the second quarter with $1.375 trillion in Assets Under Management, with Apple, Microsoft, and chip giant Nvidia as its top three holdings.
As of today, Canoo has 623 institutional shareholders who collectively hold 326.7 million shares, according to data from Fintel.
Most of institutional shareholders have sold their position in Canoo over the last months. The company reached a peak institutional ownership in mid last year when it registered over 100 million shares held by institutions.
As of today, and according to Fintel, the company has 113 institutional shareholders holding a total of more than 7.56 million shares.
Geode Capital Management operates independently but is closely integrated with Fidelity Investments, as it oversees a substantial portion of Fidelity’s index and passive investment strategies.
Last week, Fidelity published its updated portfolio as of the end of the second quarter disclosing that has drastically reduced its position in the EV startup across four funds.
Fidelity Total Market Index Fund (FSKAX) reported owning 88,385 shares valued at nearly $200,000 as of the end of May after dumping 90% of its position in Canoo.
As recently reported by EV, the Consumer Discretionary Index Fund (VCDAX) from Vanguard — the world’s second-largest asset manager — slashed its position in Canoo by nearly 94%.
Written by Cláudio Afonso | LinkedIn | X
Never Miss an Update on Canoo
The post Geode Increases its Position in Canoo by 150% in Q2, Adds 800,000+ Shares first appeared on EV.