The world's largest hedge fund increased its position in Nio by 8 percent, reduced its position in Xpeng by 8 percent, and cut its position in Li Auto by 7.5 percent during the fourth quarter.

Bridgewater Associates, the world's largest hedge fund, increased its position in Nio and decreased its position in Xpeng and Li Auto by nearly the same magnitude during the fourth quarter.

Bridgewater owned 3,068,242 shares of Nio at the end of the fourth quarter, up 8 percent from 2,839,744 at the end of the third quarter, according to its Form 13F filing with the SEC on Monday.

Bridgewater's holdings in Nio were worth $97 million, down about 4 percent from $101 million at the end of the third quarter.

The fund owned 1,070,108 shares of Xpeng at the end of the fourth quarter, down about 8 percent from 1,167,207 at the end of the third quarter.

Its holdings in Xpeng were worth about $54 million, up 30 percent from $41 million at the end of the third quarter, as Xpeng rose in the fourth quarter.

Bridgewater held 1,556,928 shares of Li Auto at the end of the fourth quarter, down 7.5 percent from 1,683,346 at the end of the third quarter.

The value of its holdings in Li Auto was $50 million at the end of the fourth quarter, up about 13 percent from $44 million at the end of the third quarter.

In the fourth quarter of last year, Nio was down 11 percent, Xpeng was up 41.6 percent and Li Auto was up 22 percent.