What smart money is saying about Rivian Automotive
RIVN
No fund has written a full thesis on Rivian Automotive in our archive, but 1 fund letter reports a position in it — most recently Pender Alternative Absolute Return Fund in July 2026.
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1
Reported positions
0
Bought
1
Sold
1
Letter
Position history
Every position in Rivian Automotive on record in the archive was reported in Q3 2026, across 1 fund letter — 1 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 0 | 1 | 0 |
Fund activity · 2 positions · 1 move
- July 2026
“There were positive developments in our capital structure trade in Rivian Holdings LLC (Nasdaq: RIVN) where we own a first lien secured bond and hedge with a much smaller short position in the company’s equity. Our thinking behind this capital structure trade was that the bond and equity were pricing in significantly different risk profiles for the business. As a sub-scale automotive OEM, we believed that Rivian would likely need to raise equity capital, which would require a discount to market while also presenting a positive catalyst for credit spreads to compress. This thesis played out in early July as the company reported better than expected second quarter sales volumes and increased guidance for vehicle deliveries for the full year. Following a rise in stock price after this update, Rivian raised about $1.2 billion in equity to fund future growth at a more than 20% discount to the last trade prior to the announcement. Rivian has also raised equity from strategic partners Volkswagen and Uber in 2026 for a combined $1.3 billion in the first six months of the year. We used the decline in share price to opportunistically cover most of our short position.”
Rivian Automotive - July 2026
“While the bond price rebounded somewhat in August, at a yield to worst of more than 9%, we believe this credit is mispriced relative to the broad market and is one of our highest conviction long positions in the Fund. Our bond is the top $1.25 billion of Rivian’s capital structure, which has an equity market value of over $20 billion.”
Rivian Automotive
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