The Public Investment Fund (PIF) of Saudi Arabia has observed a slight increase in its investments within the US stock market, with the total value ascending to $20.66 billion in Q2, up from $20.55 billion the preceding quarter.
Undergoing a comprehensive strategic revision, the sovereign wealth fund has boosted its investments in prominent technology and financial entities. Conversely, it has scaled back its stakes in other renowned enterprises, as revealed by the US Securities and Exchange Commission’s data.
A highlight of the PIF’s portfolio reshuffle includes more than doubling its shares in Advanced Micro Devices (AMD), escalating from 1.08 million to 2.31 million shares. Additionally, the fund has markedly heightened its investment in PayPal, with the number of shares owned surging from 1.38 million to 4.26 million, showcasing a solid belief in the payment services industry.
In the realm of technology, PIF has expanded its influence significantly. Its stake in Meta Platforms has grown, as well as its investment in Microsoft, which witnessed a rise in shares held. Remarkably, the fund’s investment in Nvidia Corp. soared tenfold, and its stake in Nu Holdings experienced a substantial boost too.
The fund’s strategic maneuvers are in line with its ambition to emerge as a leading global investment entity, instrumental in molding the future of the global economy and contributing to Saudi Arabia’s economic reformation. The PIF is setting its sights on elevating its yearly investments to SR150 billion by 2025, with a goal to augment its assets under management to SR4 trillion.
However, it’s noteworthy that the PIF has also contracted its holdings in several corporations amid this aggressive expansion. The fund lessened its investments in Booking Holdings and Adobe Inc., in addition to reducing its stake in Cummins Inc. Within the consumer sector, Starbucks, Salesforce, and Visa also saw their shares diminished by the fund.