The Kingdom’s Public Investment Fund (PIF) has cut its ownership in US equities from $35.2 billion in Q4 2023 to $20.6 billion in Q1 2024, according to a filing with the US Securities and Exchange Commission (SEC).
As a result of this move, the $700 billion sovereign wealth fund reduced the value of its direct investments in US company equities by nearly half.
The PIF lowered its holdings in 11 companies, Air Products and Chemicals, PayPal, Meta Platform, Adobe Inc., Starbucks, Microsoft, Alphabet, Salesforce Inc., Amazon, Advanced Micro Devices, and Booking Holding, the filing showed.
Additionally, Bloomberg reported that the PIF has divested a $602 million stake in BlackRock, a $942 million investment in Carnival, and a $757 million position in Booking Holdings.
These direct holdings were replaced with call options on a smaller number of shares. The PIF invested in three new companies: Nu Holdings, ARM and NVIDIA.
The US exchange requires institutional investors that trade $100 million or more of equities to disclose their holdings at the end of each quarter through a Form 13F.
