The Public Investment Fund (PIF) has increased its investments in major American tech companies by 0.48% QoQ to USD 20.7 billion during the second quarter of this year.
What
The fund’s disclosure to the U.S. Securities and Exchange Commission showed an increase in stakes in seven companies while reducing stakes in five others.
So what
The disclosure revealed that the sovereign wealth fund of the Kingdom increased its ownership in the Brazilian digital banking company “NU Holdings.”
It also increased its options contracts in companies including Advanced Micro Devices (AMD), PayPal, Meta Platforms, Microsoft, and Nvidia.
Additionally, it raised its stake in the Italian fashion company “Ermenegildo Zegna,” which is the only firm on the list not closely related to technology.
Meanwhile, the fund slightly reduced its holdings in Adobe, Cummins, Visa, and Avalon Technologies, and decreased its options contracts in Starbucks.
Some context
In the second quarter of this year, the fund did not fully exit any of its 38 investments in stocks and options on U.S. exchanges, nor did any new company join its holdings.
Now what
The Public Investment Fund has approximately USD 925 billion of assets under management, making it the sixth largest globally, according to Global SWF.
The fund, which is driving the economic transformation in Saudi Arabia, aims to double its assets to exceed SAR 4 trillion next year, with a further increase to SAR 10 trillion planned according to the “Vision 2030” strategy.
