PIF raises holding of US equities in Q2 2023

15/08/2023 Argaam Special
Logo ofPublic Investment Fund

Logo of Public Investment Fund


The Public Investment Fund (PIF) raised its holding of US equities from $35.52 billion in Q1 2023 to $38.93 billion in Q2 2023, according to a US Securities and Exchange Commission (SEC)  filing.

 

The Kingdom’s sovereign wealth fund increased its holdings in Lucid Group, Air Products and Alibaba as it bought 265.7 million shares in Lucid in Q2.

 

According to data available with Argaam, Lucid Group announced last June that PIF, through its subsidiary Ayar Third Investment Co., approved the purchase of an additional 265.7 million shares of the company, worth approximately $1.8 billion, in a private placement of the company's shares.

 

As a result of the purchase, Ayar Third Investment is expected to maintain its ownership in the company of 60.5%.

 

Meanwhile, the fund reduced its ownership in Avery Dennison Corp., according to a disclosure on SEC for Q2 2023.

 

The following table illustrates the fund’s holding of US equities at the end of Q2 2023:
 

Details of PIF Investments in US Market

Company

Stake by end of Q1 2023

(‘000 shares)

Value by end of Q1 2023

($ mln)

Stake by end of Q2 2023

(‘000 shares)

Value by end of Q2 2023

($ mln)

Change

(‘000 shares)

Lucid Group

1109006.60

8916.41

1374700.30

9471.69

+ 265,693.70

Activision Blizzard

37909.16

3244.65

37909.16

3195.74

--

Utilities Select Sector SPDR

32986.50

2232.86

32986.50

2158.64

--

Electronic Arts

24807.93

2988.12

24807.93

3217.59

--

Uber

72840.54

2309.05

72840.54

3144.53

--

Take-Two Interactive

11414.68

1361.77

11414.68

1679.78

--

Live Nation

12565.17

879.56

12565.17

1144.81

--

Air Products

2702.80

776.27

2748.35

823.21

+ 45.55

PayPal

7497.00

569.32

7497.00

500.27

--

Meta Platforms

3262.07

691.36

3262.07

936.15

--

Carnival

50830.93

515.93

50830.93

957.14

-- 

CUMMINS Inc

1800.30

430.06

1800.30

441.36

--

Automatic Data Processing

1481.84

329.90

1481.84

325.69

--

MultiPlan

51250.00

54.33

51250.00

108.14

--

Fedex Corp.

1127.43

257.61

1127.43

279.49

--

Visa Inc.

954.87

215.28

954.87

226.76

--

Avery Dennison Corp.

848.66

151.85

655.06

112.54

(193.60)

Alibaba Group

1035.68

105.83

1457.10

121.45

+ 421.42

Walmart

790.24

116.52

790.24

124.21

-- 

PROLOGIS

814.72

101.65

814.72

99.91

--

Plug Power

5670.92

66.46

5670.92

58.92

--

NovaGold

16137.70

100.38

16137.70

64.39

--

Compute Health Acquisition

1875.00

0.75

1875.00

0.94

--

Pinterest Inc.

4052.16

110.50

4052.16

110.79

--

Ballard Power Systems Inc.

7046.90

39.25

7046.90

30.72

--

Beigene Ltd.

317.69

68.47

317.69

56.64

--

Shopify

1250.00

59.93

1250.00

80.75

--

Coupang Inc.

2857.14

45.71

2857.14

49.71

--

Babylon

3030.79

15.43

--

--

(3,030.79)

Signa Sports United

5000.00

22.70

5000.00

14.15

--

Adobe Inc.

1147.30

442.14

1147.30

561.02

--

Zoom Video Communications

4697.68

346.88

4697.68

318.89

--

COSTCO

1036.58

515.04

1036.58

558.07

--

NextEra Energy

6368.00

490.85

6368.00

472.51

--

American Tower Corp.

1893.00

386.82

1893.00

367.13

--

Starbucks

6313.30

657.40

6313.30

625.40

--

Microsoft

1845.51

532.06

1845.51

628.47

--

Alphabet

4260.00

441.89

4260.00

509.92

--

The Home Depot

1641.98

484.58

1641.98

510.06

--

BlackRock

741.69

496.28

741.69

512.61

--

Salesforce Inc.

2650.23

529.46

2650.23

559.89

--

JPMorgan Chase & Co.

3851.05

501.83

3851.05

560.10

--

Amazon

4067.65

420.15

4067.65

530.26

--

Datadog

4498.85

326.89

4498.85

442.60

--

Advanced Micro Devices

4702.06

460.85

4702.06

535.61

--

Freeport-McMoRan

12895.47

527.55

12895.47

515.82

--

Booking Holding

213.48

566.23

213.48

576.46

--

CLTD

833.34

72.13

833.34

48.37

--

Multi Plan

W EXP 02/13/202

2500.00

0.23

2500.00

0.23

--

Linde PLC

1208.40

429.51

1208.40

460.50

--

Bloom Energy Corp

1067.69

21.28

1067.69

17.46

--

PDD Holdings

1171.57

88.92

1171.57

81.00

--

 

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