Logo of Public Investment Fund (PIF)
The Public Investment Fund (PIF) increased its ownership in US equities to $20.7 billion in Q2 2024 from $20.6 billion in Q1 2024, according to a US Securities and Exchange Commission (SEC) filing.
Saudi Arabia’s sovereign wealth fund lowered its holdings in four companies, Cummins Inc, Visa Inc, Allurion Technologies and Starbucks stock options contracts.
In a disclosure on Q2 2024 to the SEC, the fund said it increased ownership in Ermenegildo Zegna NV and NU Holdings, and in options contracts for PayPal, Meta Platform, Microsoft, Advanced Micro Devices, and Nvidia.
During the three-month period, the fund has neither exited its investment in any company nor entered into new investments.
The following table illustrates the fund’s holding of US equities at the end of Q2 2024:
|
PIF Investment in US Equities |
|||||||
|
Company |
Symbol |
Q1 2024 Ownership (mln shares) |
Q2 2024 Ownership (mln shares) |
Change (mln shares) |
Q1 2024 Value ($ mln) |
Q2 2024 Value ($ mln) |
Change ($ mln) |
|
Lucid Group |
LCID |
1374.7 |
1374.7 |
-- |
3917.9 |
3588.0 |
(329.9) |
|
Electronic Arts |
EA |
24.8 |
24.8 |
-- |
3291.3 |
3456.5 |
165.2 |
|
Uber |
UBER |
72.8 |
72.8 |
-- |
5608.0 |
5294.1 |
(313.9) |
|
Take-Two Interactive |
TTWO |
11.4 |
11.4 |
-- |
1695.0 |
1774.9 |
79.9 |
|
Air Products & Chemicals |
APD |
0.8 |
0.8 |
-- |
204.4 |
217.7 |
13.3 |
|
PayPal |
PYPL |
1.8 |
1.8 |
-- |
117.9 |
102.1 |
(15.8) |
|
PayPal* |
PYPL |
1.4 |
4.3 |
2.9 |
92.7 |
247.3 |
154.6 |
|
Meta Platform |
META |
0.7 |
0.7 |
-- |
359.3 |
373.1 |
13.8 |
|
Meta Platform* |
META |
0.3 |
0.4 |
0.1 |
130.3 |
182.5 |
52.2 |
|
Cummins Inc |
CMI |
1.8 |
1.6 |
(0.2) |
530.5 |
453.9 |
(76.6) |
|
MultiPlan |
MPLN |
51.3 |
51.3 |
-- |
41.6 |
20.0 |
(21.6) |
|
Fedex Corp |
FDX |
0.6 |
0.6 |
-- |
183.2 |
189.6 |
6.4 |
|
Visa Inc |
V |
0.9 |
0.8 |
(0.1) |
253.6 |
210.6 |
(43.0) |
|
Avery Dennison Corp. |
AVY |
0.7 |
0.7 |
-- |
146.2 |
143.2 |
(3.0) |
|
Alibaba Group |
BABA |
1.6 |
1.6 |
-- |
116.5 |
116.0 |
(0.5) |
|
Walmart |
WMT |
1.9 |
1.9 |
-- |
114.7 |
129.0 |
14.3 |
|
PROLOGIS |
PLD |
1.2 |
1.2 |
-- |
150.3 |
129.6 |
(20.7) |
|
Pinterest Inc. |
PINS |
5.5 |
5.5 |
-- |
191.8 |
243.8 |
52.0 |
|
Ballard Power Systems Inc. |
BLDP |
7.0 |
7.0 |
-- |
19.6 |
15.9 |
(3.7) |
|
Beigene Ltd. |
BGNE |
0.4 |
0.4 |
-- |
55.4 |
50.6 |
(4.8) |
|
Shopify |
SHOP |
1.3 |
1.3 |
-- |
96.5 |
82.6 |
(13.9) |
|
Adobe Inc.* |
ADBE |
0.4 |
0.4 |
-- |
223.2 |
235.3 |
12.1 |
|
Starbucks* |
SBUX |
3.8 |
3.7 |
(0.1) |
348.6 |
286.2 |
(62.4) |
|
Microsoft* |
MSFT |
0.3 |
0.5 |
0.2 |
143.8 |
215.0 |
71.2 |
|
Alphabet* |
GOOGL |
0.8 |
0.8 |
-- |
117.8 |
142.2 |
24.4 |
|
Salesforce Inc.* |
CRM |
0.5 |
0.5 |
-- |
152.7 |
120.6 |
(32.1) |
|
Amazon* |
AMZN |
1.5 |
1.5 |
-- |
276.6 |
296.3 |
19.7 |
|
Advanced Micro Devices* |
AMD |
1.1 |
2.3 |
1.2 |
194.4 |
374.5 |
180.1 |
|
Booking Holding* |
BKNG |
0.1 |
0.1 |
-- |
281.9 |
230.6 |
(51.3) |
|
CLTD |
SE |
0.8 |
0.8 |
-- |
44.8 |
59.5 |
14.7 |
|
Linde PLC |
LIN |
1.2 |
1.2 |
-- |
561.1 |
530.3 |
(30.8) |
|
Bloom Energy Corp |
BE |
3.3 |
3.3 |
-- |
36.6 |
39.9 |
3.3 |
|
PDD Holdings |
PDD |
1.7 |
1.7 |
-- |
198.0 |
226.5 |
28.5 |
|
Allurion Technologies |
ALUR |
1.2 |
1.1 |
(0.1) |
0.3 |
0.2 |
(0.1) |
|
Ermenegildo Zegna NV |
ZGN |
2.9 |
3.7 |
0.8 |
43.2 |
43.9 |
0.7 |
|
Nu Holdings Ltd. |
Nu |
1.2 |
3.8 |
2.6 |
14.0 |
49.0 |
35.0 |
|
Arm Holdings* |
ARM |
3.6 |
3.6 |
-- |
453.1 |
593.2 |
140.1 |
|
NVIDIA* |
NVDA |
0.2 |
1.6 |
1.4 |
143.7 |
196.4 |
52.7 |
*Stock Options Contracts.
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