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Saudi PIF nearly triples US stock holdings; adds Walmart, Pinterest

Published: Updated:

The Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, nearly tripled its holdings of US-listed stocks to $43.45 billion in the third quarter, adding shares of Alibaba Group, Walmart and Pinterest.

Its US-listed stock holdings in the quarter ended Sept. 30 increased from nearly $16 billion in the prior quarter, according to a US Securities and Exchange Commission filing.

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Other stocks it bought included Just Eat Takeaway.com and Ballard Power Systems.

The PIF, which manages $430 billion in assets, is at the center of Saudi Arabia's plans to transform the economy by creating new sectors and diversifying revenues away from oil.

The PIF also owns a 62.72 percent stake in electric car company Lucid, which has a market value of about $71 billion, a significant boost in value from the end of September.

Lucid’s listing in July was a huge dividend for the Saudi sovereign wealth fund, which invested more than $1 billion in the company in 2018 for a substantial stake and invested more in February. The PIF also owns a 3.75 percent stake in ride-sharing company Uber Technologies.

The PIF is pursuing a two-pronged strategy, building an international portfolio of investments while also investing locally in projects that will help reduce Saudi Arabia’s reliance on oil.

It has also invested $45 billion in Softbank's inaugural $100 billion technology fund.

The PIF has boosted its firepower from several funding sources in recent years, including loans and a $40 billion transfer from central bank reserves last year.

Read more: ‘THE RIG.’: Saudi PIF announces tourism project inspired by offshore oil platforms