- Saudi Arabia’s Public Investment Fund (PIF) purchased shares in U.S.-based tech giants, including Alphabet Inc (NASDAQ: GOOG), Zoom Video Communications Inc (NASDAQ: ZM), and Microsoft Corporation (NASDAQ: MSFT).
- As per the SEC filing, the market value of the sovereign wealth fund’s investment portfolio increased to about $40.8 billion at the end of the second quarter.
- The SEC regulatory filing showed that the PIF acquired 213,000 class A shares in Alphabet, 4.7 million class A shares in Zoom, and 1.8 million in Microsoft.
- It also acquired JPMorgan Chase & Co (NYSE: JPM) and BlackRock Inc (NYSE: BLK) shares, buying 3.9 million shares and 741,693 shares, respectively.
- The fund bought 6.3 million shares in Starbucks Corporation (NASDAQ: SBUX) and added other stocks, including Adobe Inc (NASDAQ: ADBE), Advanced Micro Devices Inc (NASDAQ: AMD), Salesforce Inc (NYSE: CRM), Home Depot Inc (NYSE: HD), Costco Wholesale Corporation (NASDAQ: COST), Freeport-McMoRan Inc (NYSE: FCX), Datadog Inc (NASDAQ: DDOG) and NextEra Energy Inc (NYSE: NEE).
- Reuters writes that the PIF manages $620 billion in assets and is at the center of Saudi Arabia’s plans to transform the economy by creating new sectors and diversifying revenues away from oil.
https://finance.yahoo.com/news/saudi-public-investment-fund-picks-115117988.html
