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A look at PIF’s ownership of US equities in Q1 2024
Logo of Public Investment Fund (PIF)
The Public Investment Fund (PIF) cut its ownership in US equities from $35.2 billion in Q4 2023 to $20.6 billion in Q1 2024, according to a US Securities and Exchange Commission (SEC) filing.
The Kingdom’s sovereign wealth fund lowered its holdings in 11 companies, Air Products and Chemicals, PayPal, Meta Platform, Adobe Inc., Starbucks, Microsoft, Alphabet, Salesforce Inc., Amazon, Advanced Micro Devices, and Booking Holding.
The fund exited its investment in several companies and purchased options contracts in others.
It invested in three new companies during the first quarter of this year, namely Nu Holdings, ARM and NVIDIA.
The following table illustrates the fund’s holding of US equities at the end of Q1 2024:
|
PIF Investment in US Equities |
|||||||
|
Company |
Symbol |
Q4 2023 Ownership (mln shares) |
Q1 2024 Ownership (mln shares) |
Change (mln shares) |
Q4 2023 Value ($ mln) |
Q1 2024 Value ($ mln) |
Change ($ mln) |
|
Lucid Group |
LCID |
1374.7 |
1374.7 |
-- |
5787.5 |
3917.9 |
-1869.6 |
|
Utilities Select Sector SPDR |
XLU |
33.0 |
-- |
-- |
2089.0 |
-- |
-- |
|
Electronic Arts |
EA |
24.8 |
24.8 |
-- |
3394.0 |
3291.3 |
-102.7 |
|
Uber |
UBER |
72.8 |
72.8 |
-- |
4484.8 |
5608.0 |
1123.2 |
|
Take-Two Interactive |
TTWO |
11.4 |
11.4 |
-- |
1837.2 |
1695.0 |
-142.2 |
|
Live Nation |
LYV |
12.6 |
-- |
-- |
1176.1 |
-- |
-- |
|
Air Products & Chemicals |
APD |
2.7 |
0.8 |
-1.9 |
752.5 |
204.4 |
-548.1 |
|
PayPal |
PYPL |
7.5 |
1.8 |
-5.7 |
460.4 |
117.9 |
-342.5 |
|
PayPal* |
PYPL |
-- |
1.4 |
-- |
-- |
92.7 |
-- |
|
Meta Platform |
META |
3.3 |
0.7 |
(2.6) |
1154.6 |
359.3 |
(795.3) |
|
Meta Platform* |
META |
-- |
0.3 |
-- |
-- |
130.3 |
-- |
|
Carnival |
CCL |
50.8 |
-- |
-- |
942.4 |
-- |
-- |
|
CUMMINS Inc |
CMI |
1.8 |
1.8 |
-- |
431.3 |
530.5 |
99.2 |
|
Automatic Data Processing |
ADP |
1.5 |
-- |
-- |
345.2 |
-- |
-- |
|
MultiPlan |
MPLN |
51.3 |
51.3 |
-- |
73.8 |
41.6 |
-32.2 |
|
Fedex Corp |
FDX |
0.63 |
0.6 |
-- |
160.0 |
183.2 |
23.2 |
|
Visa Inc |
V |
0.95 |
0.9 |
-- |
248.6 |
253.6 |
5.0 |
|
Avery Dennison Corp. |
AVY |
0.7 |
0.7 |
-- |
132.4 |
146.2 |
13.8 |
|
Alibaba Group |
BABA |
1.5 |
1.6 |
0.1 |
112.9 |
116.5 |
3.6 |
|
Walmart |
WMT |
0.8 |
1.9 |
1.1 |
124.6 |
114.7 |
-9.9 |
|
PROLOGIS |
PLD |
1.2 |
1.2 |
-- |
153.9 |
150.3 |
-3.6 |
|
NovaGold |
NG |
16.1 |
-- |
-- |
60.4 |
-- |
-- |
|
Pinterest Inc. |
PINS |
4.9 |
5.5 |
0.6 |
179.9 |
191.8 |
11.9 |
|
Ballard Power Systems Inc. |
BLDP |
7.0 |
7.0 |
-- |
26.1 |
19.6 |
-6.5 |
|
Beigene Ltd. |
BGNE |
0.4 |
0.4 |
-- |
63.9 |
55.4 |
-8.5 |
|
Shopify |
SHOP |
1.3 |
1.3 |
-- |
97.4 |
96.5 |
-0.9 |
|
Coupang Inc. |
CPNG |
2.9 |
-- |
-- |
46.3 |
-- |
-- |
|
Signa Sports United |
SSU |
5.0 |
-- |
-- |
0.02 |
-- |
-- |
|
Adobe Inc. |
ADBE |
1.1 |
-- |
-- |
684.5 |
-- |
-- |
|
Adobe Inc. |
ADBE |
-- |
0.4 |
-- |
-- |
223.2 |
-- |
|
Zoom Video Communications |
ZM |
4.7 |
-- |
-- |
337.8 |
-- |
-- |
|
COSTCO |
COST |
1.0 |
-- |
-- |
684.2 |
-- |
-- |
|
NextEra Energy |
NEE |
6.4 |
-- |
-- |
386.8 |
-- |
-- |
|
American Tower Corp. |
AMT |
1.9 |
-- |
-- |
408.7 |
-- |
-- |
|
Starbucks |
SBUX |
6.3 |
-- |
-- |
606.1 |
-- |
-- |
|
Starbucks* |
SBUX |
-- |
3.8 |
-- |
-- |
348.6 |
-- |
|
Microsoft |
MSFT |
1.8 |
-- |
-- |
694.0 |
-- |
-- |
|
Microsoft* |
MSFT |
-- |
0.3 |
-- |
-- |
143.8 |
-- |
|
Alphabet |
GOOGL |
4.3 |
-- |
-- |
595.1 |
-- |
-- |
|
Alphabet* |
GOOGL |
-- |
0.8 |
-- |
-- |
117.8 |
-- |
|
The Home Depot |
HD |
1.6 |
-- |
-- |
569.0 |
-- |
-- |
|
BlackRock |
BLK |
0.7 |
-- |
-- |
602.1 |
-- |
-- |
|
Salesforce Inc. |
CRM |
2.7 |
-- |
-- |
697.4 |
-- |
-- |
|
Salesforce Inc.* |
CRM |
-- |
0.5 |
-- |
-- |
152.7 |
-- |
|
JPMorgan Chase & Co. |
JPM |
3.9 |
-- |
-- |
655.1 |
-- |
-- |
|
Amazon |
AMZN |
4.1 |
-- |
-- |
618.0 |
-- |
-- |
|
Amazon* |
AMZN |
-- |
1.5 |
-- |
-- |
276.6 |
-- |
|
Datadog |
DDOG |
4.5 |
-- |
-- |
546.1 |
-- |
-- |
|
Advanced Micro Devices |
AMD |
4.7 |
-- |
-- |
693.1 |
-- |
-- |
|
Advanced Micro Devices* |
AMD |
-- |
1.1 |
-- |
-- |
194.4 |
-- |
|
Freeport-McMoRan |
FCX |
12.9 |
-- |
-- |
549.0 |
-- |
-- |
|
Booking Holding |
BKNG |
0.2 |
-- |
-- |
757.3 |
-- |
-- |
|
Booking Holding* |
BKNG |
-- |
0.1 |
-- |
-- |
281.9 |
-- |
|
CLTD |
SE |
0.8 |
0.8 |
-- |
33.8 |
44.8 |
11.0 |
|
Multi Plan W EXP 02/13/202 |
MPLN/WS |
2.5 |
-- |
-- |
0.3 |
-- |
-- |
|
Linde PLC |
LIN |
1.2 |
1.2 |
-- |
496.3 |
561.1 |
64.8 |
|
Bloom Energy Corp |
BE |
1.1 |
3.3 |
2.2 |
15.8 |
36.6 |
20.8 |
|
PDD Holdings |
PDD |
1.7 |
1.7 |
-- |
249.2 |
198.0 |
-51.2 |
|
Allurion Technologies |
ALUR |
1.15 |
1.2 |
0.1 |
0.5 |
0.3 |
-0.2 |
|
ERMENEGILDO ZEGNA N V |
ZGN |
2.2 |
2.9 |
0.7 |
25.8 |
43.2 |
17.4 |
|
Nu Holdings Ltd. |
Nu |
-- |
1.2 |
-- |
-- |
14.0 |
-- |
|
Arm Holdings* |
ARM |
-- |
3.6 |
-- |
-- |
453.1 |
-- |
|
NVIDIA* |
NVDA |
-- |
0.2 |
-- |
-- |
143.7 |
-- |
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