A look at PIF’s ownership of US equities in Q2 2024

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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