PIF raises holdings in 3 US firms, exits 13 others

The Public Investment Fund (PIF) continued to acquire stakes in US companies, but exited other companies, it said in a filing to the US Securities and Exchange Commission (SEC).

The PIF upped its stake in Automatic Data Processing Inc to 1.5 million shares, or $220.6 million.

It also raised its ownership in Live Nation to 12.6 million shares, or $557 million. 

The fund’s ownership in Suncor Energy Inc. was increased to 51 million shares, or $859.4 million. 

Meanwhile, the Kingdom’s sovereign wealth fund cut its stake in Cisco to 5.8 million shares, in Berkshire Hathaway (Class B) to 218,800 and in Calgary-based Canadian Natural Resources Ltd. to 17.1 million shares.  

The latest filing also showed that the PIF has dissolved stakes in Boeing, BP, Starbucks, Facebook, Marriott International Inc., Qualcomm, Broadcom, Pfizer, The Walt Disney Co., IBM, Citigroup, Total and Bank of America.  

The fund is evaluating attractive investment opportunities in local and international markets, the filing added.

In Q1 2020, the fund acquired assets worth $7 billion. The COVID-19 pandemic gave rise to unexpected investment opportunities in the leading companies and sectors, where the PIF invests. Some assets were retained during the market recovery in the second quarter of the year, with profit taking from other assets.

PIF has six investment pools, of which two target international investments. The first portfolio focuses on certain sectors that will reflect positively on the local economy, or that are linked to future industries.

The other one focuses on diversifying liquidity and income sources through fixed-income investments, listed and unlisted stocks, real estate, infrastructure and alternative investments, such as hedge funds.