A broad selection of US stocks was purchased by Saudi Arabia’s Public Investment Fund (PIF), bringing its investment portfolio’s value to about $40.8 billion at the end of the second quarter. According to a US Securities and Exchange Commission filing, the PIF acquired 213,000 class A shares in Alphabet, 4.7 million in Zoom, and 1.8 million in Microsoft.
In addition, PIF purchased shares in JPMorgan and BlackRock, investing in 3.9 million shares and 741,693 shares, respectively. Additionally, the fund purchased shares of Adobe Systems, Advanced Micro Devices, Salesforce, Home Depot, Costco, Freeport-McMoRan, Datadog, and NextEra Energy.
With $620 billion in assets under management, the PIF is a key component of Saudi Arabia’s plan to diversify its economy and diversify the revenue stream away from oil. By building an international investment portfolio and investing locally in projects that will help Saudi Arabia reduce its reliance on oil, the PIF is pursuing a two-pronged strategy.