‎A look at PIF’s ownership of US equities in Q1 2024

​‎

Logo ofPublic 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.

Advertisement

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 two new companies during the first quarter, namely Arm Holdings and NVIDI.

The following table illustrates the fund’s holding of US equities at the end of Q12024:

PIF Investment in US Equities

Company

Symbol

Q4 2023 Ownership

(mln shares)

Q1 2024 Ownership

(mln shares)

Change

(mln shares)

Value by Q4-end

($ mln)

Value by Q1-end

($ mln)

Change

($ mln)

Lucid Group

LCID

1374.7

1374.7

—

5787.5

3917.9

-1869.6

Utilities Select SectorSPDR

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 and 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

—

 

‎

Logo ofPublic 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 two new companies during the first quarter, namely Arm Holdings and NVIDI.

The following table illustrates the fund’s holding of US equities at the end of Q12024:

PIF Investment in US Equities

Company

Symbol

Q4 2023 Ownership

(mln shares)

Q1 2024 Ownership

(mln shares)

Change

(mln shares)

Value by Q4-end

($ mln)

Value by Q1-end

($ mln)

Change

($ mln)

Lucid Group

LCID

1374.7

1374.7

—

5787.5

3917.9

-1869.6

Utilities Select SectorSPDR

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 and 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

—