Saudi Arabia’s Public Investment Fund (PIF) reduced its holdings in US equities to $12 billion in Q1 2026 from $12.95 billion in Q4 2025, according to a US Securities and Exchange Commission (SEC) filing.
The fund maintained its holdings in four firms: Lucid Group, Electronic Arts, Uber, and Clarivate. 
The fund’s fully exited Allurion Technologies, divesting its 1.1 million shares.
PIF’s Holdings in US Stocks
Company
Symbol
Q4 Holdings (mln)
Q1 Holdings (mln)
Change (mln)
Q4 Value ($ mln)
Q1 Value ($ mln)
Change ($ mln)
Lucid Group
LCID
177.1
177.1
—
1871.8
1687.7
(184.1)
Electronic Arts
EA
24.8
24.8
—
5069.0
5057.6
(11.4)
Uber
UBER
72.8
72.8
—
5951.8
5239.4
(712.4)
Allurion Technologies
ALUR
1.1
—
—
0.02
—
—
Clarivate
CTEV
1.3
1.3
—
54.8
20.9
(33.9)
The fund’s holdings in the US market fell in Q4 2025 to their lowest level since Q4 2020, when they stood at $7.1 billion.
They had previously reached a record high of $56.7 billion in Q4 2021, the highest level since the fund began disclosing its US investments in Q4 2018.
Highlights of PIF Holdings in US Stocks Since 2018
Quarter
Holdings Value (USD bln)
No. of Companies
Key Companies
Q4 2018
2.8
1
Tesla
Q1 2019
2.3
1
Tesla
Q2
5.2
2
Tesla, Uber
Q3
4.2
2
Tesla, Uber
Q4
2.2
2
Tesla, Uber
Q1 2020
9.8
24
Uber, BP, Boeing, Citigroup
Q2
10.1
13
Uber, Suncor Energy
Q3
7.1
7
Uber, Carnival, Live Nation
Q4
12.8
12
Uber, Avitar, Carnival
Q1 2021
15.5
13
Uber, Avitar, Electronic Arts
Q2
15.9
13
Uber, Avitar, Electronic Arts
Q3
43.5
33
Lucid Group, Uber, Avitar
Q4
56.7
36
Lucid Group, Uber, Avitar, Carnival
Q1 2022
44.4
39
Lucid Group, Avitar, Uber
Q2
41.5
55
Lucid Group, Avitar, Electronic Arts, Linde
Q3
36.8
53
Lucid Group, Avitar, Uber
Q4
30.9
53
Lucid Group, Avitar, Electronic Arts
Q1 2023
35.5
52
Lucid Group, Avitar, Electronic Arts, Uber
Q2
38.9
51
Lucid Group, Avitar, Electronic Arts, Uber
Q3
36.5
52
Lucid Group, Avitar, Electronic Arts, Uber
Q4
35.2
50
Uber, Lucid Group, Electronic Arts, Take-Two Interactive
Q1 2024
20.6
38
Uber, Lucid Group, Electronic Arts, Take-Two Interactive
Q2
20.7
39
Uber, Lucid Group, Electronic Arts, Take-Two Interactive, Amazon
Q3
26.8
54
Uber, Lucid Group, Electronic Arts, Take-Two Interactive
Q4
26.8
62
Lucid Group, Uber, Electronic Arts, Take-Two Interactive
Q1 2025
25.6
64
Uber, Lucid Group, Electronic Arts, Take-Two Interactive
Q2
23.8
57
Uber, Electronic Arts, Lucid Group, Take-Two Interactive
Q3
19.4
6
Uber, Electronic Arts, Lucid Group, Take-Two Interactive
Q4
12.9
5
Uber, Electronic Arts, Lucid Group
Q1 2026
12.0
4
Uber, Clarivate, Lucid Group
Saudi Arabia’s Public Investment Fund (PIF) reduced its holdings in US equities to $12 billion in Q1 2026 from $12.95 billion in Q4 2025, according to a US Securities and Exchange Commission (SEC) filing.
The fund maintained its holdings in four firms: Lucid Group, Electronic Arts, Uber, and Clarivate.
The fund’s fully exited Allurion Technologies, divesting its 1.1 million shares.
PIF’s Holdings in US Stocks
Company
Symbol
Q4 Holdings (mln)
Q1 Holdings (mln)
Change (mln)
Q4 Value ($ mln)
Q1 Value ($ mln)
Change ($ mln)
Lucid Group
LCID
177.1
177.1
—
1871.8
1687.7
(184.1)
Electronic Arts
EA
24.8
24.8
—
5069.0
5057.6
(11.4)
Uber
UBER
72.8
72.8
—
5951.8
5239.4
(712.4)
Allurion Technologies
ALUR
1.1
—
—
0.02
—
—
Clarivate
CTEV
1.3
1.3
—
54.8
20.9
(33.9)
The fund’s holdings in the US market fell in Q4 2025 to their lowest level since Q4 2020, when they stood at $7.1 billion.
They had previously reached a record high of $56.7 billion in Q4 2021, the highest level since the fund began disclosing its US investments in Q4 2018.
Highlights of PIF Holdings in US Stocks Since 2018
Quarter
Holdings Value (USD bln)
No. of Companies
Key Companies
Q4 2018
2.8
1
Tesla
Q1 2019
2.3
1
Tesla
Q2
5.2
2
Tesla, Uber
Q3
4.2
2
Tesla, Uber
Q4
2.2
2
Tesla, Uber
Q1 2020
9.8
24
Uber, BP, Boeing, Citigroup
Q2
10.1
13
Uber, Suncor Energy
Q3
7.1
7
Uber, Carnival, Live Nation
Q4
12.8
12
Uber, Avitar, Carnival
Q1 2021
15.5
13
Uber, Avitar, Electronic Arts
Q2
15.9
13
Uber, Avitar, Electronic Arts
Q3
43.5
33
Lucid Group, Uber, Avitar
Q4
56.7
36
Lucid Group, Uber, Avitar, Carnival
Q1 2022
44.4
39
Lucid Group, Avitar, Uber
Q2
41.5
55
Lucid Group, Avitar, Electronic Arts, Linde
Q3
36.8
53
Lucid Group, Avitar, Uber
Q4
30.9
53
Lucid Group, Avitar, Electronic Arts
Q1 2023
35.5
52
Lucid Group, Avitar, Electronic Arts, Uber
Q2
38.9
51
Lucid Group, Avitar, Electronic Arts, Uber
Q3
36.5
52
Lucid Group, Avitar, Electronic Arts, Uber
Q4
35.2
50
Uber, Lucid Group, Electronic Arts, Take-Two Interactive
Q1 2024
20.6
38
Uber, Lucid Group, Electronic Arts, Take-Two Interactive
Q2
20.7
39
Uber, Lucid Group, Electronic Arts, Take-Two Interactive, Amazon
Q3
26.8
54
Uber, Lucid Group, Electronic Arts, Take-Two Interactive
Q4
26.8
62
Lucid Group, Uber, Electronic Arts, Take-Two Interactive
Q1 2025
25.6
64
Uber, Lucid Group, Electronic Arts, Take-Two Interactive
Q2
23.8
57
Uber, Electronic Arts, Lucid Group, Take-Two Interactive
Q3
19.4
6
Uber, Electronic Arts, Lucid Group, Take-Two Interactive
Q4
12.9
5
Uber, Electronic Arts, Lucid Group
Q1 2026
12.0
4
Uber, Clarivate, Lucid Group
