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‎A look at PIF’s holdings of US equities in Q2 2025

by
August 15, 2025
‎A look at PIF’s holdings of US equities in Q2 2025 ‎A look at PIF’s holdings of US equities in Q2 2025

​‎

Logo of The Public Investment Fund (PIF)

The Public Investment Fund (PIF) slashedits holdingsin US equities to$23.8 billion in Q22025 from$25.6 billion in the previous quarter, according to a US Securities and Exchange Commission (SEC) filing.

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The Kingdom’s sovereign wealth fund lowered its stakesin eight companiesand options contracts of 14companies, but raised ownership in options contracts of nine players.

PIF exited 12 companies, namely PayPal, Meta Platforms, , FedEx Corp, Alibaba Group, Pinduoduo Inc., Shopify, Amazon.com, Sea Ltd., Ermenegildo Zegna, Nu Holdings, DoorDash, and Elevance Health. It also exited 13 options contracts, invested in 16 new options contracts, and the table below shows the details of the Public Investment Fund’s investments in the U.S. market as of the end of Q2 2025.

PIF Holdings in US Equities

Company

Symbol

Q1 2025 Ownership

(mln shares)

Q2 2025

Ownership

(mln shares)

Change

(mln shares)

Q1 2025

Value

($ mln)

Q2 2025

Value

($ mln)

Change

($ mln)

Lucid Group

LCID

1770.9

1770.9

—

4285.6

3736.6

(549.0)

Electronic Arts

EA

24.8

24.8

—

3585.2

3961.8

376.6

Uber

UBER

72.8

72.8

—

5307.2

6796.0

1488.8

Take-Two Interactive

TTWO

11.4

11.4

—

2365.7

2772.1

406.4

Air Products and Chemicals

APD

0.9

0.3

(0.6)

260.0

75.6

(184.4)

PayPal

PYPL

1.8

—

—

114.8

—

—

PayPal*

PYPL

3.7

—

(3.7)

239.4

—

—

Meta Platforms

META

0.7

—

—

385.0

—

—

Meta Platforms*

META

0.04

—

(0.4)

23.0

—

(197—4)

Cummins Inc.

CMI

1.6

1.1

(0.5)

513.7

358.8

(154.9)

FedEx Corp

FDX

0.5

—

—

121.4

—

—

Visa Inc.

V

0.7

0.2

(0.5)

235.9

69.8

(166.1)

Avery Dennison

AVY

0.7

0.2

(0.5)

116.6

40.6

(76.0)

Alibaba Group

BABA

1.6

—

—

213.0

—

—

Walmart*

WMT

0.8

0.2

(0.6)

70.2

24.2

(46.0)

Prologis

PLD

1.6

0.02

(1.6)

173.5

0.3

(173.2)

Pinterest

PINS

4.1

0.2

(3.9)

128.0

7.5

(120.5)

BeiGene Ltd.

BGNE

0.4

—

—

96.5

—

—

Shopify

SHOP

1.3

—

—

119.4

—

—

Adobe Systems Incorporated*

ADBE

1.0

0.2

(0.8)

368.7

108.5

(260.2)

Starbucks*

SBUX

5.4

—

(6.0)

527.5

—

(50—9.6)

Microsoft*

MSFT

1.1

0.09

(1.0)

416.3

46.5

(369.8)

Alphabet*

GOOGL

0.8

0.7

(0.1)

120.7

131.6

10.9

Salesforce*

CRM

2.3

0.1

(2.2)

617.3

40.4

(576.9)

Amazon.com

AMZN

1.2

—

—

228.4

—

—

Amazon.com*

AMZN

2.4

0.5

(0.1)

452.5

119.1

(333.4)

Advanced Micro Devices*

AMD

3.9

0.9

(3.0)

399.0

133.1

(265.9)

Booking Holdings*

BKNG

0.1

0.02

(0.1)

232.2

117.5

(114.7)

Sea Ltd.

SE

0.8

—

—

108.7

—

—

Linde plc

LIN

1.2

0.4

(0.8)

562.7

204.7

(358.0)

Bloom Energy Corp

BE

3.8

1.5

(2.3)

74.8

36.1

(38.7)

PDD Holdings

PDD

1.7

0.1

(1.6)

201.6

17.0

(184.6)

PDD Holdings*

PDD

—

1.3

—

—

140.6

—

Allurion Technologies

ALUR

1.1

1.1

—

0.03

0.04

0.01

Ermenegildo Zegna

ZGN

5.8

—

—

43.2

—

—

Nu Holdings

NU

6.8

—

—

69.9

—

—

Arm Holdings*

ARM

8.9

9.0

0.1

950.8

1450.4

499.6

NVIDIA*

NVDA

1.6

1.2

(0.4)

172.3

191.2

18.9

ASML*

ASML

0.1

0.07

(0.03)

80.4

59.8

(20.6)

Comcast*

CMCSA

1.8

—

—

64.8

—

—

MercadoLibre*

MELI

0.03

0.04

0.01

62.0

111.1

49.1

Netflix*

NFLX

—

0.05

—

—

77.5

—

AstraZeneca*

AZN

0.2

1.0

0.8

16.9

70.9

54.0

CME Group*

CME

0.1

0.08

(0.02)

22.5

23.3

0.8

Coca-Cola*

KO

0.5

0.4

(0.1)

33.1

32.7

(0.4)

DoorDash

DASH

0.8

—

—

150.1

—

—

Eli Lilly*

LLY

0.02

0.3

0.3

17.4

274.6

257.2

Intercontinental Exchange*

ICE

0.1

0.1

—

17.5

18.6

1.1

KLA Corp*

KLAC

0.01

—

(0.0–3)

9.7

—

(1—4.3)

Lam Research*

LRCX

1.0

—

—

74.0

—

—

Micron Technology*

MU

0.7

—

—

61.3

—

—

Cigna Group*

CI

0.2

0.3

0.1

50.3

97.8

47.5

Thermo Fisher Scientific*

TMO

0.02

—

—

9.6

—

(2—5.0)

UnitedHealth Group*

UNH

0.1

1.0

0.9

60.2

309.6

249.4

Zoetis*

ZTS

0.8

—

—

131.8

—

—

Bank of America*

BAC

1.8

2.0

0.2

76.3

94.7

18.4

Boston Scientific*

BSX

0.7

—

—

66.8

—

—

Chubb Ltd.*

CB

0.2

0.2

—

71.4

68.5

(2.9)

Clarivate

CTEV

1.3

1.3

—

26.4

57.8

31.4

Elevance Health

ELV

0.1

—

—

63.3

—

—

HCA Healthcare*

HCA

0.3

0.1

(0.2)

104.1

40.0

(64.1)

McKesson

MCK

0.1

0.03

(0.07)

61.3

24.3

(37.0)

NextEra Energy*

NEE

0.9

1.92

1.0

64.7

133.5

68.8

SP Global*

SPGI

0.1

—

—

74.7

—

—

Charles Schwab*

SCHW

0.8

2.0

1.2

62.2

186.9

124.7

Stryker*

SYK

0.3

—

—

116.9

—

—

Analog Devices*

ADI

—

0.2

—

—

49.3

—

Apple*

AAPL

—

0.6

—

—

131.4

—

Applied Materials*

AMAT

—

0.4

—

—

66.8

—

BION-TECH (BionMed)*

BEIGF

—

0.2

—

—

55.0

—

Broadcom*

AVGO

—

0.3

—

—

88.3

—

Citigroup*

C

—

0.7

—

—

62.6

—

Gilead Sciences*

GILD

—

0.8

—

—

93.2

—

Home Depot*

HD

—

0.4

—

—

154.1

—

JPMorgan Chase*

JPM

—

0.1

—

—

33.5

—

KKR Co.*

KKR

—

0.3

—

—

38.0

—

Mastercard*

MA

—

0.3

—

—

188.4

—

Merck Co.*

MRK

—

1.9

—

—

150.3

—

Progressive Corp*

PGR

—

0.5

—

—

122.0

—

ServiceNow*

NOW

—

0.1

—

—

127.7

—

Vertex Pharmaceuticals*

VRTX

—

0.4

—

—

190.2

—

 

‎

Logo of The Public Investment Fund (PIF)

The Public Investment Fund (PIF) slashedits holdingsin US equities to$23.8 billion in Q22025 from$25.6 billion in the previous quarter, according to a US Securities and Exchange Commission (SEC) filing.

The Kingdom’s sovereign wealth fund lowered its stakesin eight companiesand options contracts of 14companies, but raised ownership in options contracts of nine players.

PIF exited 12 companies, namely PayPal, Meta Platforms, , FedEx Corp, Alibaba Group, Pinduoduo Inc., Shopify, Amazon.com, Sea Ltd., Ermenegildo Zegna, Nu Holdings, DoorDash, and Elevance Health. It also exited 13 options contracts, invested in 16 new options contracts, and the table below shows the details of the Public Investment Fund’s investments in the U.S. market as of the end of Q2 2025.

PIF Holdings in US Equities

Company

Symbol

Q1 2025 Ownership

(mln shares)

Q2 2025

Ownership

(mln shares)

Change

(mln shares)

Q1 2025

Value

($ mln)

Q2 2025

Value

($ mln)

Change

($ mln)

Lucid Group

LCID

1770.9

1770.9

—

4285.6

3736.6

(549.0)

Electronic Arts

EA

24.8

24.8

—

3585.2

3961.8

376.6

Uber

UBER

72.8

72.8

—

5307.2

6796.0

1488.8

Take-Two Interactive

TTWO

11.4

11.4

—

2365.7

2772.1

406.4

Air Products and Chemicals

APD

0.9

0.3

(0.6)

260.0

75.6

(184.4)

PayPal

PYPL

1.8

—

—

114.8

—

—

PayPal*

PYPL

3.7

—

(3.7)

239.4

—

—

Meta Platforms

META

0.7

—

—

385.0

—

—

Meta Platforms*

META

0.04

—

(0.4)

23.0

—

(197—4)

Cummins Inc.

CMI

1.6

1.1

(0.5)

513.7

358.8

(154.9)

FedEx Corp

FDX

0.5

—

—

121.4

—

—

Visa Inc.

V

0.7

0.2

(0.5)

235.9

69.8

(166.1)

Avery Dennison

AVY

0.7

0.2

(0.5)

116.6

40.6

(76.0)

Alibaba Group

BABA

1.6

—

—

213.0

—

—

Walmart*

WMT

0.8

0.2

(0.6)

70.2

24.2

(46.0)

Prologis

PLD

1.6

0.02

(1.6)

173.5

0.3

(173.2)

Pinterest

PINS

4.1

0.2

(3.9)

128.0

7.5

(120.5)

BeiGene Ltd.

BGNE

0.4

—

—

96.5

—

—

Shopify

SHOP

1.3

—

—

119.4

—

—

Adobe Systems Incorporated*

ADBE

1.0

0.2

(0.8)

368.7

108.5

(260.2)

Starbucks*

SBUX

5.4

—

(6.0)

527.5

—

(50—9.6)

Microsoft*

MSFT

1.1

0.09

(1.0)

416.3

46.5

(369.8)

Alphabet*

GOOGL

0.8

0.7

(0.1)

120.7

131.6

10.9

Salesforce*

CRM

2.3

0.1

(2.2)

617.3

40.4

(576.9)

Amazon.com

AMZN

1.2

—

—

228.4

—

—

Amazon.com*

AMZN

2.4

0.5

(0.1)

452.5

119.1

(333.4)

Advanced Micro Devices*

AMD

3.9

0.9

(3.0)

399.0

133.1

(265.9)

Booking Holdings*

BKNG

0.1

0.02

(0.1)

232.2

117.5

(114.7)

Sea Ltd.

SE

0.8

—

—

108.7

—

—

Linde plc

LIN

1.2

0.4

(0.8)

562.7

204.7

(358.0)

Bloom Energy Corp

BE

3.8

1.5

(2.3)

74.8

36.1

(38.7)

PDD Holdings

PDD

1.7

0.1

(1.6)

201.6

17.0

(184.6)

PDD Holdings*

PDD

—

1.3

—

—

140.6

—

Allurion Technologies

ALUR

1.1

1.1

—

0.03

0.04

0.01

Ermenegildo Zegna

ZGN

5.8

—

—

43.2

—

—

Nu Holdings

NU

6.8

—

—

69.9

—

—

Arm Holdings*

ARM

8.9

9.0

0.1

950.8

1450.4

499.6

NVIDIA*

NVDA

1.6

1.2

(0.4)

172.3

191.2

18.9

ASML*

ASML

0.1

0.07

(0.03)

80.4

59.8

(20.6)

Comcast*

CMCSA

1.8

—

—

64.8

—

—

MercadoLibre*

MELI

0.03

0.04

0.01

62.0

111.1

49.1

Netflix*

NFLX

—

0.05

—

—

77.5

—

AstraZeneca*

AZN

0.2

1.0

0.8

16.9

70.9

54.0

CME Group*

CME

0.1

0.08

(0.02)

22.5

23.3

0.8

Coca-Cola*

KO

0.5

0.4

(0.1)

33.1

32.7

(0.4)

DoorDash

DASH

0.8

—

—

150.1

—

—

Eli Lilly*

LLY

0.02

0.3

0.3

17.4

274.6

257.2

Intercontinental Exchange*

ICE

0.1

0.1

—

17.5

18.6

1.1

KLA Corp*

KLAC

0.01

—

(0.0–3)

9.7

—

(1—4.3)

Lam Research*

LRCX

1.0

—

—

74.0

—

—

Micron Technology*

MU

0.7

—

—

61.3

—

—

Cigna Group*

CI

0.2

0.3

0.1

50.3

97.8

47.5

Thermo Fisher Scientific*

TMO

0.02

—

—

9.6

—

(2—5.0)

UnitedHealth Group*

UNH

0.1

1.0

0.9

60.2

309.6

249.4

Zoetis*

ZTS

0.8

—

—

131.8

—

—

Bank of America*

BAC

1.8

2.0

0.2

76.3

94.7

18.4

Boston Scientific*

BSX

0.7

—

—

66.8

—

—

Chubb Ltd.*

CB

0.2

0.2

—

71.4

68.5

(2.9)

Clarivate

CTEV

1.3

1.3

—

26.4

57.8

31.4

Elevance Health

ELV

0.1

—

—

63.3

—

—

HCA Healthcare*

HCA

0.3

0.1

(0.2)

104.1

40.0

(64.1)

McKesson

MCK

0.1

0.03

(0.07)

61.3

24.3

(37.0)

NextEra Energy*

NEE

0.9

1.92

1.0

64.7

133.5

68.8

SP Global*

SPGI

0.1

—

—

74.7

—

—

Charles Schwab*

SCHW

0.8

2.0

1.2

62.2

186.9

124.7

Stryker*

SYK

0.3

—

—

116.9

—

—

Analog Devices*

ADI

—

0.2

—

—

49.3

—

Apple*

AAPL

—

0.6

—

—

131.4

—

Applied Materials*

AMAT

—

0.4

—

—

66.8

—

BION-TECH (BionMed)*

BEIGF

—

0.2

—

—

55.0

—

Broadcom*

AVGO

—

0.3

—

—

88.3

—

Citigroup*

C

—

0.7

—

—

62.6

—

Gilead Sciences*

GILD

—

0.8

—

—

93.2

—

Home Depot*

HD

—

0.4

—

—

154.1

—

JPMorgan Chase*

JPM

—

0.1

—

—

33.5

—

KKR Co.*

KKR

—

0.3

—

—

38.0

—

Mastercard*

MA

—

0.3

—

—

188.4

—

Merck Co.*

MRK

—

1.9

—

—

150.3

—

Progressive Corp*

PGR

—

0.5

—

—

122.0

—

ServiceNow*

NOW

—

0.1

—

—

127.7

—

Vertex Pharmaceuticals*

VRTX

—

0.4

—

—

190.2

—

by
Updated
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