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‎A look at PIF’s ownership of US equities in Q1 2025

by
May 15, 2025
‎A look at PIF’s ownership of US equities in Q1 2025 ‎A look at PIF’s ownership of US equities in Q1 2025

​‎

The Public Investment Fund (PIF) cut its ownership in US equities from $26.8 billion in Q1 2024 to $25.6 billion in Q1 2025, according to a US Securities and Exchange Commission (SEC) filing.

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The Kingdom’s sovereign wealth fund lowered its holdings in two companies, Cummins Inc. and Pinterest—as well as options contracts of 11 companies.

Meanwhile, the PIF increased its equities in four companies, Air Products, Amazon.com, Bloom Energy Corp, and DoorDash.

The fund exited its investments in Multiplan and Ballard Power Systems. It also exited 10 options contracts. Additionally, it invested in two new companies— Claritev and Elevance Health—and entered into nine new options contracts.

PIF Investment in US Equities

Company

Symbol

Q4 2024 Ownership

(mln shares)

Q1 2025 Ownership

(mln shares

Change

(mln shares)

Q4 2024 Value

($ mln)

Q1 2025 Value

($ mln)

)

Change

($ mln)

Lucid Group

LCID

1770.9

1770.9

—

5348.1

4285.6

(1062.5)

Electronic Arts

EA

24.8

24.8

—

3629.4

3585.2

(44.2)

Uber

UBER

72.8

72.8

—

4393.7

5307.2

913.5

Take-Two Interactive

TTWO

11.4

11.4

—

2101.2

2365.7

264.5

Air Products

APD

0.8

0.9

0.1

244.7

260.0

15.3

PayPal

PYPL

1.8

1.8

—

150.2

114.8

(35.4)

PayPal*

PYPL

7.4

3.7

(3.7)

627.9

239.4

(388.5)

Meta Platforms

META

0.7

0.7

—

433.3

385.0

(48.3)

Meta Platforms*

META

0.4

0.04

(0.4)

220.4

23.0

(197.4)

Cummins Inc

CMI

1.6

1.6

—

571.4

513.7

(57.7)

MultiPlan

MPLN

1.3

—

—

18.9

—

—

FedEx Corp

FDX

0.5

0.5

—

140.1

121.4

(18.7)

Visa Inc

V

0.7

0.7

—

212.8

235.9

23.1

Avery Dennison

AVY

0.7

0.7

—

122.6

116.6

(6.0)

Alibaba Group

BABA

1.6

1.6

—

136.6

213.0

76.4

Walmart*

WMT

—

0.8

—

—

70.2

—

Prologis

PLD

1.6

1.6

—

164.0

173.5

9.5

Pinterest

PINS

5.5

4.1

(1.4)

160.4

128.0

(32.4)

Ballard Power Systems

BLDP

7.0

—

—

11.7

—

—

ب BeiGene Limited

BGNE

0.4

0.4

—

65.5

96.5

31.0

Shopify

SHOP

1.3

1.3

—

132.9

119.4

(13.5)

Adobe Systems Inc.*

ADBE

1.0

1.0

—

440.1

368.7

(71.4)

Starbucks*

SBUX

11.4

5.4

(6.0)

1037.1

527.5

(509.6)

Microsoft*

MSFT

1.2

1.1

(0.1)

488.5

416.3

(72.2)

Alphabet*

GOOGL

0.8

0.8

—

150.8

120.7

(30.1)

Salesforce*

CRM

2.4

2.3

(0.1)

818.7

617.3

(201.4)

Amazon.com

AMZN

0.8

1.2

0.4

175.3

228.4

53.1

Amazon.com*

AMZN

2.8

2.4

(0.4)

618.4

452.5

(165.9)

Advanced Micro Devices*

AMD

3.5

3.9

0.4

418.6

399.0

(19.6)

Booking Holdings*

BKNG

0.1

0.1

—

728.4

232.2

(496.2)

Sea Limited

SE

0.8

0.8

—

88.4

108.7

20.3

Linde PLC

LIN

1.2

1.2

—

505.9

562.7

56.8

Bloom Energy

BE

3.3

3.8

0.5

72.3

74.8

2.5

PDD Holdings

PDD

1.7

1.7

—

165.2

201.6

36.4

Allurion Technologies

ALUR

1.1

1.1

—

0.03

0.03

—

Ermengildo

ZGN

5.8

5.8

—

48.2

43.2

(5.0)

NU Holdings

NU

6.8

6.8

—

70.7

69.9

(0.8)

ARM Holdings*

ARM

9.8

8.9

(0.9)

1207.8

950.8

(257.0)

Nvidia*

NVDA

1.6

1.6

—

213.5

172.3

(41.2)

ASML*

ASML

—

0.1

—

—

80.4

—

Comcast*

CMCSA

—

1.8

—

—

64.8

—

CrowdStrike*

CRWD

0.03

—

—

11.4

—

—

Honeywell*

HON

0.03

—

—

7.7

—

—

Lululemon Athletica*

LULU

0.01

—

—

2.4

—

—

Mercado Libre*

MELI

0.01

0.03

0.02

10.7

62.0

51.3

Netflix*

NFLX

0.01

—

—

5.3

—

—

T-Mobile US*

TMUS

0.01

—

—

11.8

—

—

Abbott Labs*

ABT

0.3

—

—

38.9

—

—

AstraZeneca*

AZN

0.3

0.2

(0.1)

17.3

16.9

(0.4)

CME Group*

CME

0.2

0.1

(0.1)

46.1

22.5

(23.6)

Coca-Cola*

KO

0.8

0.5

(0.3)

52.5

33.1

(19.4)

Danaher*

DHR

0.1

—

—

32.6

—

—

DoorDash

DASH

0.5

0.8

0.3

81.9

150.1

68.2

Eli Lilly*

LLY

0.02

0.02

—

14.1

17.4

3.3

Intercontinental Exchange*

ICE

0.3

0.1

(0.2)

41.1

17.5

(23.6)

KLA Corp*

KLAC

0.04

0.01

(0.03)

24.0

9.7

(14.3)

Lam Research*

LRCX

0.1

1.0

0.9

10.1

74.0

63.9

Micron Technology*

MU

0.1

0.7

0.6

9.3

61.3

52.0

Nike*

NKE

0.4

—

—

32.0

—

—

Pfizer*

PFE

1.7

—

—

46.2

—

—

Regeneron*

REGN

0.04

—

—

26.4

—

—

Cigna Group*

CI

0.01

0.2

0.2

14.0

50.3

36.3

Thermo Fisher Scientific*

TMO

0.0

0.02

0.01

34.6

9.6

(25.0)

UnitedHealth Group*

UNH

0.1

0.1

—

34.9

60.2

25.3

Zoetis*

ZTS

0.2

0.8

0.6

31.5

131.8

100.3

Bank of America*

BAC

—

1.8

—

—

76.3

—

Boston Scientific*

BSX

—

0.7

—

—

66.8

—

Chubb Limited*

CB

—

0.2

—

—

71.4

—

Claritev

CTEV

—

1.3

—

—

26.4

—

Elevance Health

ELV

—

0.1

—

—

63.3

—

HCA Healthcare*

HCA

—

0.3

—

—

104.1

—

McKesson*

MCK

—

0.1

—

—

61.3

—

NextEra Energy*

NEE

—

0.9

—

—

64.7

—

SP Global*

SPGI

—

0.1

—

—

74.7

—

Charles Schwab*

SCHW

—

0.8

—

—

62.2

—

Stryker

SYK

—

0.3

—

—

116.9

—

*Stock Options Contracts.

 

‎

The Public Investment Fund (PIF) cut its ownership in US equities from $26.8 billion in Q1 2024 to $25.6 billion in Q1 2025, according to a US Securities and Exchange Commission (SEC) filing.

The Kingdom’s sovereign wealth fund lowered its holdings in two companies, Cummins Inc. and Pinterest—as well as options contracts of 11 companies.

Meanwhile, the PIF increased its equities in four companies, Air Products, Amazon.com, Bloom Energy Corp, and DoorDash.

The fund exited its investments in Multiplan and Ballard Power Systems. It also exited 10 options contracts. Additionally, it invested in two new companies— Claritev and Elevance Health—and entered into nine new options contracts.

PIF Investment in US Equities

Company

Symbol

Q4 2024 Ownership

(mln shares)

Q1 2025 Ownership

(mln shares

Change

(mln shares)

Q4 2024 Value

($ mln)

Q1 2025 Value

($ mln)

)

Change

($ mln)

Lucid Group

LCID

1770.9

1770.9

—

5348.1

4285.6

(1062.5)

Electronic Arts

EA

24.8

24.8

—

3629.4

3585.2

(44.2)

Uber

UBER

72.8

72.8

—

4393.7

5307.2

913.5

Take-Two Interactive

TTWO

11.4

11.4

—

2101.2

2365.7

264.5

Air Products

APD

0.8

0.9

0.1

244.7

260.0

15.3

PayPal

PYPL

1.8

1.8

—

150.2

114.8

(35.4)

PayPal*

PYPL

7.4

3.7

(3.7)

627.9

239.4

(388.5)

Meta Platforms

META

0.7

0.7

—

433.3

385.0

(48.3)

Meta Platforms*

META

0.4

0.04

(0.4)

220.4

23.0

(197.4)

Cummins Inc

CMI

1.6

1.6

—

571.4

513.7

(57.7)

MultiPlan

MPLN

1.3

—

—

18.9

—

—

FedEx Corp

FDX

0.5

0.5

—

140.1

121.4

(18.7)

Visa Inc

V

0.7

0.7

—

212.8

235.9

23.1

Avery Dennison

AVY

0.7

0.7

—

122.6

116.6

(6.0)

Alibaba Group

BABA

1.6

1.6

—

136.6

213.0

76.4

Walmart*

WMT

—

0.8

—

—

70.2

—

Prologis

PLD

1.6

1.6

—

164.0

173.5

9.5

Pinterest

PINS

5.5

4.1

(1.4)

160.4

128.0

(32.4)

Ballard Power Systems

BLDP

7.0

—

—

11.7

—

—

ب BeiGene Limited

BGNE

0.4

0.4

—

65.5

96.5

31.0

Shopify

SHOP

1.3

1.3

—

132.9

119.4

(13.5)

Adobe Systems Inc.*

ADBE

1.0

1.0

—

440.1

368.7

(71.4)

Starbucks*

SBUX

11.4

5.4

(6.0)

1037.1

527.5

(509.6)

Microsoft*

MSFT

1.2

1.1

(0.1)

488.5

416.3

(72.2)

Alphabet*

GOOGL

0.8

0.8

—

150.8

120.7

(30.1)

Salesforce*

CRM

2.4

2.3

(0.1)

818.7

617.3

(201.4)

Amazon.com

AMZN

0.8

1.2

0.4

175.3

228.4

53.1

Amazon.com*

AMZN

2.8

2.4

(0.4)

618.4

452.5

(165.9)

Advanced Micro Devices*

AMD

3.5

3.9

0.4

418.6

399.0

(19.6)

Booking Holdings*

BKNG

0.1

0.1

—

728.4

232.2

(496.2)

Sea Limited

SE

0.8

0.8

—

88.4

108.7

20.3

Linde PLC

LIN

1.2

1.2

—

505.9

562.7

56.8

Bloom Energy

BE

3.3

3.8

0.5

72.3

74.8

2.5

PDD Holdings

PDD

1.7

1.7

—

165.2

201.6

36.4

Allurion Technologies

ALUR

1.1

1.1

—

0.03

0.03

—

Ermengildo

ZGN

5.8

5.8

—

48.2

43.2

(5.0)

NU Holdings

NU

6.8

6.8

—

70.7

69.9

(0.8)

ARM Holdings*

ARM

9.8

8.9

(0.9)

1207.8

950.8

(257.0)

Nvidia*

NVDA

1.6

1.6

—

213.5

172.3

(41.2)

ASML*

ASML

—

0.1

—

—

80.4

—

Comcast*

CMCSA

—

1.8

—

—

64.8

—

CrowdStrike*

CRWD

0.03

—

—

11.4

—

—

Honeywell*

HON

0.03

—

—

7.7

—

—

Lululemon Athletica*

LULU

0.01

—

—

2.4

—

—

Mercado Libre*

MELI

0.01

0.03

0.02

10.7

62.0

51.3

Netflix*

NFLX

0.01

—

—

5.3

—

—

T-Mobile US*

TMUS

0.01

—

—

11.8

—

—

Abbott Labs*

ABT

0.3

—

—

38.9

—

—

AstraZeneca*

AZN

0.3

0.2

(0.1)

17.3

16.9

(0.4)

CME Group*

CME

0.2

0.1

(0.1)

46.1

22.5

(23.6)

Coca-Cola*

KO

0.8

0.5

(0.3)

52.5

33.1

(19.4)

Danaher*

DHR

0.1

—

—

32.6

—

—

DoorDash

DASH

0.5

0.8

0.3

81.9

150.1

68.2

Eli Lilly*

LLY

0.02

0.02

—

14.1

17.4

3.3

Intercontinental Exchange*

ICE

0.3

0.1

(0.2)

41.1

17.5

(23.6)

KLA Corp*

KLAC

0.04

0.01

(0.03)

24.0

9.7

(14.3)

Lam Research*

LRCX

0.1

1.0

0.9

10.1

74.0

63.9

Micron Technology*

MU

0.1

0.7

0.6

9.3

61.3

52.0

Nike*

NKE

0.4

—

—

32.0

—

—

Pfizer*

PFE

1.7

—

—

46.2

—

—

Regeneron*

REGN

0.04

—

—

26.4

—

—

Cigna Group*

CI

0.01

0.2

0.2

14.0

50.3

36.3

Thermo Fisher Scientific*

TMO

0.0

0.02

0.01

34.6

9.6

(25.0)

UnitedHealth Group*

UNH

0.1

0.1

—

34.9

60.2

25.3

Zoetis*

ZTS

0.2

0.8

0.6

31.5

131.8

100.3

Bank of America*

BAC

—

1.8

—

—

76.3

—

Boston Scientific*

BSX

—

0.7

—

—

66.8

—

Chubb Limited*

CB

—

0.2

—

—

71.4

—

Claritev

CTEV

—

1.3

—

—

26.4

—

Elevance Health

ELV

—

0.1

—

—

63.3

—

HCA Healthcare*

HCA

—

0.3

—

—

104.1

—

McKesson*

MCK

—

0.1

—

—

61.3

—

NextEra Energy*

NEE

—

0.9

—

—

64.7

—

SP Global*

SPGI

—

0.1

—

—

74.7

—

Charles Schwab*

SCHW

—

0.8

—

—

62.2

—

Stryker

SYK

—

0.3

—

—

116.9

—

*Stock Options Contracts.
by
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