‎PIF’s latest US stock holdings: Q3 2025 snapshot

​‎

The Public Investment Fund (PIF) reducedits holdingsin US equities to$19.4 billion in Q32025 from$23.8 billion in the previous quarter, according to a US Securities and Exchange Commission (SEC) filing.

The Kingdom’s sovereign wealth fund exited nine companiesand all options contracts of 42companies. The fund, however, maintained its holdings in six firms; Lucid Group, Electronic Arts, Uber, Take-Two Interactive, Allurion Technologies, and Clarivate.

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Lucid Group executed a 1-for-10 reverse stock split in September 2025, reducing its authorized share capital to 1.5 billion shares from 15 billion.

PIF’s Holdings in US Stocks

Company

Symbol

Q2 Holdings (mln)

Q3 Holdings (mln

Change (mln)

Q2 Value ($ mln)

Q3 Value ($ mln)

Change ($ mln)

Lucid Group*

LCID

1770.9

177.1

—

3736.6

4212.9

476.3

Electronic Arts

EA

24.8

24.8

—

3961.8

5003.8

1042.0

Uber

UBER

72.8

72.8

—

6796.0

7136.2

340.2

Take-Two Interactive

TTWO

11.4

11.4

—

2772.1

2949.1

177.0

Air Products Chemicals

APD

0.3

—

(0.3)

75.6

—

—

Cummins Inc.

CMI

1.1

—

(1.1)

358.8

—

—

Visa Inc.

V

0.2

—

(0.2)

69.8

—

—

Avery Dennison

AVY

0.2

—

(0.2)

40.6

—

—

Walmart**

WMT

0.2

—

(0.2)

24.2

—

—

Prologis

PLD

0.02

—

(0.0)

0.3

—

—

Pinterest

PINS

0.2

—

(0.2)

7.5

—

—

Adobe Systems**

ADBE

0.2

—

(0.2)

108.5

—

—

Microsoft**

MSFT

0.09

—

(0.1)

46.5

—

—

Alphabet**

GOOGL

0.7

—

(0.7)

131.6

—

—

Salesforce**

CRM

0.1

—

(0.1)

40.4

—

—

Amazon.com**

AMZN

0.5

—

(0.5)

119.1

—

—

AMD**

AMD

0.9

—

(0.9)

133.1

—

—

Booking Holdings**

BKNG

0.02

—

(0.0)

117.5

—

—

Linde PLC

LIN

0.4

—

(0.4)

204.7

—

—

Bloom Energy

BE

1.5

—

(1.5)

36.1

—

—

PDD Holdings

PDD

0.1

—

(0.1)

17.0

—

—

PDD Holdings**

PDD

1.3

—

(1.3)

140.6

—

—

Allurion Technologies

ALUR

1.1

1.1

—

0.04

0.03

(0.01)

ARM Holdings**

ARM

9.0

—

(9.0)

1450.4

—

—

Nvidia**

NVDA

1.2

—

(1.2)

191.2

—

—

ASML**

ASML

0.07

—

(0.1)

59.8

—

—

MercadoLibre**

MELI

0.04

—

(0.0)

111.1

—

—

Netflix**

NFLX

0.05

—

(0.1)

77.5

—

—

AstraZeneca**

AZN

1.0

—

(1.0)

70.9

—

—

CME Group**

CME

0.08

—

(0.1)

23.3

—

—

Coca-Cola**

KO

0.4

—

(0.4)

32.7

—

—

Eli Lilly**

LLY

0.3

—

(0.3)

274.6

—

—

Intercontinental Exchange**

ICE

0.1

—

(0.1)

18.6

—

—

Cigna Group**

CI

0.3

—

(0.3)

97.8

—

—

UnitedHealth Group**

UNH

1.0

—

(1.0)

309.6

—

—

Bank of America**

BAC

2.0

—

(2.0)

94.7

—

—

Chubb Ltd.**

CB

0.2

—

(0.2)

68.5

—

—

Clarivate

CTEV

1.3

1.3

—

57.8

68.0

10.2

HCA Healthcare**

HCA

0.1

—

(0.1)

40.0

—

—

McKesson**

MCK

0.03

—

(0.0)

24.3

—

—

NextEra Energy**

NEE

1.92

—

(1.9)

133.5

—

—

Charles Schwab**

SCHW

2.0

—

(2.0)

186.9

—

—

Analog Devices**

ADI

0.2

—

(0.2)

49.3

—

—

Apple**

AAPL

0.6

—

(0.6)

131.4

—

—

Applied Materials**

AMAT

0.4

—

(0.4)

66.8

—

—

BeiGene (P1 Medicine)**

BEIGF

0.2

—

(0.2)

55.0

—

—

Broadcom**

AVGO

0.3

—

(0.3)

88.3

—

—

Citigroup**

C

0.7

—

(0.7)

62.6

—

—

Gilead Sciences**

GILD

0.8

—

(0.8)

93.2

—

—

Home Depot**

HD

0.4

—

(0.4)

154.1

—

—

JPMorgan Chase**

JPM

0.1

—

(0.1)

33.5

—

—

KKR Co.**

KKR

0.3

—

(0.3)

38.0

—

—

Mastercard**

MA

0.3

—

(0.3)

188.4

—

—

Merck Co.

MRK

1.9

—

(1.9)

150.3

—

—

Progressive Corp.**

PGR

0.5

—

(0.5)

122.0

—

—

ServiceNow**

NOW

0.1

—

(0.1)

127.7

—

—

Vertex Pharmaceuticals**

VRTX

0.4

—

(0.4)

190.2

—

—

 

‎

The Public Investment Fund (PIF) reducedits holdingsin US equities to$19.4 billion in Q32025 from$23.8 billion in the previous quarter, according to a US Securities and Exchange Commission (SEC) filing.

The Kingdom’s sovereign wealth fund exited nine companiesand all options contracts of 42companies. The fund, however, maintained its holdings in six firms; Lucid Group, Electronic Arts, Uber, Take-Two Interactive, Allurion Technologies, and Clarivate.

Lucid Group executed a 1-for-10 reverse stock split in September 2025, reducing its authorized share capital to 1.5 billion shares from 15 billion.

PIF’s Holdings in US Stocks

Company

Symbol

Q2 Holdings (mln)

Q3 Holdings (mln

Change (mln)

Q2 Value ($ mln)

Q3 Value ($ mln)

Change ($ mln)

Lucid Group*

LCID

1770.9

177.1

—

3736.6

4212.9

476.3

Electronic Arts

EA

24.8

24.8

—

3961.8

5003.8

1042.0

Uber

UBER

72.8

72.8

—

6796.0

7136.2

340.2

Take-Two Interactive

TTWO

11.4

11.4

—

2772.1

2949.1

177.0

Air Products Chemicals

APD

0.3

—

(0.3)

75.6

—

—

Cummins Inc.

CMI

1.1

—

(1.1)

358.8

—

—

Visa Inc.

V

0.2

—

(0.2)

69.8

—

—

Avery Dennison

AVY

0.2

—

(0.2)

40.6

—

—

Walmart**

WMT

0.2

—

(0.2)

24.2

—

—

Prologis

PLD

0.02

—

(0.0)

0.3

—

—

Pinterest

PINS

0.2

—

(0.2)

7.5

—

—

Adobe Systems**

ADBE

0.2

—

(0.2)

108.5

—

—

Microsoft**

MSFT

0.09

—

(0.1)

46.5

—

—

Alphabet**

GOOGL

0.7

—

(0.7)

131.6

—

—

Salesforce**

CRM

0.1

—

(0.1)

40.4

—

—

Amazon.com**

AMZN

0.5

—

(0.5)

119.1

—

—

AMD**

AMD

0.9

—

(0.9)

133.1

—

—

Booking Holdings**

BKNG

0.02

—

(0.0)

117.5

—

—

Linde PLC

LIN

0.4

—

(0.4)

204.7

—

—

Bloom Energy

BE

1.5

—

(1.5)

36.1

—

—

PDD Holdings

PDD

0.1

—

(0.1)

17.0

—

—

PDD Holdings**

PDD

1.3

—

(1.3)

140.6

—

—

Allurion Technologies

ALUR

1.1

1.1

—

0.04

0.03

(0.01)

ARM Holdings**

ARM

9.0

—

(9.0)

1450.4

—

—

Nvidia**

NVDA

1.2

—

(1.2)

191.2

—

—

ASML**

ASML

0.07

—

(0.1)

59.8

—

—

MercadoLibre**

MELI

0.04

—

(0.0)

111.1

—

—

Netflix**

NFLX

0.05

—

(0.1)

77.5

—

—

AstraZeneca**

AZN

1.0

—

(1.0)

70.9

—

—

CME Group**

CME

0.08

—

(0.1)

23.3

—

—

Coca-Cola**

KO

0.4

—

(0.4)

32.7

—

—

Eli Lilly**

LLY

0.3

—

(0.3)

274.6

—

—

Intercontinental Exchange**

ICE

0.1

—

(0.1)

18.6

—

—

Cigna Group**

CI

0.3

—

(0.3)

97.8

—

—

UnitedHealth Group**

UNH

1.0

—

(1.0)

309.6

—

—

Bank of America**

BAC

2.0

—

(2.0)

94.7

—

—

Chubb Ltd.**

CB

0.2

—

(0.2)

68.5

—

—

Clarivate

CTEV

1.3

1.3

—

57.8

68.0

10.2

HCA Healthcare**

HCA

0.1

—

(0.1)

40.0

—

—

McKesson**

MCK

0.03

—

(0.0)

24.3

—

—

NextEra Energy**

NEE

1.92

—

(1.9)

133.5

—

—

Charles Schwab**

SCHW

2.0

—

(2.0)

186.9

—

—

Analog Devices**

ADI

0.2

—

(0.2)

49.3

—

—

Apple**

AAPL

0.6

—

(0.6)

131.4

—

—

Applied Materials**

AMAT

0.4

—

(0.4)

66.8

—

—

BeiGene (P1 Medicine)**

BEIGF

0.2

—

(0.2)

55.0

—

—

Broadcom**

AVGO

0.3

—

(0.3)

88.3

—

—

Citigroup**

C

0.7

—

(0.7)

62.6

—

—

Gilead Sciences**

GILD

0.8

—

(0.8)

93.2

—

—

Home Depot**

HD

0.4

—

(0.4)

154.1

—

—

JPMorgan Chase**

JPM

0.1

—

(0.1)

33.5

—

—

KKR Co.**

KKR

0.3

—

(0.3)

38.0

—

—

Mastercard**

MA

0.3

—

(0.3)

188.4

—

—

Merck Co.

MRK

1.9

—

(1.9)

150.3

—

—

Progressive Corp.**

PGR

0.5

—

(0.5)

122.0

—

—

ServiceNow**

NOW

0.1

—

(0.1)

127.7

—

—

Vertex Pharmaceuticals**

VRTX

0.4

—

(0.4)

190.2

—

—