Saudi Arabia’s Public Investment Fund (PIF) disclosed its second-quarter 13F filing on August 14, revealing a number of new positions and trimming some of the existing ones.
The sovereign wealth fund appears to be betting primarily on the healthcare industry while turning more cautious on some of its previous large-cap holdings.
Most notable among the newly initiated positions and stake increases were UnitedHealth Group (NYSE: UNH), Eli Lilly (NYSE: LLY), and Vertex Pharmaceuticals (NASDAQ: VRTX), followed by Mastercard (NYSE: MA), Home Depot (NYSE: HD), and PDD Holdings (NASDAQ: PDD).
On the sales side, the fund cut its positions in Salesforce (NYSE: CRM), Microsoft (NASDAQ: MSFT), Starbucks (NASDAQ: SBUX), AMD (NASDAQ: AMD), and Amazon (NASDAQ: AMZN).
As per the filing, PIF’s largest disclosed holdings were Uber (NYSE: UBER) at 28.54% of the portfolio, Electronic Arts (NASDAQ: EA) at 16.64%, Lucid Group (NASDAQ: LCID) at 15.69%, and Take-Two Interactive (NASDAQ: TTWO) at 11.64%.
While PIF reported an $8 billion write-down on its so-called “gigaprojects” in 2024, its total assets under management surged to around $913 billion, according to the latest annual report.
Most noteworthy drops included the Neom futuristic city project, which fell 12.4% to $56.2 billion, accounting for just 6% of the portfolio as opposed to 8% a year earlier.
The project still remains at the center of PIF’s diversification strategy, but operational difficulties and global energy market uncertainty have forced multiple delays, with the total costs now ranging between $500 billion and $1.5 trillion.
International holdings also declined to 17% of assets from 20%, as the fund shifted its focus to domestic investments. However, the losses also largely came against a backdrop of weaker oil prices and widening fiscal pressures.
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