Saudi Fund Ramps Up US Stock Holdings By Adding Alibaba, Walmart

November 15, 2021 3:23 PM | 1 min read | Make a Comment

The Public Investment Fund, Saudi Arabia's sovereign wealth fund, almost tripled its holdings of U.S.-listed stocks to $43.45 billion in the third quarter, up from $16 billion, Reuters reports.
The fund added shares of Alibaba Group Holding Ltd BABA and Walmart Inc WMT. Other stocks purchased GrubHub Inc GRUB and Ballard Power Systems Inc BLDP.
The fund, which manages $430 billion in assets, is at the center of Saudi Arabia's plans to transform the economy by creating new sectors and diversifying revenues away from oil.
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Price Action: BABA shares traded higher by 0.30% at $167.31 on the last check Monday.