Saudi Public Investment Fund Picks Shares In Alphabet, Zoom, Microsoft

Saudi Public Investment Fund Picks Shares In Alphabet, Zoom, Microsoft
  • Saudi Arabia's Public Investment Fund (PIF) purchased shares in U.S.-based tech giants, including Alphabet Inc GOOGZoom Video Communications Inc ZM, and Microsoft Corporation MSFT.
  • As per the SEC filing, the market value of the sovereign wealth fund's investment portfolio increased to about $40.8 billion at the end of the second quarter.
  • The SEC regulatory filing showed that the PIF acquired 213,000 class A shares in Alphabet, 4.7 million class A shares in Zoom, and 1.8 million in Microsoft.
  • It also acquired JPMorgan Chase & Co JPM and BlackRock Inc BLK shares, buying 3.9 million shares and 741,693 shares, respectively.
  • The fund bought 6.3 million shares in Starbucks Corporation SBUX and added other stocks, including Adobe Inc ADBEAdvanced Micro Devices Inc AMDSalesforce Inc CRMHome Depot Inc HDCostco Wholesale Corporation COSTFreeport-McMoRan Inc FCX, Datadog Inc DDOG and NextEra Energy Inc NEE.
  • Reuters writes that the PIF manages $620 billion in assets and is at the center of Saudi Arabia's plans to transform the economy by creating new sectors and diversifying revenues away from oil.
  • Photo via Wikimedia Commons

Posted In: BriefsNewsHedge FundsTechGeneral