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Saudi Arabia’s sovereign-wealth fund more than quadrupled the value of its US stock portfolio to $9.8 billion last quarter, a financial filing revealed on Friday.
The $300 billion Public Investment Fund revealed stakes valued at over $500 million in Boeing, Cisco, Disney, Facebook, and other US companies.
It also invested smaller amounts in Warren Buffett’s Berkshire Hathaway, Starbucks, and other big names.
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Saudi Arabia’s sovereign-wealth fund plowed billions of dollars into US stocks such as Boeing, Disney, and Facebook last quarter.
The kingdom’s Public Investment Fund grew its US stock portfolio from about $2.2 billion at the end of December to $9.8 billion at the end of March, according to a Securities and Exchange Commission filing last week.
The $300 billion fund, which aims to diversify Saudi Arabia’s economy away from oil, likely capitalized on the coronavirus sell-off to purchase the stocks at bargain prices. However, its aggressive spending is surprising as depressed oil prices have hammered the kingdom’s finances in recent months.
The PIF’s largest new holdings included a $714 million stake in Boeing, $522 million stakes in both Citigroup and Facebook, and a $514 million stake in Marriott. It also revealed stakes worth between $480 million and $500 million in Disney, Cisco, and Suncor Energy.
The fund also made a range of smaller bets. It ended the period with stakes worth between $75 million and $80 million in Warren Buffett’s Berkshire Hathaway, Booking.com, IBM, Pfizer, Qualcomm, and Starbucks.
The PIF’s wagers on Carnival and Live Nation, which it revealed in April filings, were valued at $457 million and $416 million respectively at the end of March.
The latest filing also confirmed reports that the fund invested in a range of European oil companies last quarter. It showed an $828 million stake in BP, a $484 million stake in Royal Dutch Shell, and a $222 million stake in Total.
Here’s a chart showing the PIF’s US stock portfolio at the end of March: