Saudi Arabia’s PIF tops up stakes in US stocks with $7.6bn of new investments – The National

Saudi Arabia’s PIF tops up stakes in US stocks with $7.6bn of new investments – The National

Saudi Arabia's sovereign wealth fund increased its investment in US equities in the second-quarter, pouring money into technology, e-commerce, retail and finance companies.

While the value of the Public Investment Fund's investments in the US in the second-quarter declined 6 per cent from the first three months of the year amid a tech sell-off to nearly $41 billion, it invested about $7.6bn to snap up new stakes in 17 companies, a US Securities and Exchange Commission filing on Monday showed.

The PIF, which manages more than $620bn in assets, invested $464 million in Alphabet, the parent company of Google, about $474m in Microsoft and $507m in the video-conferencing company Zoom.