Saudi PIF Buys Shares in Alphabet, Zoom and Microsoft in U.S. Shopping Spree

Reuters2022-08-16

DUBAI, Aug 16 (Reuters) - Saudi Arabia’s Public Investment Fund (PIF) bought shares in Alphabet, Zoom Video and Microsoft as part of a wider pick of U.S. stocks, bringing the sovereign wealth fund's second-quarter investments to about $40.8 billion.

The PIF acquired 213,000 class A shares in Alphabet, 4.7 million class A shares in Zoom and 1.8 million shares in Microsoft, a U.S. Securities and Exchange Commission filing showed.

It also acquired shares in JPMorgan and BlackRock, buying 3.9 million shares and 741,693 shares respectively.

The fund bought 6.3 million shares in Starbucks, and added other stocks including Adobe Systems, Advanced Micro Devices , Salesforce, Home Depot, Costco, Freeport-McMoRan, Datadogand NextEra Energy.

The PIF, which manages $620 billion in assets, is at the centre of Saudi Arabia’s plans to transform the economy by creating new sectors and diversifying revenues away from oil.

The PIF is pursuing a two-pronged strategy, building an international portfolio of investments while also investing locally in projects that will help to reduce Saudi Arabia’s reliance on oil.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Leave a comment
10