Saudi Arabia sovereign fund exits JPMorgan, Home Depot, takes in Nu among Q1 moves

seekingalpha05-16

Saudi Arabia's sovereign wealth fund disposed off its stakes in several companies including BlackRock (NYSE:BLK), JPMorgan (NYSE:JPM) and Home Depot (NYSE:HD), took a new position in Nu Holdings (NYSE...

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The Public Investment Fund (PIF) disclosed the information in its latest 13F filing for the three months ended March 31, 2024, published on Wednesday.  The fund sold off its 741.7K shares in BlackRock (BLK), the world's largest asset manager. It also sold off the 3.85M shares it held in JPMorgan (JPM), the number one U.S. bank by assets, and the 1.64M shares it had in Home Depot (HD), the world's top home improvement retailer. Other stakes disposed off by PIF in Q1 include:  1.89M shares in telecom tower REIT American Tower (AMT). 1.04M shares in discount retailer Costco (COST). 4.50M class A shares in cloud monitoring services provider Datadog (DDOG). 12.90M class B shares in copper minder Freeport-McMoRan (FCX). 6.37M shares in NextEra Energy (NEE), which is the largest generator of renewable energy in the U.S.  The sovereign wealth fund picked up a stake of 1.18M class A ordinary shares in Brazilian digital bank Nu Holdings (NU).  Looking at other moves, PIF more than tripled its stake in solid-oxide fuel cells maker Bloom Energy to 3.26M class A shares in Q1 from 1.07M shares in Q4 2023. It also upped its position in U.S. retail giant Walmart (WMT) by 141.1% to 1.91M shares. The fund raised its holdings in Italian fashion firm Ermenegildo Zegna (ZGN) by 32.2% to 2.95M shares; in picture sharing social network Pinterest (PINS) by 13.9% to 5.53M class A shares; and in Chinese e-commerce major Alibaba (BABA) by 10.5% to 1.61M American depositary shares. Finally, PIF slashed its stake in industrial gases provider Air Products (APD) by 69.3% to 843.5K shares, and slightly decreased its position in credit card behemoth Visa (V) by 4.8% to 908.7K class A shares. The sovereign wealth fund was much more active in Q1 this year in terms of equity ownership changes after a relatively muted Q4, in which it had exited its stake in hydrogen fuel cells maker Plug Power (PLUG) and trimmed its position in parcel delivery giant FedEx (FDX).  More on 13F filings  Burry's Scion Asset adds Cigna, BP, exits Oracle, CVS, among Q1 buys, sells Seth Klarman's Baupost cuts Warner Bros. stake, takes in SoundHound, among others Berkshire Hathaway's mystery stock bet might be revealed soon Tracking Cathie Wood's ARK Invest 13F Portfolio - Q1 2024 Update Tracking Baillie Gifford's 13F Portfolio - Q1 2024 Update","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2435051666"}