Saudi Arabia Sovereign Fund Raises Stakes in Alibaba, Lucid Group in Q2

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Saudi Arabia Sovereign Fund Raises Stakes in Alibaba, Lucid Group in Q2

seekingalpha2023-08-15

Saudi Arabia's sovereign wealth fund raised its stakes in Chinese e-commerce giant Alibaba (NYSE:BABA) and electric vehicle (EV) maker Lucid Group (NASDAQ:LCID) in Q2 2023, while cutting its position ...

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Miker9110
·2023-08-15
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its stakes in Chinese e-commerce giant Alibaba (NYSE:BABA) and electric vehicle (EV) maker Lucid Group (NASDAQ:LCID) in Q2 2023, while cutting its position in labeling company Avery Dennison (AVY).The Public Investment Fund (PIF) disclosed the information in its latest 13F filing for the three months ended June 30, 2023, published on Monday.PIF upped its holding in Alibaba (BABA) to about 1.46M American depositary shares from 1.04M in Q1 2023. The Jack Ma co-founded company reported a 14% jump in quarterly revenue last week.The fund's stake in Lucid (LCID) stood at 1.37B shares at the end of Q2, compared to 1.11B at the end of Q1. The increased position had already been disclosed back in June, with PIF's overall stake in LCID at 60.49%. The EV maker last Monday reported a quarterly miss, but said it was on track to make more than 10K vehicles this year.PIF also raised its stake in industrial gases provider Air Products (APD) to 2.75M shares from 2.70M.The sovereign fund slashed its position in Avery Dennison (AVY) to about 655K shares from ~848K.PIF's 13F filing also showed that it no longer held its stake of 3.03M class A shares in Babylon Holdings (OTC:BBLNF), after the UK-based digital healthcare company went private in the quarter.The sovereign fund kept its other stakes unchanged.In Q1 2023, PIF had taken a stake in solid-oxide fuel cells maker Bloom Energy (BE), while increasing its holdings in videogame publisher Electronic Arts (EA) and Singapore-based internet company Sea (SE).","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":[{"id":209188069511296,"gmtCreate":1692108290043,"gmtModify":1692108294504,"author":{"id":"3567752887434518","authorId":"3567752887434518","name":"Miker9110","avatar":"https://community-static.tradeup.com/news/376b8215951358aaecd7891f086a6dad","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3567752887434518","authorIdStr":"3567752887434518"},"htmlText":"O","listText":"O","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/209188069511296","repostId":2359584648,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":13,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}