Saudi Arabia Sovereign Fund Cuts FedEx Stake in Q3, Raises Holdings in PDD, Pinterest

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Saudi Arabia Sovereign Fund Cuts FedEx Stake in Q3, Raises Holdings in PDD, Pinterest

seekingalpha2023-11-15

Saudi Arabia's sovereign wealth fund cut its stake in parcel delivery giant FedEx and took a new position in Italian fashion firm Ermenegildo Zegna (ZGN) in Q3 2023, while raising its holdings in ...

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·2023-11-15
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Today, it houses clothing brands such as Zegna and Thom Browne.</p><p>PIF raised its stake in <a href=\"https://laohu8.com/S/PDD\">PDD </a> by 45.4%, holding 1.70M American depositary shares of the Chinese discount e-commerce firm at the end of Q3, compared to 1.17M at the end of Q2.</p><p>Among other raises, the sovereign wealth fund upped its position in industrial real estate investment trust Prologis (PLD) by 41.7% to 1.15M shares from 814.7K shares.</p><p>Additionally, PIF raised its stake in picture sharing social network <a href=\"https://laohu8.com/S/PINS\">Pinterest</a> by 19.9% to 4.86M class A shares from 4.05M, and in biotech BeiGene (BGNE) by 11.6% to 354.4K American depositary shares from 317.7K.</p><p>The fund kept its other stakes unchanged.</p><p>In Q2 2023, PIF had raised its stakes in Chinese e-commerce giant Alibaba (BABA) and electric vehicle maker Lucid Group (LCID), while cutting its position in labeling company Avery Dennison (AVY).</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSaudi Arabia Sovereign Fund Cuts FedEx Stake in Q3, Raises Holdings in PDD, Pinterest\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-11-15 08:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/4036608-saudi-arabia-sovereign-fund-cuts-fedex-stake-in-q3-raises-holdings-in-pdd-pinterest><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Saudi Arabia's sovereign wealth fund cut its stake in parcel delivery giant FedEx and took a new position in Italian fashion firm Ermenegildo Zegna (ZGN) in Q3 2023, while raising its holdings in ...</p>\n\n<a href=\"https://seekingalpha.com/news/4036608-saudi-arabia-sovereign-fund-cuts-fedex-stake-in-q3-raises-holdings-in-pdd-pinterest\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/news/4036608-saudi-arabia-sovereign-fund-cuts-fedex-stake-in-q3-raises-holdings-in-pdd-pinterest","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2383075659","content_text":"Saudi Arabia's sovereign wealth fund cut its stake in parcel delivery giant FedEx and took a new position in Italian fashion firm Ermenegildo Zegna (ZGN) in Q3 2023, while raising its holdings in Pinduoduo-owner PDD (NASDAQ:PDD).The Public Investment Fund (PIF) disclosed the information in its latest 13F filing for the three months ended September 30, 2023, published on Tuesday.PIF trimmed its holdings in FedEx to 718.6K shares in Q3 from 1.13M in Q2 2023.The fund took a stake of 2.16M shares in Ermenegildo Zegna (ZGN). The Milan-based company began as a wool fabric producer in 1910. Today, it houses clothing brands such as Zegna and Thom Browne.PIF raised its stake in PDD  by 45.4%, holding 1.70M American depositary shares of the Chinese discount e-commerce firm at the end of Q3, compared to 1.17M at the end of Q2.Among other raises, the sovereign wealth fund upped its position in industrial real estate investment trust Prologis (PLD) by 41.7% to 1.15M shares from 814.7K shares.Additionally, PIF raised its stake in picture sharing social network Pinterest by 19.9% to 4.86M class A shares from 4.05M, and in biotech BeiGene (BGNE) by 11.6% to 354.4K American depositary shares from 317.7K.The fund kept its other stakes unchanged.In Q2 2023, PIF had raised its stakes in Chinese e-commerce giant Alibaba (BABA) and electric vehicle maker Lucid Group (LCID), while cutting its position in labeling company Avery Dennison (AVY).","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":3,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}