PIF cuts its holdings in US stocks during Q1

Public Investment Fund reduced its direct holdings in US stocks by the end of the first quarter of 2024 by about half.

According to a disclosure form submitted to the US Securities and Exchange Commission, the Public Investment Fund holds shares traded in the United States with a market value of about $18 billion, as of the end of March, down from $35 billion at the end of last year.

The report showed that the investment fund no longer owns many technology stocks, including stakes worth $600 million or more in Amazon, Microsoft, and Salesforce. He also replaced his direct holdings in these companies and other technology stocks by purchasing options on a smaller number of shares, a move that allows him to maintain some exposure to the companies but with a smaller capital size.

The report also indicated that the investment fund gave up all of its stakes in American financial companies and companies in the travel sector, including a stake worth $602 million in “BlackRock” and an investment worth $942 million in “Carnival Corp,” in addition to a position worth $757 million in “Booking Holding.”