PIF (Public Funding Fund) Managing Director Yasir bin Othman Al-Rumayyan attends the Russian-Saudi Funding Discussion board held on the Ritz-Carlton Moscow Lodge.
Sergei Bobylev | TASS by way of Getty Photographs
Saudi Arabia’s sovereign wealth fund, referred to as the Public Funding Fund or PIF, is an energetic participant in U.S. private and non-private markets.
Not like maximum U.S. finances, it is not required to damage down its holdings in both of the ones markets. However a few of the paperwork disclosed within the contemporary PGA-LIV merger hearings used to be a in the past unreported checklist of the sovereign wealth fund’s best public fairness holdings, valued at some $35.5 billion. From that file, it sounds as if that has made a transparent sequence of bets on experiential choices, starting from gaming to in-person leisure.
The checklist, which used to be up to date as of March 31, displays a $8.9 billion stake in electrical automaker Lucid, constituting about 25% of PIF’s fairness holdings. PIF controls about 60% of Lucid’s remarkable stocks on the time of newsletter.
PIF’s 2d biggest stake, in Activision Snowfall, used to be valued at $3.3 billion and amounted to 9.1% of PIF’s public fairness holdings. Stocks within the sport maker had been up greater than 10% in mid-day buying and selling on Tuesday as a pass judgement on declined the Federal Industry Fee’s request for an injunction to stall Microsoft’s deal to obtain the corporate.
In descending order of measurement, PIF’s subsequent biggest company holdings had been in Digital Arts ($2.98 billion, or 8.4% of its portfolio), Uber ($2.3 billion, or 8.4%), Take Two Instrument ($1.36 billion, or 3.8%) and Reside Country ($880 million or 2.5%).
The PIF used to be variously under-and obese in its tech publicity, relative to the Nasdaq. Its $691 million stake in Meta used to be about 1.9% of the fund’s overall public marketplace allocation, in comparison to the inventory’s 2.87% weighting within the S&P.
Google accounts for two.87% of the Nasdaq by means of weight, however made up a trifling 1.2% of the PIF’s $35.51 billion public portfolio. The corporate used to be additionally particularly obese on different tech names, together with bets on Reserving Holdings, Take Two, Uber, and Zoom.
Saudi Arabia has loved privileged get right of entry to and outsize consideration from project capital and personal fairness corporations, which might be prepared to turn on the dominion’s deep wallet because it diversifies clear of oil-and-gas investments beneath the course of Crown Prince Mohammed bin Salman.
This is the total checklist:
—CNBC’s John Rosevear contributed to this file.
