Saudi wealth fund PIF is buying shares in Alphabet, Zoom and Microsoft on a shopping spree

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The Public Investment Fund (PIF) of Saudi Arabia bought shares of Alphabet, Zoom Video and Microsoft among a broader selection of US stocks, taking the market value of the sovereign wealth fund’s investment portfolio to around US$40.8 billion at the end of the second quarter. dollar rose.

The PIF acquired 213,000 Class A shares from Alphabet, 4.7 million Class A shares from Zoom and 1.8 million shares from Microsoft, according to a filing with the U.S. Securities and Exchange Commission.

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It also acquired stakes in JPMorgan and BlackRock, buying 3.9 million shares and 741,693 shares, respectively.

The fund bought 6.3 million shares of Starbucks and added other stocks including Adobe Systems, Advanced Micro Devices, Salesforce, Home Depot, Costco, Freeport-McMoRan, Datadog and NextEra Energy.

The PIF, which manages $620 billion in assets, is at the heart of Saudi Arabia’s plans to transform the economy by creating new sectors and diversifying revenues away from oil.

The PIF is pursuing a two-pronged strategy, building an international investment portfolio while also investing locally in projects that help reduce Saudi Arabia’s dependence on oil.

Read more: Lucid says Saudi Arabia’s PIF is ‘very supportive’ as supply crunch hits manufacturing

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