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Yasser bin Othman Al-Rumayyan, Managing Director of the Public Investment Fund (PIF) attends the Russian-Saudi Investment Forum held at the Ritz-Carlton Moscow Hotel.
Sergey Bobylev | TASS via Getty Images
Saudi Arabia’s sovereign wealth fund, commonly known as the Public Investment Fund or PIF, is an active player in the US public and private markets.
Unlike most US funds, its holdings in any of those markets do not need to be unbundled. But among the documents disclosed in recent PGA-LIV merger hearings was a previously unreported list of the sovereign wealth fund’s most significant public equity holdings, valued at roughly $35.5 billion. From this report, it appears to have placed a clear series of bets on demos, ranging from gaming to personal entertainment.
The list, updated as of March 31, shows an $8.9 billion stake in the electric car maker. Lucid, and it constitutes about 25% of the holdings of the Public Investment Fund. PIF controls approximately 60% of Lucid’s outstanding shares at the time of publication.
The second largest share of the Public Investment Fund, in Activision BlizzardIt was valued at $3.3 billion and constitutes 9.1% of the Public Investment Fund’s holdings. Shares in the game maker rose more than 10% in mid-day trading Tuesday as a judge denied the Federal Trade Commission’s request for an injunction to stop Microsoft’s deal to acquire the company.
In descending order of volume, it was PIF’s second-largest corporate holdings Electronic Arts ($2.98 billion, or 8.4% of its portfolio), Uber ($2.3 billion, or 8.4%), Take two programs ($1.36 billion, or 3.8%) and live nation ($880 million, or 2.5%).
The PIF has been differently underweighted in its technology exposure, compared to the Nasdaq. Its $691 million stake in Meta was about 1.9% of the fund’s total public market allocation, compared to the 2.87% weighting of shares in the S&P.
Google accounts for 2.87% of the Nasdaq by weight, but it only makes up 1.2% of the Public Investment Fund’s $35.51 billion portfolio. The company has also been significantly overweight on other tech names, including Bets Reservation holdingstake two UberAnd Zoom in.
Saudi Arabia has enjoyed privileged access and significant interest from venture capital and private equity firms, which are keen to revitalize the kingdom’s deep pockets as they diversify away from oil and gas investments under the direction of Crown Prince Mohammed bin Salman.
Here is the complete list:
— CNBC’s John Rosevear contributed to this report.
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