Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), is actively involved in both the public and private markets in the United States. Unlike other US funds, PIF is not required to disclose its holdings in these markets. However, during the recent PGA-LIV merger hearings, a previously undisclosed list of PIF’s top public equity holdings was revealed. This list, valued at approximately $35.5 billion as of March 31, indicates that PIF has made significant investments in experiential offerings, ranging from gaming to in-person entertainment.
The top holding on PIF’s list is an $8.9 billion stake in the electric automaker Lucid, accounting for about 25% of its equity holdings. PIF controls around 60% of Lucid’s outstanding shares. Following Lucid, PIF’s second largest stake is in Activision Blizzard, valued at $3.3 billion and representing 9.1% of PIF’s public equity holdings. The shares of Activision Blizzard saw a more than 10% increase in mid-day trading on Tuesday due to a judge’s decision not to grant the Federal Trade Commission’s request for an injunction on Microsoft’s acquisition of the company.
PIF’s other major corporate holdings, in descending order of size, include Electronic Arts ($2.98 billion, 8.4% of portfolio), Uber ($2.3 billion, 8.4%), Take Two Software ($1.36 billion, 3.8%), and Live Nation ($880 million, 2.5%).
While PIF’s exposure to technology stocks fluctuated compared to the Nasdaq, some interesting patterns emerged. For example, PIF’s $691 million stake in Meta accounted for 1.9% of its total public market allocation, while the stock represented 2.87% of the S&P. Google, which constitutes 2.87% of the Nasdaq’s weighting, only accounted for 1.2% of PIF’s public portfolio totaling $35.51 billion. Additionally, PIF had overweight positions in other tech companies such as Booking Holdings, Take Two, Uber, and Zoom.
Saudi Arabia has garnered significant attention from venture capital and private equity firms, who are eager to tap into the kingdom’s extensive financial resources as it diversifies away from oil and gas investments under the guidance of Crown Prince Mohammed bin Salman.
Here is the complete list of PIF’s top public equity holdings:
– Lucid: $8.9 billion
– Activision Blizzard: $3.3 billion
– Electronic Arts: $2.98 billion
– Uber: $2.3 billion
– Take Two Software: $1.36 billion
– Live Nation: $880 million
Please note that CNBC’s John Rosevear contributed to this report.
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