Saudi PIF nearly triples U.S. stock holdings; adds Walmart, Pinterest (updated)

Caliber Imaging & Diagnostics

15/11/2021 17:58

(Adds other stocks, background)
    By Saeed Azhar
    DUBAI, Nov 15 (Reuters) - The Public Investment Fund (PIF),
Saudi Arabia's sovereign wealth fund, nearly tripled its
holdings of U.S.-listed stocks to $43.45 billion in the third
quarter, adding shares of Alibaba Group  BABA.N , Walmart
 WMT.N  and Pinterest  PINS.N .
    Its U.S.-listed stock holdings in the quarter ended Sept. 30
increased from nearly $16 billion in the prior quarter,
according to a U.S. Securities and Exchange Commission filing.
    Other stocks it bought included Just Eat Takeaway.com
 TKWY.AS  and Ballard Power Systems  BLDP.TO .  urn:newsml:reuters.com:*:nFWN2S61WW
    The PIF, which manages $430 billion in assets, is at the
centre of Saudi Arabia's plans to transform the economy by
creating new sectors and diversifying revenues away from oil. 
    The PIF also owns a 62.72% stake in electric car company
Lucid  LCDX.PK , which has a market value of about $71 billion,
a significant boost in value from the end of September.
    Lucid’s listing in July was a huge dividend for the Saudi
sovereign wealth fund, which invested more than $1 billion in
the company in 2018 for a substantial stake and invested more in
February.  The PIF also owns a 3.75% stake in ride-sharing
company Uber Technologies  UBER.N .
    The PIF is pursuing a two-pronged strategy, building an
international portfolio of investments while also investing
locally in projects that will help reduce Saudi Arabia’s
reliance on oil.
    It has also invested $45 billion in Softbank's inaugural
$100 billion technology fund.
    The PIF has boosted its firepower from several funding
sources in recent years, including loans and a $40 billion
transfer from central bank reserves last year.

 (Reporting by Saeed Azhar  Editing by Richard Chang and Mark
Potter)
 ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters
Messaging: saeed.azhar.reuters.com@reuters.net))