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Tue. 16 Aug 2022, 7:51am ET Benzinga News, Hedge Funds, Tech, General
  • Saudi Arabia's Public Investment Fund (PIF) purchased shares in U.S.-based tech giants, including Alphabet Inc (NASDAQ:GOOG), Zoom Video Communications Inc (NASDAQ:ZM), and Microsoft Corporation (NASDAQ:MSFT).
  • As per the SEC filing, the market value of the sovereign wealth fund's investment portfolio increased to about $40.8 billion at the end of the second quarter.
  • The SEC regulatory filing showed that the PIF acquired 213,000 class A shares in Alphabet, 4.7 million class A shares in Zoom, and 1.8 million in Microsoft.
  • It also acquired JPMorgan Chase & Co (NYSE:JPM) and BlackRock Inc (NYSE:BLK) shares, buying 3.9 million shares and 741,693 shares, respectively.
  • The fund bought 6.3 million shares in Starbucks Corporation (NASDAQ:SBUX) and added other stocks, including Adobe Inc (NASDAQ:ADBE), Advanced Micro Devices Inc (NASDAQ:AMD), Salesforce Inc (NYSE:CRM), Home Depot Inc (NYSE:HD), Costco Wholesale Corporation (NASDAQ:COST), Freeport-McMoRan Inc (NYSE:FCX), Datadog Inc (NASDAQ:DDOG) and NextEra Energy Inc (NYSE:NEE).
  • Reuters writes that the PIF manages $620 billion in assets and is at the center of Saudi Arabia's plans to transform the economy by creating new sectors and diversifying revenues away from oil.
  • Photo via Wikimedia Commons