RIYADH: 黑料社区鈥檚 Public Investment Fund boosted its US equity holdings to about $23.8 billion by the second quarter of 2025, up from roughly $20.6 billion a year earlier.
The fund鈥檚 latest Form-13F filing with the US Securities and Exchange Commission shows PIF held positions across 57 equities and options, compared to 38 a year earlier, but with a markedly different composition.
The sovereign wealth fund exited stakes in Meta Platforms, PayPal, Alibaba, Shopify, and other e-commerce and social-media names, while boosting holdings in electric-vehicle maker Lucid Group by nearly 400 million shares and more than doubling its stake in chip designer Arm Holdings.
It also bought into Apple, ASML, Analog Devices, and several US healthcare giants, such as UnitedHealth, Eli Lilly, and Merck, reflecting a pivot toward semiconductors and healthcare.
As the sovereign investment arm of 黑料社区, PIF plays a central role in advancing Vision 2030, the Kingdom鈥檚 long-term strategy to diversify its economy beyond oil.
Tasked with building national champions, creating jobs, and attracting foreign investment, PIF channels capital into both global markets and domestic sectors such as tourism, technology, and infrastructure. Its dual mandate, to deliver returns and to drive economic transformation, makes it not only one of the world鈥檚 largest sovereign wealth funds but also a policy instrument shaping 黑料社区鈥檚 post-oil future.
The rebalancing comes as PIF intensifies its domestic and global investment drive. According to Global SWF, the fund鈥檚 assets under management climbed to $1.15 trillion in 2025, an increase that lifted PIF to fourth place among sovereign wealth funds worldwide.
The consultancy noted that PIF is moving from rapid deployment to a more methodical approach focused on cost control and measurable returns.
Nearly 37 percent of PIF鈥檚 portfolio is invested in alternatives such as real estate, infrastructure, private equity and hedge funds, according to a July report by Private Equity Insights. More than two-thirds of its assets are deployed inside 黑料社区, where the fund has invested over $171 billion since 2021, representing about 10 percent of the Kingdom鈥檚 non-oil gross domestic product.
Despite the surge in assets, PIF鈥檚 net profit fell 60 percent in 2024 to SR26 billion amid higher interest rates, impairments and delays on major projects. In response, the fund has tightened performance management, tapped commercial paper and sukuk for liquidity, and shifted focus toward revenue-generating assets.
Its Governance, Sustainability and Resilience score reached a perfect 100 percent, making it the highest-ranked fund in the Europe, the Middle East and Africa region, according to Global SWF.
The diversification strategy has also produced a steady stream of headline deals. In May 2025, PIF signed agreements with US asset managers Franklin Templeton, Neuberger Berman and Northern Trust to channel up to $12 billion into Saudi markets and establish a multi-asset platform in Riyadh. That same week, Crown Prince Mohammed bin Salman launched Humain, an AI company under PIF tasked with building data centre and cloud-infrastructure capabilities in the Kingdom.
Earlier this year, PIF-backed digital security firm Elm agreed to buy business-services firm Thiqah for SR3.4 billion, further cementing the fund鈥檚 role in creating national champions.
Internationally, PIF is exploring a $15 billion investment in Brazil鈥檚 renewable energy and green hydrogen industries and has committed roughly $200 million to a Manhattan real estate project with Related Companies.
Yet challenges remain. Reuters reported that PIF took an $8 billion write-down on some giga-projects as it scales back overly ambitious developments. Rising funding costs and tight liquidity have prompted management restructuring and a greater emphasis on projects with a clear path to profitability.
The fund must balance its domestic mandate, supporting mega-projects and job creation, with growing international ambitions across technology, mobility, gaming and sports.
As PIF鈥檚 US holdings shift from consumer internet to semiconductors and healthcare, the sovereign wealth fund is signalling confidence in long-term innovation while recognizing the need for steady returns amid a challenging global environment.
Combined with its rising global rank and deeper domestic investments, the repositioning illustrates how PIF is evolving into a more mature and strategically diversified investor.
