Sat. Feb 24th, 2024

PIF Managing Director Yasir bin Othman Al-Rumayyan attends the Russian-Saudi Funding Discussion board held on the Ritz-Carlton Moscow Lodge.

Sergei Bobylev | TASS through Getty Photos

Saudi Arabia’s sovereign wealth fund, often called the Public Funding Fund, is an energetic participant in U.S. private and non-private markets.

In contrast to most U.S. funds, it is not required to interrupt down its holdings in both of these markets. However among the many paperwork disclosed within the current PGA-LIV merger hearings was a beforehand unreported listing of the sovereign wealth fund’s prime public fairness holdings, valued at about $35.5 billion. From that report, it seems PIF has made a transparent collection of bets on experiential choices, starting from gaming to in-person leisure.

The listing, which was up to date as of March 31, exhibits a $8.9 billion stake in electrical automaker Lucid, constituting about 25% of PIF’s fairness holdings. PIF controls about 60% of Lucid’s excellent shares on the time of publication.

PIF’s second-largest stake, in Activision Blizzard, was valued at $3.3 billion and amounted to 9.1% of PIF’s public fairness holdings. Shares within the recreation maker have been up greater than 10% in noon buying and selling Tuesday as a decide declined the Federal Commerce Fee’s request for an injunction to stall Microsoft’s deal to amass the corporate.

In descending order of dimension, PIF’s next-largest company holdings have been in Digital Arts ($2.98 billion, or 8.4% of its portfolio), Uber ($2.3 billion, or 8.4%), Take-Two Interactive Software program ($1.36 billion, or 3.8%) and Stay Nation ($880 million or 2.5%).

The PIF was variously under- and obese in its tech publicity, relative to the Nasdaq. Its $691 million stake in Meta was about 1.9% of the fund’s whole public market allocation, in contrast with the inventory’s 2.87% weighting within the S&P.

Google accounts for two.87% of the Nasdaq by weight however made up a mere 1.2% of the PIF’s $35.51 billion public portfolio. The corporate was additionally notably obese on different tech names, together with bets on Reserving Holdings, Take-Two, Uber and Zoom.

Saudi Arabia has loved privileged entry and outsize consideration from enterprise capital and personal fairness companies, that are eager to activate the dominion’s deep pockets because it diversifies away from oil and fuel investments underneath the path of Crown Prince Mohammed bin Salman.

Here is the complete listing:

— CNBC’s John Rosevear contributed to this report.

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