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PIF's Q4 2024 US Equities Portfolio Shifts: Increased Holdings in LCID, AMZN, NU, And More
Visa Inc. Class A +0.64%
Lucid -2.26%
Amazon.com, Inc. -1.78%
Ermenegildo Zegna N.V. -1.78%
Nu Holdings +0.48%
Visa Inc. Class A V | 347.83 | +0.64% |
Lucid LCID | 12.54 | -2.26% |
Amazon.com, Inc. AMZN | 226.19 | -1.78% |
Ermenegildo Zegna N.V. ZGN | 10.46 | -1.78% |
Nu Holdings NU | 16.90 | +0.48% |
According to a US Securities and Exchange Commission (SEC) filing, the Public Investment Fund (PIF) saw a marginal increase in its US equities ownership from $26.7 billion in Q3 2024 to $26.8 billion in Q4 2024.
Among the changes, the Saudi Arabian sovereign - wealth fund reduced its holdings in only Visa Inc. Class A(V.US) and trimmed its ownership in the options contracts of six companies. On the flip side, it bolstered its equities in Lucid Group Inc Ordinary Shares(LCID.US) , Amazon.com, Inc.(AMZN.US) , Ermenegildo Zegna N.V.(ZGN.US) , and Nu Holdings Ltd.(NU.US) , and also increased its options-contract position in one company.
The fund divested from Walmart and nine options contracts. It made new investments in DoorDash, Inc. Class A(DASH.US) and 18 new options contracts. These adjustments reflect PIF's evolving investment strategy in the US equity market for the end-of-year 2024 period.
| PIF Investment in US Equities | |||||||
| Company | Symbol | Q3 2024 Ownership (mln shares) | Q4 2024 Ownership (mln shares) | Change (mln shares) | Q3 2024 Value ($ mln) | Q4 2024 Value ($ mln) | Change ($ mln) |
| Lucid Group | Lucid Group Inc Ordinary Shares(LCID.US) | 1374.7 | 1770.9 | 396.2 | 4852.7 | 5348.1 | 495.4 |
| Electronic Arts | Electronic Arts Inc.(EA.US) | 24.8 | 24.8 | -- | 3558.4 | 3629.4 | 71.0 |
| Uber | Uber Technologies,Inc.(UBER.US) | 72.8 | 72.8 | -- | 5474.7 | 4393.7 | (1081.0) |
| Take-Two Interactive | Take-Two Interactive Software, Inc.(TTWO.US) | 11.4 | 11.4 | -- | 1754.6 | 2101.2 | 346.6 |
| Air Products & Chemicals | Air Products and Chemicals, Inc.(APD.US) | 0.8 | 0.8 | -- | 251.2 | 244.7 | (6.5) |
| PayPal | PayPal Holdings Inc(PYPL.US) | 1.8 | 1.8 | -- | 137.3 | 150.2 | 12.9 |
| PayPal* | PayPal Holdings Inc(PYPL.US) | 7.3 | 7.4 | 0.1 | 567.6 | 627.9 | 60.3 |
| Meta Platform | Meta Platforms(META.US) | 0.7 | 0.7 | -- | 423.6 | 433.3 | 9.7 |
| Meta Platform* | Meta Platforms(META.US) | 0.4 | 0.4 | -- | 215.5 | 220.4 | 4.9 |
| Cummins Inc | Cummins Inc.(CMI.US) | 1.6 | 1.6 | -- | 530.7 | 571.4 | 40.7 |
| MultiPlan | MultiPlan Corporation Class A Common Stock(MPLN.US) | 1.3 | 1.3 | -- | 9.8 | 18.9 | 9.1 |
| Fedex Corp | FedEx Corporation(FDX.US) | 0.5 | 0.5 | -- | 136.3 | 140.1 | 3.8 |
| Visa Inc | Visa Inc. Class A(V.US) | 0.8 | 0.7 | (0.1) | 220.6 | 212.8 | (7.8) |
| Avery Dennison Corp. | Avery Dennison Corporation(AVY.US) | 0.7 | 0.7 | -- | 144.6 | 122.6 | (22.0) |
| Alibaba Group | Alibaba Group Holding Ltd. Sponsored ADR(BABA.US) | 1.6 | 1.6 | -- | 170.9 | 136.6 | (34.3) |
| Walmart | Wal-Mart Stores, Inc.(WMT.US) | 1.9 | -- | -- | 153.9 | -- | -- |
| PROLOGIS | $PLD | 1.6 | 1.6 | -- | 196.0 | 164.0 | (32.0) |
| Pinterest Inc. | $PINS | 5.5 | 5.5 | -- | 179.1 | 160.4 | (18.7) |
| Ballard Power Systems Inc. | $BLDP | 7.0 | 7.0 | -- | 12.7 | 11.7 | (1.0) |
| Beigene Ltd. | BeiGene Ltd. Sponsored ADR(BGNE.US) | 0.4 | 0.4 | -- | 79.6 | 65.5 | (14.1) |
| Shopify | Shopify, Inc. Class A(SHOP.US) | 1.3 | 1.3 | -- | 100.2 | 132.9 | 32.7 |
| Adobe Inc.* | Adobe Systems Incorporated(ADBE.US) | 1.0 | 1.0 | -- | 497.7 | 440.1 | (57.6) |
| Starbucks* | $SBUX | 11.4 | 11.4 | -- | 1108.0 | 1037.1 | (70.9) |
| Microsoft* | $MSFT | 1.2 | 1.2 | -- | 509.3 | 488.5 | (20.8) |
| Alphabet* | Alphabet Inc. Class A(GOOGL.US) | 0.9 | 0.8 | (0.1) | 147.9 | 150.8 | 2.9 |
| Salesforce Inc.* | $CRM | 2.4 | 2.4 | -- | 659.7 | 818.7 | 159.0 |
| Amazon | Amazon.com, Inc.(AMZN.US) | 0.3 | 0.8 | 0.5 | 63.6 | 175.3 | 111.7 |
| Amazon* | $AMZN | 2.9 | 2.8 | (0.1) | 538.9 | 618.4 | 79.5 |
| Advanced Micro Devices* | Advanced Micro Devices, Inc.(AMD.US) | 3.5 | 3.5 | -- | 568.6 | 418.6 | (150.0) |
| Booking Holding* | $BKNG | 0.1 | 0.1 | -- | 617.5 | 728.4 | 110.9 |
| CLTD | $SE | 0.8 | 0.8 | -- | 78.6 | 88.4 | 9.8 |
| Linde PLC | $LIN | 1.2 | 1.2 | -- | 576.2 | 505.9 | (70.3) |
| Bloom Energy Corp | $BE | 3.3 | 3.3 | -- | 34.4 | 72.3 | 37.9 |
| PDD Holdings | PINDUODUO INC.(PDD.US) | 1.7 | 1.7 | -- | 229.6 | 165.2 | (64.4) |
| Allurion Technologies | $ALUR | 1.1 | 1.1 | -- | 0.05 | 0.03 | (0.02) |
| Ermenegildo Zegna NV | $ZGN | 3.7 | 5.8 | 2.1 | 36.5 | 48.2 | 11.7 |
| Nu Holdings Ltd. | Nu Holdings Ltd.(NU.US) | 3.8 | 6.8 | 3.0 | 51.9 | 70.7 | 18.8 |
| Arm Holdings* | Arm Holdings Ltd.(ARM.US) | 9.8 | 9.8 | -- | 1400.2 | 1207.8 | (192.4) |
| NVIDIA* | NVIDIA Corporation(NVDA.US) | 1.6 | 1.6 | -- | 193.1 | 213.5 | 20.4 |
| Applied Materials* | Applied Materials, Inc.(AMAT.US) | 0.04 | -- | -- | 8.7 | -- | -- |
| ASML* | ASML Holding NV ADR(ASML.US) | 0.01 | -- | -- | 8.1 | -- | -- |
| Biogen* | $BIIB | 0.1 | -- | -- | 17.4 | -- | -- |
| Broadcom* | Broadcom Limited(AVGO.US) | 0.1 | -- | -- | 16.3 | -- | -- |
| Comcast* | $CMCSA | 0.3 | -- | -- | 12.1 | -- | -- |
| CrowdStrike* | CrowdStrike Holdings(CRWD.US) | 0.05 | 0.03 | (0.02) | 14.0 | 11.4 | (2.6) |
| CSX* | $CSX | 1.1 | -- | -- | 37.2 | -- | -- |
| Honeywell* | $HON | 0.1 | 0.03 | (0.1) | 25.3 | 7.7 | (17.6) |
| Intuit* | $INTU | 0.04 | -- | -- | 25.2 | -- | -- |
| Lululemon Athletica* | $LULU | 0.03 | 0.01 | (0.02) | 7.3 | 2.4 | (4.9) |
| Marriott* | $MAR | 0.1 | -- | -- | 22.8 | -- | -- |
| Mercado Libre* | $MELI | 0.004 | 0.01 | -- | 7.2 | 10.7 | 3.5 |
| Netflix* | Netflix, Inc.(NFLX.US) | 0.01 | 0.01 | -- | 8.2 | 5.3 | (2.9) |
| T-Mobile US* | $TMUS | 0.1 | 0.01 | (0.1) | 26.5 | 11.8 | (14.7) |
| Vertex Pharmaceuticals* | $VRTX | 0.1 | -- | -- | 28.8 | -- | -- |
| Abbott Labs* | $ABT | -- | 0.3 | -- | -- | 38.9 | -- |
| AstraZeneca* | $AZN | -- | 0.3 | -- | -- | 17.3 | -- |
| CME Group* | $CME | -- | 0.2 | -- | -- | 46.1 | -- |
| Coca-Cola* | $KO | -- | 0.8 | -- | -- | 52.5 | -- |
| Danaher* | $DHR | -- | 0.1 | -- | -- | 32.6 | -- |
| DoorDash | DoorDash, Inc. Class A(DASH.US) | -- | 0.5 | -- | -- | 81.9 | -- |
| Eli Lilly* | $LLY | -- | 0.02 | -- | -- | 14.1 | -- |
| Intercontinental Exchange* | $ICE | -- | 0.3 | -- | -- | 41.1 | -- |
| KLA Corporation* | $KLAC | -- | 0.04 | -- | -- | 24.0 | -- |
| Lam Research* | $LRCX | -- | 0.1 | -- | -- | 10.1 | -- |
| Micron Technology* | Micron Technology, Inc.(MU.US) | -- | 0.1 | -- | -- | 9.3 | -- |
| Nike* | $NKE | -- | 0.4 | -- | -- | 32.0 | -- |
| Pfizer* | $PFE | -- | 1.7 | -- | -- | 46.2 | -- |
| Regeneron* | $REGN | -- | 0.04 | -- | -- | 26.4 | -- |
| Cigna Group* | $CI | -- | 0.01 | -- | -- | 14.0 | -- |
| Thermo Fisher Scientific* | $TMO | -- | 0.0 | -- | -- | 34.6 | -- |
| UnitedHealth Group* | $UNH | -- | 0.1 | -- | -- | 34.9 | -- |
| Zoetis* | $ZTS | -- | 0.2 | -- | -- | 31.5 | -- |
*Stock Options Contracts.
