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Saudi Arabia's Public Investment Fund (PIF) has bought shares in 17 companies from April to June, including Alphabet, Zoom Video and Microsoft. Each investment amounted to about $400-500 million.
However, despite the purchases, the total volume of US stocks in PIF's portfolio declined by $3 billion last quarter to $40.8 billion, amid a general downturn in equity markets this year. The fund's total assets are valued at around $620 billion.
The PIF began building an equity portfolio at the start of the pandemic in 2020 on a falling stock market. Although the fund sold off some shares a few months later, it gained strong positions in companies in various sectors, including game developers Activision Blizzard Inc., Electronic Arts Inc. and Take-Two Interactive Software Inc.