Saudi Wealth Fund Bets on 19 U.S. Companies in E-Commerce, Clean Energy - Bloomberg
Saudi Arabia’s sovereign wealth fund waded deeper into the U.S. stock market, adding stakes in e-commerce, Chinese, and clean energy and transportation companies.
The Public Investment Fund made 19 new investments in U.S.-traded companies during the third quarter, according to a regulatory filing on Monday with the Securities and Exchange Commission. These positions, combined with the market value of existing stakes, more than doubled the fund’s holdings to $43.4 billion.
The largest new position was a $25.8 billion investment in Lucid Group Inc., an electric vehicle manufacturer based in New York. The Saudi wealth fund, based in Riyadh, first disclosed its Lucid stake in July. In total, the fund reported it held 32 U.S.-traded stocks at the end of September, up from 13 in June.
The PIF is funded through a mixture of borrowing, cash and asset transfers from the government, and retained earnings from its investments. Chaired by Crown Prince Mohammed bin Salman and managed by Governor Yasir Al Rumayyan, the fund has outlined a plan to grow its assets to over $1.1 trillion by 2025.
No comments:
Post a Comment