PIF's Lucid investment 'undermines' otherwise robust U.S. holdings - Global SWF | Reuters
Saudi Arabia's Public Investment Fund reported 9.6% growth in its U.S. equity holdings in the second quarter to $38.9 billion but its investment in EV-maker Lucid "undermined" its otherwise successful holdings, sovereign wealth fund tracker Global SWF said.
Luxury electric vehicle maker Lucid (LCID.O) contributed "just 16% of the increase despite representing 24% of the portfolio," the fund tracker said on Tuesday.
"Lucid continued to drag down the fund's US public holdings with q-o-q growth of 6.2% to US$9.47 billion – a level that was still 45.6% down on end-June 2022."
The remainder of its holdings were up 10.7% from the previous quarter to $29.46 billion, beating the S&P 500 Index's 8.3% rise over the same period, Global SWF said. The holdings ex-Lucid were 25.9% higher year-on-year.
PIF, which manages about $700 billion in assets, boosted its Lucid stake by 24% after it contributed nearly two-thirds of a $3 billion capital raise. There were otherwise minor changes to its portfolio.
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