A look at PIF’s holdings of US equities in Q2 2025

PIF Holdings in US Equities

Company

Symbol

Q1 2025 Ownership

(mln shares)

Q2 2025

Ownership

(mln shares)

Change

(mln shares)

Q1 2025

Value

($ mln)

Q2 2025

Value

($ mln)

Change

($ mln)

Lucid Group

LCID

1770.9

1770.9

--

4285.6

3736.6

(549.0)

Electronic Arts

EA

24.8

24.8

--

3585.2

3961.8

376.6

Uber

UBER

72.8

72.8

--

5307.2

6796.0

1488.8

Take-Two Interactive

TTWO

11.4

11.4

--

2365.7

2772.1

406.4

Air Products and Chemicals

APD

0.9

0.3

(0.6)

260.0

75.6

(184.4)

PayPal

PYPL

1.8

--

--

114.8

--

--

PayPal*

PYPL

3.7

--

(3.7)

239.4

--

--

Meta Platforms

META

0.7

--

--

385.0

--

--

Meta Platforms*

META

0.04

--

(0.4)

23.0

--

--

Cummins Inc.

CMI

1.6

1.1

(0.5)

513.7

358.8

(154.9)

FedEx Corp

FDX

0.5

--

--

121.4

--

--

Visa Inc.

V

0.7

0.2

(0.5)

235.9

69.8

(166.1)

Avery Dennison

AVY

0.7

0.2

(0.5)

116.6

40.6

(76.0)

Alibaba Group

BABA

1.6

--

--

213.0

--

--

Walmart*

WMT

0.8

0.2

(0.6)

70.2

24.2

(46.0)

Prologis

PLD

1.6

0.02

(1.6)

173.5

0.3

(173.2)

Pinterest

PINS

4.1

0.2

(3.9)

128.0

7.5

(120.5)

BeiGene Ltd.

BGNE

0.4

--

--

96.5

--

--

Shopify

SHOP

1.3

--

--

119.4

--

--

Adobe Systems Incorporated*

ADBE

1.0

0.2

(0.8)

368.7

108.5

(260.2)

Starbucks*

SBUX

5.4

--

(5.4)

527.5

--

--

Microsoft*

MSFT

1.1

0.09

(1.0)

416.3

46.5

(369.8)

Alphabet*

GOOGL

0.8

0.7

(0.1)

120.7

131.6

10.9

Salesforce*

CRM

2.3

0.1

(2.2)

617.3

40.4

(576.9)

Amazon.com

AMZN

1.2

--

--

228.4

--

--

Amazon.com*

AMZN

2.4

0.5

(0.1)

452.5

119.1

(333.4)

Advanced Micro Devices*

AMD

3.9

0.9

(3.0)

399.0

133.1

(265.9)

Booking Holdings*

BKNG

0.1

0.02

(0.1)

232.2

117.5

(114.7)

Sea Ltd.

SE

0.8

--

--

108.7

--

--

Linde plc

LIN

1.2

0.4

(0.8)

562.7

204.7

(358.0)

Bloom Energy Corp

BE

3.8

1.5

(2.3)

74.8

36.1

(38.7)

PDD Holdings

PDD

1.7

0.1

(1.6)

201.6

17.0

(184.6)

PDD Holdings*

PDD

--

1.3

--

--

140.6

--

Allurion Technologies

ALUR

1.1

1.1

--

0.03

0.04

0.01

Ermenegildo Zegna

ZGN

5.8

--

--

43.2

--

--

Nu Holdings

NU

6.8

--

--

69.9

--

--

Arm Holdings*

ARM

8.9

9.0

0.1

950.8

1450.4

499.6

NVIDIA*

NVDA

1.6

1.2

(0.4)

172.3

191.2

18.9

ASML*

ASML

0.1

0.07

(0.03)

80.4

59.8

(20.6)

Comcast*

CMCSA

1.8

--

--

64.8

--

--

MercadoLibre*

MELI

0.03

0.04

0.01

62.0

111.1

49.1

Netflix*

NFLX

--

0.05

--

--

77.5

--

AstraZeneca*

AZN

0.2

1.0

0.8

16.9

70.9

54.0

CME Group*

CME

0.1

0.08

(0.02)

22.5

23.3

0.8

Coca-Cola*

KO

0.5

0.4

(0.1)

33.1

32.7

(0.4)

DoorDash

DASH

0.8

--

--

150.1

--

--

Eli Lilly*

LLY

0.02

0.3

0.3

17.4

274.6

257.2

Intercontinental Exchange*

ICE

0.1

0.1

--

17.5

18.6

1.1

KLA Corp*

KLAC

0.01

--

(0.01)

9.7

--

--

Lam Research*

LRCX

1.0

--

--

74.0

--

--

Micron Technology*

MU

0.7

--

--

61.3

--

--

Cigna Group*

CI

0.2

0.3

0.1

50.3

97.8

47.5

Thermo Fisher Scientific*

TMO

0.02

--

0.2

9.6

--

--

UnitedHealth Group*

UNH

0.1

1.0

0.9

60.2

309.6

249.4

Zoetis*

ZTS

0.8

--

--

131.8

--

--

Bank of America*

BAC

1.8

2.0

0.2

76.3

94.7

18.4

Boston Scientific*

BSX

0.7

--

--

66.8

--

--

Chubb Ltd.*

CB

0.2

0.2

--

71.4

68.5

(2.9)

Clarivate

CTEV

1.3

1.3

--

26.4

57.8

31.4

Elevance Health

ELV

0.1

--

--

63.3

--

--

HCA Healthcare*

HCA

0.3

0.1

(0.2)

104.1

40.0

(64.1)

McKesson

MCK

0.1

0.03

(0.07)

61.3

24.3

(37.0)

NextEra Energy*

NEE

0.9

1.92

1.0

64.7

133.5

68.8

S&P Global*

SPGI

0.1

--

--

74.7

--

--

Charles Schwab*

SCHW

0.8

2.0

1.2

62.2

186.9

124.7

Stryker*

SYK

0.3

--

--

116.9

--

--

Analog Devices*

ADI

--

0.2

--

--

49.3

--

Apple*

AAPL

--

0.6

--

--

131.4

--

Applied Materials*

AMAT

--

0.4

--

--

66.8

--

BION-TECH (BionMed)*

BEIGF

--

0.2

--

--

55.0

--

Broadcom*

AVGO

--

0.3

--

--

88.3

--

Citigroup*

C

--

0.7

--

--

62.6

--

Gilead Sciences*

GILD

--

0.8

--

--

93.2

--

Home Depot*

HD

--

0.4

--

--

154.1

--

JPMorgan Chase*

JPM

--

0.1

--

--

33.5

--

KKR & Co.*

KKR

--

0.3

--

--

38.0

--

Mastercard*

MA

--

0.3

--

--

188.4

--

Merck & Co.*

MRK

--

1.9

--

--

150.3

--

Progressive Corp*

PGR

--

0.5

--

--

122.0

--

ServiceNow*

NOW

--

0.1

--

--

127.7

--

Vertex Pharmaceuticals*

VRTX

--

0.4

--

--

190.2

--