PIF’s latest US stock holdings: Q4 2025 snapshot

Public Investment Fund (PIF) reduces its holdings in US equities in Q4 2025

Saudi Arabia’s Public Investment Fund (PIF) reduced its holdings in US equities to $12.9 billion in Q4 2025 from $19.4 billion in Q3 2025, according to a US Securities and Exchange Commission (SEC) filing.

 

The fund maintained its holdings in five firms: Lucid Group, Electronic Arts, Uber, Allurion Technologies, and Clarivate.

 

The fund’s stake in Take-Two Interactive was fully divested. It also transferred its 11.4 million shares in Take-Two Interactive to a company wholly owned by Savvy, according to a previous disclosure to the SEC in December 2025.

 

PIF’s Holdings in US Stocks

Company

Symbol

Q3 Holdings (mln)

Q4 Holdings (mln)

Change (mln)

Q3 Value ($ mln)

Q4 Value ($ mln)

Change ($ mln)

Lucid Group

LCID

177.1

177.1

--

4212.9

1871.8

(2341.1)

Electronic Arts

EA

24.8

24.8

--

5003.8

5069

65.2

Uber

UBER

72.8

72.8

--

7136.2

5951.8

(1184.4)

Take-Two Interactive*

TTWO

11.4

--

(11.4)

2949.1

--

--

Allurion Technologies

ALUR

1.1

1.1

--

0.03

0.02

(0.01)

Clarivate

CTEV

1.3

1.3

--

68

54.8

(13.2)

*PIF transferred its shares in Take-Two Interactive to a company wholly owned by Savvy

 

The fund’s holdings in the US market fell in Q4 2025 to their lowest level since Q4 2020, when they stood at $12.8 billion.

 

They had previously reached a record high of $56.6 billion in Q4 2021, the highest level since the fund began disclosing its US investments in Q4 2018.

 

 

Key Details of PIF Holdings in US Stocks Since 2018

Quarter

Holdings Value (USD bln)

No. of Companies

Key Companies

Q4 2018

2.8

1

Tesla

Q1 2019

2.3

1

Tesla

Q2

5.2

2

Tesla, Uber

Q3

4.2

2

Tesla, Uber

Q4

2.2

2

Tesla, Uber

Q1 2020

9.8

24

Uber, BP, Boeing, Citigroup

Q2

10.1

13

Uber, Suncor Energy

Q3

7.1

7

Uber, Carnival, Live Nation

Q4

12.8

12

Uber, Avitar, Carnival

Q1 2021

15.5

13

Uber, Avitar, Electronic Arts

Q2

15.9

13

Uber, Avitar, Electronic Arts

Q3

43.5

33

Lucid Group, Uber, Avitar

Q4

56.7

36

Lucid Group, Uber, Avitar, Carnival

Q1 2022

44.4

39

Lucid Group, Avitar, Uber

Q2

41.5

55

Lucid Group, Avitar, Electronic Arts, Linde

Q3

36.8

53

Lucid Group, Avitar, Uber

Q4

30.9

53

Lucid Group, Avitar, Electronic Arts

Q1 2023

35.5

52

Lucid Group, Avitar, Electronic Arts, Uber

Q2

38.9

51

Lucid Group, Avitar, Electronic Arts, Uber

Q3

36.5

52

Lucid Group, Avitar, Electronic Arts, Uber

Q4

35.2

50

Uber, Lucid Group, Electronic Arts, Take-Two Interactive

Q1 2024

20.6

38

Uber, Lucid Group, Electronic Arts, Take-Two Interactive

Q2

20.7

39

Uber, Lucid Group, Electronic Arts, Take-Two Interactive, Amazon

Q3

26.8

54

Uber, Lucid Group, Electronic Arts, Take-Two Interactive

Q4

26.8

62

Lucid Group, Uber, Electronic Arts, Take-Two Interactive

Q1 2025

25.6

64

Uber, Lucid Group, Electronic Arts, Take-Two Interactive

Q2

23.8

57

Uber, Electronic Arts, Lucid Group, Take-Two Interactive

Q3

19.4

6

Uber, Electronic Arts, Lucid Group, Take-Two Interactive

Q4

13.0

5

Uber, Electronic Arts, Lucid Group

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