AI Summary
Logo of The Public Investment Fund (PIF)
The Public Investment Fund (PIF) slashed its holdings in US equities to $23.8 billion in Q2 2025 from $25.6 billion in the previous quarter, according to a US Securities and Exchange Commission (SEC) filing.
PIF exited 12 companies, namely PayPal, Meta Platforms, , FedEx Corp, Alibaba Group, Pinduoduo Inc., Shopify, Amazon.com, Sea Ltd., Ermenegildo Zegna, Nu Holdings, DoorDash, and Elevance Health. It also exited 13 options contracts, invested in 16 new options contracts, and the table below shows the details of the Public Investment Fund’s investments in the U.S. market as of the end of Q2 2025.
|
PIF Holdings in US Equities |
|||||||
|
Company |
Symbol |
Q1 2025 Ownership (mln shares) |
Q2 2025 Ownership (mln shares) |
Change (mln shares) |
Q1 2025 Value ($ 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) |
|
|
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 |
-- |
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