AI Summary
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 |
Be the first to comment
Comments Analysis: