They have opportunistically used minor weaknesses in the share price to add on top of their already outsized position, but overall the opportunities have been too few and far between. Expanded PositionsĮlectronic Arts ( EA): throughout the years, the Saudis have slowly built up a huge stake in the famous video game company, controlling nearly 10% of the outstanding shares of the firm, as per the latest filing. BE had a difficult beginning to the year, with shares of the California-based firm losing 28% year-to-date and trading at around $13.70 per share. They have purchased ~1.06 million shares of the company which today are worth approximately $21.27 million, a relatively small sum for the overall size of the fund. Saudi Arabia's Public Investment Fund took a small stake in solid-oxide fuel cell maker Bloom Energy Corporation at prices between $17 and $25. Saudi PIF Quarterly Overview Q1 '23 (Quiver Quantitative) New Positionsīloom Energy Corporation ( BE): represents the latest new position in the sovereign wealth portfolio this quarter. A quick look at this quarter's activity can be found below. The overall size of the fund's US-based equity assets increased to $34.37 billion as per the May 13F filing. The concentration of the top 10 holdings remained high as per usual, taking up about 70% of AUM.
The fund also reduced its exposure to three stocks while closing out two of its positions. Both the second and third largest holdings in the Saudi Sovereign Wealth Fund are now video game production and development companies. The most interesting move is the Public Investment Fund's billion-dollar purchase of Electronic Arts ( EA), the Redwood City-based video-game developer and producer. PIF entered one new position and heavily expanded on four of its already existing holdings, largely oriented on the "oversold" technology sector and its attractive and depressed valuations. An integral part of the plan is the state-run Public Investment Fund, which, in a matter of less than a decade, became one of the largest sovereign wealth funds in the world.Īfter effectively a halt on any major stock trading activity for two quarters, Saudi Arabia reentered the markets with a relatively proactive first quarter. With the realization that they cannot rely on its rich oil deposits to propel the country's growth for much longer, the authorities of Saudi Arabia, under the personal supervision of Crown Prince Mohammed bin Salman himself, have launched an ambitious project seeking to limit their financial exposure to the oil and gas sector. PIF Investment Map (Public Investment Fund) Fund Quarterly Overview Our original article and the main thesis on the subject can be accessed through this link. In today's article, we bring you the latest update in our recurring series based on analyzing 13F filings and the latest moves of some of the world's most renowned funds. Crown Prince Mohammed bin Salman, The Chairman of the Fund
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