Saudi Arabia’s Public Investment Fund trimmed its exposure to U.S. equities in the third quarter, shedding stakes in nearly a dozen American companies and pushing its portfolio to the lowest level in almost a year.
Newly released 13F filings show the $1 trillion sovereign investor exited positions in Pinterest (PINS), Linde (LIN), Prologis (PLD) and Air Products and Chemicals (APD), the latter a partner in the green-hydrogen project at Neom.
The fund also unwound holdings in Cummins (CMI), BeOne Medicines (ONC) (OTCPK:BEIGF) and Avery Dennison (AVY). While it continued to own shares in Uber Technologies (UBER) and Electronic Arts (EA), the PIF slightly reduced its stake in electric-vehicle maker Lucid Group (LCID). Altogether, the value of its U.S. equity portfolio dropped to $19.4 billion, an 18% decline from the previous quarter and the lowest level reported this year.
These sales follow a round of divestments earlier in the year, which included high-profile exits from Meta Platforms (META) and FedEx (FDX). The pullback comes as the PIF sharpens its emphasis on domestic investments to support Saudi Arabia’s economic-diversification agenda under Vision 2030.
The disclosure arrives days before Crown Prince Mohammed bin Salman travels to Washington for his first official U.S. visit since 2018. His meeting with President Donald Trump is expected to cover cooperation on defense, semiconductors and nuclear technology, as well as the kingdom’s extensive investment commitments in the United States.
As the main vehicle driving Saudi Arabia’s transformation plans, including megaprojects such as Neom and Diriyah, the PIF faces added pressure as lower oil prices widen the government’s budget deficit. Even so, the fund intends to deploy more capital in the coming years. It invested $57 billion across priority sectors in 2024 and has signaled plans to put roughly $70 billion to work after 2025, with most of that earmarked for the domestic economy.
According to the filing, the PIF’s top U.S. positions remain Uber (UBER), Electronic Arts (EA), Lucid (LCID), Take-Two Interactive (TTWO) and Claritev Corp (CTEV).