Saudi Arabia sovereign fund Q2 moves include more than tripling Nu stake, trimming Visa
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After taking a new stake in Nu Holdings (NYSE:NU) in Q1 2024, Saudi Arabia’s sovereign wealth fund doubled down on that call in the second quarter, while also trimming its position in Visa (NYSE:V) among other changes.
The Public Investment Fund (PIF) disclosed the information in its latest 13F filing for the three months ended June 30, 2024, published on Wednesday.
PIF in Q1 had disclosed a stake of 1.18M class A ordinary shares in Brazilian digital bank Nu (NU). The fund in Q2 more than tripled that amount to 3.80M shares.
Meanwhile, PIF decreased its position in credit card issuer Visa (V) by 11.7%. At the end of Q2, the fund held 802.3K class A shares in the Dow 30 component, compared to 908.7K at the end of Q1.
Looking at PIF’s other moves, the fund upped its position in Italian fashion firm Ermenegildo Zegna (ZGN) by 25.9% to 3.71M ordinary shares. It also slashed its stake in Cummins (CMI) by 9%, holding 1.64M shares at the end of Q2 in the manufacturer of engines, generators and power systems.
The Saudi Arabian sovereign wealth fund was not as active in Q2 as it had been in Q1, in which it had disposed off its stakes in several companies including BlackRock (BLK), JPMorgan (JPM) and Home Depot (HD).
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