Saudi Arabia’s nearly $1 trillion sovereign wealth fund significantly cut its exposure to U.S.-listed companies in the second quarter, according to securities filings released Thursday.
The Public Investment Fund (PIF) exited positions in major firms including Meta (NASDAQ:META), Shopify (SHOP), and PayPal (NASDAQ:PYPL), as well as Alibaba Group (NYSE:BABA), Nu Holdings (NU), and FedEx (FDX).
The filings showed that PIF no longer held any shares in Meta, Shopify, PayPal, Alibaba, Nu Holdings, and FedEx.
Meta, the company behind Facebook and Instagram, rose about 28% during the quarter and was among the PIF’s biggest exits.
PIF’s total exposure to U.S. stocks, which include call options that give the state investor a right to buy an underlying asset at a specified price within a specific time period, was valued at $23.8 billion at the end of the second quarter, versus $25.5 billion at the end of the first quarter.
