Saudi Arabia’s Public Investment Fund (PIF) expanded its U.S. equity portfolio to $23.8 billion by the second quarter of 2025, up from $20.6 billion a year earlier, according to its latest SEC filing.
The sovereign wealth fund increased its exposure to 57 equities and options, compared with 38 in 2024, while shifting strategy away from consumer internet stocks. PIF exited positions in Meta, PayPal, Alibaba, and Shopify, while ramping up investments in semiconductors, healthcare, and electric vehicles. It boosted its stake in Lucid Group by nearly 400 million shares, more than doubled its holding in Arm Holdings, and added positions in Apple, ASML, Analog Devices, UnitedHealth, Eli Lilly, and Merck.
The portfolio shift reflects PIF’s broader role in Vision 2030, the Kingdom’s plan to diversify beyond oil by building national champions, creating jobs, and attracting foreign investment. The fund’s assets under management reached $1.15 trillion in 2025, ranking it the world’s fourth-largest sovereign wealth fund, according to Global SWF.
Despite rising assets, PIF’s net profit fell 60% in 2024 to SR26 billion, pressured by higher interest rates and project delays. The fund has since tightened performance management, tapped sukuk and commercial paper for liquidity, and emphasized revenue-generating assets.
Globally, PIF is pursuing deals from AI and digital security in Saudi Arabia to green energy in Brazil and real estate in New York, underscoring its dual mandate: delivering returns while driving Saudi Arabia’s economic transformation.