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Saudi PIF buys shares in Alphabet, Zoom and Microsoft in US shopping spree
Saudi fund also acquires shares in JPMorgan and BlackRock , buying 3.9 million shares and 741,693 shares, respectively
The PIF acquired 213,000 class A shares in Alphabet, 4.7 million class A shares in Zoom and 1.8 million shares in Microsoft. -- File photo
Saudi Arabia’s Public Investment Fund (PIF) bought shares in Alphabet, Zoom Video and Microsoft as part of a wider pick of US stocks, bringing the market value of the sovereign wealth fund’s investment portfolio to about $40.8 billion at the end of the second quarter.
The PIF acquired 213,000 class A shares in Alphabet, 4.7 million class A shares in Zoom and 1.8 million shares in Microsoft, a US Securities and Exchange Commission filing showed.
It also acquired shares in JPMorgan and BlackRock , buying 3.9 million shares and 741,693 shares, respectively.
The fund bought 6.3 million shares in Starbucks, and added other stocks including Adobe Systems, Advanced Micro Devices, Salesforce, Home Depot , Costco, Freeport-McMoRan, Datadog and NextEra Energy.
The PIF, which manages $620 billion in assets, is at the centre of Saudi Arabia’s plans to transform the economy by creating new sectors and diversifying revenues away from oil.
The PIF is pursuing a two-pronged strategy, building an international portfolio of investments while also investing locally in projects that will help to reduce Saudi Arabia’s reliance on oil. -- Reuters
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