Saudi Arabia’s sovereign wealth fund elevated its stake in Fb-owner Meta Platforms (NASDAQ:META) and Google-parent Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) in Q3.
The Public Funding Fund (PIF) disclosed the knowledge in its newest 13F submitting for the three months ended Sept. 30, 2022, revealed earlier on Monday.
PIF held about 3.26M class A shares in META as of Q3-end, making this the second quarter in a row the fund had upped its stake within the Mark Zuckerberg-led firm.
PIF had initially revealed a stake of 418K class A shares in META in Q1, which it had elevated to 2.94M by the top of Q2.
The fund’s rising stake comes whilst META inventory has been hammered this 12 months, having fallen ~66% YTD.
PIF additionally considerably raised its stake in Alphabet (GOOG) (GOOGL) to 4.26M capital inventory class A shares from 213K beforehand.
Amongst different adjustments, PIF dropped its stake of greater than 8M shares in electrical car firm Hyzon Motors (NASDAQ:HYZN).
PIF’s enhance of its holdings in Meta (META) and Alphabet (GOOG) (GOOGL) and its exit out of Hyzon Motors (HYZN) had been the one vital portfolio adjustments made by the sovereign wealth fund in Q3 – a stark distinction from Q2 during which it had been significantly busy.
PIF stored its stake in main names resembling Amazon (AMZN), Alibaba (BABA), BlackRock (BLK), Microsoft (MSFT), PayPal (PYPL), FedEx (FDX), House Depot (HD), Salesforce (CRM), Visa (V) and Walmart (WMT) unchanged.