Shulou(Shulou.com)11/24 Report--

On the morning of July 12, Beijing time, it was reported that Saudi Arabia's sovereign wealth fund, known as the "Public Investment Fund" (PIF), was active in both public and private markets in the United States.

Unlike most US funds, the Saudi sovereign wealth fund does not need to break down its positions in both markets. But documents disclosed at a recent hearing on the merger of the PGA and PIF-funded LIV PGA Tour included a previously unreported list of the largest listed shares held by Saudi sovereign wealth funds, worth about $35.5 billion (currently about 255.955 billion yuan). Judging from the report, PIF appears to have made a series of clear bets on experiencing products, from games to live entertainment.

The shareholding list is updated to March 31. As of now, PIF has a $8.9 billion stake in electric car maker Lucid, accounting for about 25 per cent of PIF's stake, according to the list. PIF holds about 60 per cent of Lucid's outstanding shares.

PIF's second-largest stake is Activision Blizzard, valued at $3.3 billion, or 9.1 per cent of PIF's public equity. Activision Blizzard shares rose more than 10 per cent in midday trading on Tuesday after a judge rejected a Federal Trade Commission request to suspend Microsoft's acquisition of the company.

The remaining shares held by PIF are in descending order: Electronic Arts ($2.98 billion, or 8.4% of its portfolio), Uber ($2.3 billion, 8.4%), Take-Two Interactive Software ($1.36 billion, 3.8%) and Live Nation ($880 million, 2.5%).

PIF holds a $691 million stake in Meta, which accounts for about 1.9 per cent of the fund's total open market allocation, compared with 2.87 per cent of the S & P 500.

Google accounts for 2.87 per cent of the Nasdaq index, but accounts for only 1.2 per cent of PIF's $35.51 billion public portfolio. PIF has also significantly increased its holdings in other technology stocks, including bets on hotels, resorts and luxury cruise companies Booking Holdings, Take-Two, Uber and Zoom.

Under the leadership of Crown Prince Mohamed Ben Salman, Saudi Arabia is shifting from oil and gas to diversification. As a result, Saudi Arabia has received a great deal of attention from venture capital and private equity firms eager to activate the country's deep pockets.

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