We’re talking $713.7 million holdings in Boeing BA, $521 million in Citigroup C, $522 million in Facebook, $496 million in Disney, $488 million in Bank of America BAC and $514 million in Marriott to name a few.
PIF already has a $2 billion stake in Uber UBER and electric car maker Lucid Motors. While its small stake in Warren Buffett’s Berkshire Hathway is intact, holdings in Tesla TSLA appear to have been divested. That gives the fund holdings of $10 billion in U.S.-listed stocks – up from a level of just above $2 billion – with it having taken full advantage of market weakness in the wake of the pandemic.
With such big names from America Inc. involved, the move grabbed headlines for sure. But the plethora of names also detracted some eyes from PIF’s international stakes in the very sector the sovereign wealth fund’s wealth actually comes from – oil and gas.
For in the shopping spree were plenty of Big Oil beasts. PIF revealed an $827.7 million stake in oil giant BP which has U.S.-listed American Depository Receipts (ADRs). The SEC filings also point to a $483.6 million stake in Shell, a $222.3 million stake in Total and a $481 million stake in Suncor Energy, to sit alongside its holdings in Equinor, revealed in a Norwegian filing earlier this month.
