Saudi Arabia plowed billions into US stocks including Boeing, Disney, and Facebook last quarter
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Theron Mohamed
May 18, 2020, 16:15 IST
Mickey Mouse leaps in the air while crossing the street with a fan in Toronto.Andrew Francis Wallace/Toronto Star via Getty Images
Saudi Arabia's sovereign-wealth fund more than quadrupled the value of its US stock portfolio to $9.8 billion last quarter, a financial filing revealed on Friday.
The $300 billion Public Investment Fund revealed stakes valued at over $500 million in Boeing, Cisco, Disney, Facebook, and other US companies.
It also invested smaller amounts in Warren Buffett's Berkshire Hathaway, Starbucks, and other big names.
The $300 billion fund, which aims to diversify Saudi Arabia's economy away from oil, likely capitalized on the coronavirus sell-off to purchase the stocks at bargain prices. However, its aggressive spending is surprising as depressed oil prices have hammered the kingdom's finances in recent months.
The PIF's largest new holdings included a $714 million stake in Boeing, $522 million stakes in both Citigroup and Facebook, and a $514 million stake in Marriott. It also revealed stakes worth between $480 million and $500 million in Disney, Cisco, and Suncor Energy.
The fund also made a range of smaller bets. It ended the period with stakes worth between $75 million and $80 million in Warren Buffett's Berkshire Hathaway, Booking.com, IBM, Pfizer, Qualcomm, and Starbucks.
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The PIF's wagers on Carnival and Live Nation, which it revealed in April filings, were valued at $457 million and $416 million respectively at the end of March.
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