Saudi Arabia plowed billions into US stocks including Boeing, Disney, and Facebook last quarter
- 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 Fundrevealed stakes valued at over $500 million in Boeing, Cisco, Disney,
- It also invested smaller amounts in Warren Buffett's Berkshire Hathaway, Starbucks, and other big names.
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Saudi Arabia's sovereign-wealth fund plowed billions of dollars into US stocks such as Boeing, Disney, and Facebook last quarter.
The kingdom's Public Investment Fund grew its US stock portfolio from about $2.2 billion at the end of December to $9.8 billion at the end of March, according to a Securities and Exchange Commission filing last week.
The $300 billion fund, which aims to diversify
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.
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.
The latest filing also confirmed reports that the fund invested in a range of European oil companies last quarter. It showed an $828 million stake in BP, a $484 million stake in Royal Dutch Shell, and a $222 million stake in Total.
Here's a chart showing the PIF's US stock portfolio at the end of March:
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