Wealth Fund Cleans House of Key US Tech and Logistics Stocks
This strategic shift resulted in a reduction of PIF's disclosed U. S. equity holdings from $25.5 billion in Q1 to $23.8 billion in Q2, including call options. The divestments occurred during a period when U. S. markets were rebounding from April's losses tied to tariff policy uncertainty.
This recalibration aligns with PIF's broader Vision 2030 mandate, under which the fund is increasingly directing its capital toward domestic megaprojects like NEOM, as well as global sectors such as tourism, clean energy, logistics, and elite sports investments.
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In the second quarter, PIF's heaviest exposures remained in sectors aligned with innovation and entertainment. According to its Q2 13F filing, the top holdings comprised Uber, Electronic Arts, Lucid and Take-Two Interactive, maintaining a concentrated portfolio weighted toward high-growth technology and gaming assets. By contrast, positions in firms like Meta, PayPal and Alibaba—which once formed a portion of its U. S. portfolio—were eliminated entirely.
The timing suggests a deliberate shift away from large-cap tech and fintech, perhaps reflecting changing priorities amid global market volatility and evolving geopolitical considerations. Exiting stakes in Meta and Shopify, which represented substantial tech exposure, signals a pivot toward sectors considered more resilient or strategically aligned with long-term national ambitions.
PIF's move exemplifies its dual-track strategy: while shedding exposure to certain U. S.-listed technology and logistics firms, it continues to cement core holdings in key global brands and innovative sectors. As PIF steers more resources toward domestic transformation and sustainable sectors, its shifting portfolio underscores how sovereign wealth strategy can reflect broader economic and policy imperatives.
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Wealth Fund Cleans House of Key US Tech and Logistics Stocks
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