New York August 15 2023: The Public Investment Fund (PIF) raised its holding of US equities from $35.52 billion in Q1 2023 to $38.93 billion in Q2 2023, according to a US Securities and Exchange Commission (SEC) filing.
The Kingdom’s sovereign wealth fund increased its holdings in Lucid Group, Air Products and Alibaba as it bought 265.7 million shares in Lucid in Q2.
Lucid Group announced last June that PIF, through its subsidiary Ayar Third Investment Co., approved the purchase of an additional 265.7 million shares of the company, worth approximately $1.8 billion, in a private placement of the company’s shares.
As a result of the purchase, Ayar Third Investment is expected to maintain its ownership in the company of 60.5%.
Meanwhile, the fund reduced its ownership in Avery Dennison Corp., according to a disclosure on SEC for Q2 2023.
