PIF investments in US equities fall again

Saudi Arabia’s Public Investment Fund reduced its directly held investments in listed US companies during the fourth quarter of 2025.

The sovereign wealth fund’s US equities portfolio declined to $12.9 billion by the end of December 2025, it said in its fourth-quarter filing with the US Securities and Exchange Commission. 

The PIF began making quarterly submissions in early 2020, and the Q4 2025 figure was its lowest since early 2021. 

The fund continued to hold stakes in Uber Technologies, Lucid Group, Electronic Arts, Allurion Technologies and Clarivate Corp. However, it divested 11.4 million shares, its entire stake, in Take-Two Interactive to Savvy Games Group, a subsidiary

Last month, Bloomberg reported that the PIF was transferring $12 billion in a range of gaming company shares to Savvy.

Saudi Crown Prince Mohammed bin Salman announced a SAR142 billion ($37.8 billion) strategy for Savvy in September 2022, aiming to make the kingdom “the ultimate global hub for the games and esports sector by 2030”.

In January, the crown prince pledged to invest another $600 billion in the US during President Donald Trump’s second term.  

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