RIYADH: Saudi Arabia’s Public Investment Fund maintained a $12 billion US equity portfolio in the first quarter of 2026, compared with roughly $12.9 billion at the end of 2025, as it continued recalibrating investments across global markets.
A filing submitted by PIF to the US Securities and Exchange Commission showed the fund retained stakes in four major US-listed companies — Lucid Group Inc., Electronic Arts Inc., Uber Technologies Inc., and Claritev Corp. — at the end of March.
Changes in the fund’s US equity positions are keenly watched by investors, serving as a clear barometer of its evolving sector focus and broader global investment strategy.
The reshuffle comes as Saudi Arabia accelerates its push to reduce oil dependence through Vision 2030, with PIF at the forefront of deploying capital across domestic and international markets.
“PIF’s reduction in US equity holdings should not necessarily be viewed as a retreat from US markets, but rather as part of a broader portfolio recalibration and capital allocation strategy,” said Tony Hallside, CEO of STP Partners.
He added that Saudi Arabia is in the midst of a major domestic transformation under Vision 2030, and, naturally, the fund is becoming more selective and concentrated in its international capital deployment.
Ahmed Azzam, head of market research at Equiti Group, said the latest filing should not be interpreted as a strong risk-off signal.
“The fund’s reportable US-listed equity book slipped to about $12.0 billion at the end of March from roughly $12.95 billion at the end of 2025, while the number of positions fell to four,” he told Arab News.
“That looks less like a wholesale retreat from US equities and more like portfolio discipline, fewer names, cleaner exposure, and less capital tied up in positions that no longer fit the strategic direction,” he added.
The latest filing also indicates continued portfolio concentration and a reduction in the number of holdings, reflecting a more focused investment approach in the US market.
PIF’s holding in Lucid Group fell to $1.68 billion by the end of the first quarter compared to $1.87 billion at the end of the fourth quarter of 2025.
The fund’s stake in Electronic Arts was valued at $5.05 billion as of March 31, little changed from the previous quarter, while its Uber holding fell to $5.23 billion from $5.95 billion. Its investment in healthcare technology company Claritev dropped to $20.9 million from $54.8 million.
PIF fully exited its position in Allurion Technologies in the first quarter, after holding 1.1 million shares at the end of the previous quarter.
Saudi Arabia has simultaneously increased its exposure to US government debt. Treasury International Capital data released in April showed the Kingdom’s holdings of US Treasuries climbed 19 percent in February to $160.4 billion, the highest level in years, driven largely by purchases of short-term securities.
The total was up from $134.8 billion in January and 26.9 percent higher than $126.4 billion a year earlier, marking a monthly increase of $25.6 billion.
“What is particularly notable is that while equity exposure has been trimmed modestly, Saudi holdings in US Treasuries have increased significantly, which suggests this is more about portfolio rebalancing and long-term strategic priorities than a loss of confidence in the US market,” added Hallside.
Azzam said the increase in Treasury holdings reflected a liquidity-focused strategy amid shifting global market conditions.
“That is classic liquidity-first positioning, earn yield, keep cash flexible, and avoid locking too much capital into risk assets at a time when Fed expectations, funding costs and global risk premia are still moving quickly,” he said.
He added that the shift aligns with PIF’s strategic direction for 2026–2030, which places greater emphasis on domestic investment across Saudi ecosystems, industrial capacity, clean energy, tourism, logistics and technology.
“In that context, US-listed equities become less of a flagship allocation and more of an adjustable sleeve — something that can be dialed up or down without disturbing the core mission,” Azzam said.
PIF remains among the world’s most active sovereign investors. Research firm Global SWF said in a January report that the Saudi fund committed about $36.2 billion to investments in 2025, more than any other sovereign wealth fund globally.
