Saudi Arabia's Public Investment Fund (PIF) purchased shares in U.S.-based tech giants, including Alphabet Inc (NASDAQ: GOOG), Zoom Video Communications Inc (NASDAQ: ZM), and Microsoft Corporation (NASDAQ: MSFT).
As per the SEC filing, the market value of the sovereign wealth fund's investment portfolio increased to about $40.8 billion at the end of the second quarter.
The SEC regulatory filing showed that the PIF acquired 213,000 class A shares in Alphabet, 4.7 million class A shares in Zoom, and 1.8 million in Microsoft.
The fund bought 6.3 million shares in Starbucks Corporation (NASDAQ: SBUX) and added other stocks, including Adobe Inc (NASDAQ: ADBE), Advanced Micro Devices Inc (NASDAQ: AMD), Salesforce Inc (NYSE: CRM), Home Depot Inc (NYSE: HD), Costco Wholesale Corporation (NASDAQ: COST), Freeport-McMoRan Inc (NYSE: FCX), Datadog Inc (NASDAQ: DDOG) and NextEra Energy Inc (NYSE: NEE).
Reuters writes that the PIF manages $620 billion in assets and is at the center of Saudi Arabia's plans to transform the economy by creating new sectors and diversifying revenues away from oil.
Photo via Wikimedia Commons
See more from Benzinga
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.