Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Saudi wealth fund boosts U.S. holdings with stakes in Citi, Boeing, Facebook

Stock MarketsMay 16, 2020 11:16AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
4/4 © Reuters. The Citigroup Inc logo is seen at the SIBOS banking and financial conference in Toronto 2/4

By Saeed Azhar and Kanishka Singh

DUBAI/BENGALURU (Reuters) - Saudi Arabia's sovereign wealth fund has bought minority stakes in major American companies including Boeing (NYSE:BA), Facebook (NASDAQ:FB) and Citigroup (NYSE:C), a regulatory filing showed, giving it a portfolio of nearly $10 billion in U.S.-listed stocks.

The $300 billion Public Investment Fund (PIF) has been buying minority stakes in companies across the world, taking advantage of market weakness in the wake of the coronavirus outbreak.

The PIF disclosed stakes worth $713.7 million in Boeing, ABOUT $522 million in Citigroup, $522 million in Facebook, $495.8 million in Disney and $487.6 million in Bank of America (NYSE:BAC), the U.S. Securities and Exchange Commission (SEC) filing https:// on Friday showed.

The PIF has a nearly $514 million stake in Marriott and a small holding in Berkshire Hathaway (NYSE:BRKa), according to the filing. The PIF also disclosed an $827.7 million stake in oil company BP (NYSE:BP), which has American Depository Receipts (ADRs) listed in the United States.

"The Saudi sovereign fund went shopping in Q1," tweeted Ali Al-Salim, co-founder of Dubai-based consulting firm Arkan Partners, adding that it now held about $10 billion in U.S.-listed equities, up from $2 billion at the start of the year.

PIF's strategy is two-pronged; building an international portfolio of investments and investing locally in projects that will help reduce Saudi Arabia's reliance on oil.

"PIF is a patient investor with a long-term horizon. As such, we actively seek strategic opportunities both in Saudi Arabia and globally that have strong potential to generate significant long-term returns while further benefiting the people of Saudi Arabia and driving the country's economic growth," the sovereign wealth fund said in a statement.

"These opportunities include sectors and companies that are well positioned to drive economies and lead sectors moving forward."

ENERGY GIANTS

The PIF has separately funded almost half of Japanese investor SoftBank's $100 billion Vision Fund, which has been hit by losses on technology bets.

Last month the PFI's head, Yasir al-Rumayyan, said it was looking into investment opportunities in areas such as aviation, oil and gas, and entertainment, adding that there would be a lot of potential for investment opportunities once the coronavirus crisis passes.

The PIF disclosed an 8.2% stake in coronavirus-hit Carnival (NYSE:CUK) Corp in April, sending the cruise operator's shares nearly 30% higher.

The Saudi fund bought stakes in Royal Dutch Shell (LON:RDSa), Total, Eni and Equinor earlier this year , a source familiar with the transactions told Reuters on April 9.

The SEC filing on Friday showed it had a $483.6 million stake in Shell, a $222.3 million holding in Total and a $481 million stake in Suncor Energy (NYSE:SU).

An earlier filing in Norway had shown the PIF had a 0.3% stake in oil and gas firm Equinor.

PIF already has a $2 billion stake in Uber Technologies (NYSE:UBER) and electric car company Lucid Motors. It used to own a small stake in electric carmaker Tesla (NASDAQ:TSLA), but the latest filing did not show any exposure.

(This story was refiled to fix typo in paragraph 11)

Saudi wealth fund boosts U.S. holdings with stakes in Citi, Boeing, Facebook
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (6)
Muhamed Jaffir
Muhamed Jaffir May 16, 2020 1:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Those are 3 companies I wouldn't own shares in lol. Citi has way too much bad oil debt, Boeing has no dividend or demand for 5 years and Facebook is based off of declining ad revenue...
Scott Smith
Scott Smith May 16, 2020 1:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
You need to have money to own
Matthew Mover
Matthew Mover May 16, 2020 12:51PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The saudi’s caused an oil crash which they know crashes markets they know demand is rising becuse of openings and summer and with reductions they are expecting oil to rebound hard which is why they are betting in usa markets for oil and travel. When oil rises fast so does the market. They will make out like bandits and i hope they ***shorts over in the process because they are causing nonstop doomsday talk on the news because they bet the wrong way. Its so annoying it makes me buy more shares.
Kaveh Sun
Kaveh Sun May 16, 2020 11:20AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The world is investing in US market. Whats the big deal?
Bull Bear
Bull Bear May 16, 2020 9:57AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
oppressed lolmost human rights crises in usa rulin by trump
Artur Latypov
Artur Latypov May 16, 2020 9:50AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Boeing 150$?//
Diddl One
Diddl One May 16, 2020 6:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
hard to believe that these type of countries are even allowed to invest their money, based on the oppression of their people can do that in the first place. the downfall of the west will be its tolerance.
sari abutalib
sari abutalib May 16, 2020 6:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Believe me your country is alive since they depend in other countries 💰. If it become a weak bodyguard we gonna change you.
Diddl One
Diddl One May 16, 2020 6:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
you don't even know MY country. and change to what? A backward thinking, autocratic, human rights denying country, nobody wants to life in? not even their own "slaves"? why is it that migration always goes from ****countries to the west? because it so bad of course. right?
Tomas Graf
Tomas Graf May 16, 2020 6:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Diddl One You are a wise man
Alexis Kasparis
Alexis Kasparis May 16, 2020 6:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Cash is King 🤷🏽‍♂️
Rehoboam IO
Rehoboam May 16, 2020 6:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Alexis Kasparis  Maybe your country has no cash because no one wants to live or invest there in the first place
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email