RIYADH: Uber Technologies Inc., valued at $5.31 billion for an unaltered ownership of 72.84 million shares, has become the highest single holding by market value in the Saudi Public Investment Fund’s US portfolio.
This modification reflected the market-driven rise in Uber’s stock price. At the end of 2024, Lucid Group Inc., of which PIF still owns 1.77 billion shares, suffered a drop in market value from nearly $5.3 billion to $4.29 billion.
According to the fund’s most recent 13F filing with the US Securities and Exchange Commission, PIF’s US equities portfolio dropped to $25.55 billion by the end of March from $26.77 billion the previous quarter due to changes in position and value. The bulk of holdings remained stable regarding the number of shares, and the movement was caused mainly by changes in market-based valuation rather than a substantial reallocation of assets.
Traditional stock shares are not the only holdings included in the form. Additionally, the fund revealed holdings in call options on several US IT behemoths, such as Alphabet, Meta Platforms, Adobe, Microsoft, and Amazon. These derivatives differ from direct share ownership in that they give the right, but not the duty, to buy the underlying equities. The numbers revealed, including 1.2 million shares through Alphabet Inc. options and 961,300 shares linked to call options on Adobe Inc., reflect the entire amount of underlying shares the options control.
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