在沙特主权财富基金PIF第一季度的前十大重仓标的之中，大部分仓位相比于上一季度无任何变动，不过PIF在第一季度大举新买入芯片设计领域领导者ARM(ARM.US)看涨期权，且持仓已位列第七大重仓标的。Facebook与Instagram母公司Meta(META.US)则在第一季度遭PIF大幅减持77%，但是仍位列第八大重仓标的，此外前十大重仓中PIF还新建仓星巴克(SBUX.US)以及Booking(BKNG.US)看涨期权。PIF's latest 13F report shows that this sovereign wealth fund is chasing the unprecedented investment boom of global investors surrounding AI.
Zhitong Finance App learned that according to the US Securities and Exchange Commission (SEC) disclosure, Saudi Arabia's largest sovereign wealth fund, the Public Investment Fund (PIF), submitted a US stock position report (13F) for the first quarter ending March 31, 2024.
According to statistics, the total market value of PIF's US stock holdings reached 20.6 billion US dollars in the first quarter, while the total market value of its holdings in the previous quarter was about 35.2 billion US dollars, a decrease of nearly 40% over the previous quarter. According to detailed data, PIF added 13 new shares to its portfolio, increased its holdings by 4 shares, reduced its holdings by 5, and cleared 25 shares. Among them, the top ten positions account for 82.95% of the total market value of US stock holdings, which shows that the total weight of PIF's top ten positions is very high.
Among the top ten positions of the Saudi sovereign wealth fund PIF in the first quarter, most positions did not change compared to the previous quarter. However, PIF bought new bullish options from ARM (ARM.US), a leader in the chip design field, in the first quarter, and its holdings already ranked as the seventh-largest target. Facebook and Instagram's parent company Meta (META.US) were drastically reduced by 77% by PIF in the first quarter, but it is still the eighth largest target. In addition, among the top ten largest positions, PIF also built new Starbucks (SBUX.US) and Booking (BKNG.US) bullish options. Notably, PIF's latest 13F report shows that this sovereign wealth fund is chasing global investors' unprecedented investment boom around AI. In the first quarter, PIF not only built new ARM positions, but also new stock bullish options from leaders in the AI field such as AMD, Nvidia, and Microsoft.
Specifically, Uber (UBER.US) is the largest holding target of the Saudi sovereign wealth fund PIF. It holds about 72.84 million shares, with a market value of about 5.6 billion US dollars, accounting for 27.29% of the investment portfolio. There is no change in the number of positions held in the previous quarter.
Electric vehicle upstart Lucid (LCID.US) is PIF's second-largest holding target, holding about 1.4 billion shares, with a market value of about 3.9 billion US dollars, accounting for 19.06% of the portfolio. There is no change from the number of positions held in the previous quarter. PIF is Lucid's largest shareholder, with a shareholding ratio of close to 60%. No change in PIF's shareholding ratio in Lucid also gave Lucid investors a sigh of relief. After all, after plummeting 39% in 2023, the stock has fallen more than 30% since this year, causing investors to worry about whether PIF will reduce its holdings due to shrinking investment value.
Electronic Arts (EA.US) (EA.US), one of the world's largest game manufacturers, has the third largest holdings, holding about 24.81 million shares, with a market value of about US$3.3 billion, accounting for 16.02% of the portfolio. There is no change in the number of holdings in the previous quarter.
Take-Two Interactive Software (TTWO.US), the developer of the popular game “Grand Theft Auto” (GTA), ranked fourth, holding about 11.41 million shares, with a market value of about US$1.7 billion, accounting for 8.25% of the portfolio. There was no change in the number of holdings compared to the previous quarter.
British industrial giant Linde (LIN.US) ranked fifth, holding about 1.21 million shares, with a market value of about US$561 million, accounting for 2.73% of the portfolio. There was no change in the number of positions compared to the previous quarter.
Among the top ten major stocks of the Saudi sovereign wealth fund PIF, the targets ranked 6-10 were: Cummins (CMI.US), ARM (ARM.US) call options, Meta, Starbucks (SBUX.US) call options, and Booking (BKNG.US) call options. Among them, ARM bullish options were the target of PIF's new positions in the first quarter. ARM can be described as one of the most important chip companies. It sells licenses for the core instruction set architecture of almost all smartphone mobile chips in the world. ARM architecture is mainly used in the smartphone field, but now ARM architectures are also appearing more and more frequently in the field of computers and AI server chips. Nvidia's self-developed Grace CPU is based on the ARM architecture. Amazon's self-developed data center Graviton server processor also uses the ARM architecture. Microsoft's latest launch The self-developed customized AI chip Azure Cobalt 100 is a server CPU also built on the ARM architecture and is specifically designed to run cloud computing workloads on Microsoft Azure cloud servers. As a result, taking advantage of this global AI investment boom, ARM's stock price rose as high as 66% in the first quarter.
Another target aspect of the 6-10 position is that the positions of Cummins, a well-known high-end heavy engine and power unit manufacturer in the US, have not changed. Facebook and Instagram parent company Meta's holdings were reduced by more than 77% by PIF, but it is still in the top ten. In the first quarter, Meta's stock price rose by more than 37%, and has risen by more than 300% since 2023. PIF's move may have settled in profit. The stock call options of coffee drink giant Starbucks and online travel reservation service provider Booking are all new positions, reflecting PIF's optimism about the continued recovery of global coffee consumption and tourism.
In addition, Amazon (AMZN.US) bullish options were also the target of PIF's new positions in the first quarter, and were heavily bought by PIF, ranking 11th. Wall Street banks such as Citibank, Morgan Stanley, and Goldman Sachs have positioned Amazon as “the hottest e-commerce or internet stock in 2024.” Wall Street analysts' bullish confidence in Amazon's stock price outlook mainly comes from artificial intelligence. They believe that Amazon is expected to be in the best position in this wave of global corporate AI competitions with innovative AI-related products that are deeply bundled with AWS. This is also an important reason why Amazon's stock price recently hit a record high. Since this year, Amazon's stock price has risen by more than 22%, with an increase of 19% in the first quarter.
AMD (AMD.US), Microsoft (MSFT.US), and Nvidia (NVDA.US) call options were all heavily purchased by PIF, and were the targets of new positions opened in the first quarter. The positions ranked 16th, 22nd, and 23rd respectively. Adobe (ADOBE.US) call options were also greatly added by PIF, reflecting PIF's active participation in this wave of global AI investment and bullish expectations for these AI leaders.
Judging from changes in the holding ratio, Saudi sovereign wealth fund PIF's top five buying targets in the first quarter were: ARM call options, Starbucks call options, Booking call options, Amazon call options, and Adobe call options. Among these purchase targets, the stock prices of ARM, Amazon, and Adobe have all greatly benefited from this wave of global AI investment since 2023, and stock prices have been rising steadily.
The top five sales targets of Saudi sovereign wealth fund PIF in the first quarter were utilities ETF (XLU.US), Live Nation Entertai (LYV.US), Carnival Cruises (CCL.US), Booking, and CRM.US (CRM.US). Among them, the main stock of Booking was cleared by PIF in the first quarter, and popular targets such as SAIFS, Carnival Cruises, and South Korean e-commerce giant Coupang Inc (CPNG.US) were also cleared by PIF in the first quarter.
