值得一提的是，在PIF美股组合中，约有三分之一的品种为看涨期权。今年起，PIF选择用大量科技股票看涨期权来取代对这些股票的直接持股，此举使其能够以较低的资金风险维持对这些公司的风险敞口。In the second quarter, the scale of Saudi PIF's investment in the US stock market grew moderately to $20.66 billion. PIF increased call options for many technology giants such as AMD and Microsoft, while reducing the options positions of well-known companies such as Booking.
According to publicly disclosed materials, Saudi sovereign fund - Public Investment Fund (PIF) had a moderate growth in its US stock market investment in the second quarter, with a scale of $20.66 billion, slightly higher than the $20.55 billion in the previous quarter.
However, PIF made some adjustments to its US investment portfolio, increasing call options for many technology giants such as AMD and Microsoft, while reducing the stock and options positions of well-known companies such as Booking.
It is worth mentioning that about one-third of the varieties in PIF's US stock portfolio are call options. Starting this year, PIF chose to use a large number of call options of technology stocks to replace direct holdings, allowing it to maintain its risk exposure to these companies with lower capital risk.
In the top five purchased varieties in the second quarter, four of them were for increasing call options. Among them, PIF doubled its investment in call options for Advanced Micro Devices (AMD), with its holdings increasing from 1.08 million shares to 2.31 million shares. At the same time, PIF also significantly increased its call options for PayPal in the second quarter, from 1.38 million shares to 4.26 million shares, showing confidence in the payment service industry.
In the technology field, PIF's investment landscape is further expanding. Its call options holdings in Meta increased from 0.2683 million shares to 0.362 million shares, and call options holdings in Microsoft also increased from 0.3419 million shares to 0.481 million shares. In addition, PIF also significantly increased its holdings in Nu Holdings, from 1.18 million shares to 3.8 million shares.
While actively expanding, PIF also reduced its investments in some companies. For example, the investment in call options for Booking Holdings decreased from 0.0777 million shares to 0.0582 million shares, and the holdings of call options for Adobe Inc. slightly decreased from 0.4424 million shares to 0.4235 million shares. In addition, it also reduced its holdings or call options for Cummins, Starbucks, Salesforce, and Visa.
However, PIF's holdings in its strategic projects remain unchanged, including Uber, electric vehicle manufacturer Lucid, US game publisher Electronic Arts Inc. (EA), and US game developers and publishers Take-Two, which account for 70% of PIF's US stock portfolio's market cap.
Editor/Lambor
