Latest filing with the US Securities and Exchange Commission reported that Saudi Arabia’s Public Investment Fund has decreased the value of its US-listed equity holdings to $12.9 billion at the end of the fourth quarter of 2025, as compared to $19.4 billion at the end of the third quarter.
The report indicates that the sovereign wealth fund invested in five companies, such as Lucid Group, Electronic Arts, Uber Technologies, Allurion Technologies, and Claritev Corp. Allurion has reported that its stake is in a warrant position.
The portfolio reallocation coincides with the Kingdom increasing its focus on diversifying its economy beyond oil as part of Vision 2030, and PIF is at the center of mobilizing capital both domestically and internationally.
However, its US equity portfolio moves are keenly observed by investors as an indicator of the changing sector priorities and global allocation policy of the fund.
The information table attached to the filing lists five holdings as the entirety of the fund’s US-reportable equity positions for the period ended on December 31. The filing no longer contains a position in Take-Two Interactive that used to be the fund’s largest US investment.
A Schedule 13G/A filing in December described the reporting relationship of the Take-Two stake, saying that PIF, the sole owner of Savvy Games Group, and Savvy, the sole owner of Saudi Fourth Investment Co., could be considered to have the same voting and dispositive power over the shares held by Saudi Fourth.
Therefore, subsequent regulatory filings showed that the Take-Two stake had been sold to Savvy, which effectively marginalized it from the 13F-reported PIF US holdings.
The move also helped in the quarter-to-quarter decrease in the overall reported market value of the US equity portfolio of the fund. PIF has become a leading player in the world of sovereign wealth funds, not just in size but also in the field of investment.
A report by research firm Global SWF indicates that in 2025, the fund was the most active sovereign wealth fund globally, with about $36.2 billion of new investments annually, a significant jump in comparison with earlier years, and exceeding all other state-owned investors tracked by the firm.
