Sovereign Wealth Fund of Saudi Arabia is on a US Buying Spree

August 16, 2022 6:33 AM EDT

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Saudi Arabia’s Public Investment Fund (PIF), the sovereign wealth fund that manages around $620 billion in assets, has bought shares in Alphabet (NASDAQ: GOOGL), Zoom Video (NASDAQ: ZM), and Microsoft (NASDAQ: MSFT).

PIF appears to be on a shopping spree as it also acquired shares in JPMorgan (NYSE: JPM), BlackRock (NYSE: BLK), and Starbucks (NYSE: SBUX).

The market valuation of PIF’s investment portfolio exceeded $40 billion at the end of the second quarter.

Last year, PIF led a consortium of companies that acquired the English Premier League football club Newcastle United for $409 million.

By Senad Karaahmetovic

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JPMorgan, Senad Karaahmetovic