Saudi Arabia's Public Investment Fund bought shares of Alphabet, Zoom Video and Microsoft as part of a broader pick of U.S. stocks, bringing the fund's second-quarter investments to about $40.8 billion.
According to filings with the US Securities and Exchange Commission, the public investment fund acquired 213,000 Class A shares in Alphabet, 4.7 million Class A shares in Zoom and 1.8 million shares in Microsoft.
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The public investment fund bought 6.3 million shares in Starbucks and added other stocks including Adobe Systems, Advanced Micro Devices, Salesforce, Home Depot, Costco, Freeport McMorran, DataDog and NextEra Energy.
Saudi Arabia's Public Investment Fund, which manages $620 billion in assets, is at the center of plans to transform Saudi Arabia's economy by creating new sectors and diversifying revenues away from oil.
The Public Investment Fund is pursuing a two-pronged strategy, building an international portfolio of investments while also investing locally in projects that will help reduce Saudi Arabia's dependence on oil.
Saudi Arabia's Public Investment Fund is the majority stakeholder in California-headquartered Lucid Motors. The fund currently owns more than 60 percent stake in the electric vehicle maker.
The public investment fund cut its holdings of U.S. equities by 22 percent to $43.6 billion in the first quarter of this year from $55.9 billion a quarter earlier.
A filing with the U.S. Securities and Exchange Commission suggested by the end of the first quarter that the public investment fund reduced its stake in three companies, including Visa Inc., PlugPower and Walmart.
However, the public investment fund increased its holdings in Tech2 Interactive, PayPal, Alibaba and Farfetch Limited.
According to data released in April by the Sovereign Wealth Fund Institute, the public investment fund is currently the fifth largest sovereign wealth fund in the world with assets worth $620 billion.
