Saudi PIF held nearly $56 billion of U.S.-listed stocks in December 2021

Saudi sovereign wealth fund PIF held nearly $56 billion worth of U.S.-listed stocks as of December last year, up from $43.4 billion at the end of September, boosted by the increased value of electric car maker Lucid, it said in a U.S. regulatory filing.

The fund’s Lucid holdings were valued at $38.6 billion as of December, up from $25.8 billion at the end of September, the filing showed.

Lucid’s listing in July last year was a huge boost for the Saudi sovereign wealth fund. The Public Investment Fund (PIF), which currently holds a nearly 62% stake in Lucid, had invested more than $1 billion in the company in 2018 for a substantial stake and increased its investment in February 2021.

Shares of Lucid have fallen 28% so far this year.

The PIF also owns a 3.75% stake in ride-sharing company Uber Technologies.

The sovereign wealth fund sharply cut its stake in Prologis, while substantially increasing its stake in Farfetch, a technology platform in the fashion industry, to 3.3 million class A shares.

It also raised its stake in Pinterest.

PIF, which manages about $480 billion in assets, is at the centre of Saudi Arabia’s Vision 2030, a national strategy aimed at diversifying the kingdom’s economy and cutting reliance on hydrocarbons.

On Sunday the government said Crown Prince Mohammed bin Salman had transferred 4% of Saudi Aramco shares worth $80 billion to the kingdom’s sovereign wealth fund.