Saudi Arabia’s sovereign wealth fund has upped its holdings in Chinese equities, with e-commerce giant Alibaba seeing the most movement.
The South China Morning Post (SCMP) reports that the $700 billion Saudi Public Investment Fund (PIF) has been devalued based on Form 13F filed in January 2018.
The company reported that it purchased 153,500 shares of Alibaba stock in the first quarter of this year, increasing its stake in Alibaba stock by 11%. Wednesday with the U.S. Securities and Exchange Commission. The PIF’s holdings of his two other Central American depositary receipts, Pinduoduo and BeiGene, were unchanged from the previous quarter, the report said.
According to SCMP, this is PIF’s second increase in his position at Alibaba in less than a year. The sovereign wealth fund held 1.61 million shares of the e-commerce giant at the end of the quarter, nearly tripling its holdings since initiating the position in the September 2021 quarter, according to filings. became.
PIF held a total of 38 securities worth $20.5 billion at the end of the first quarter.
The same 13F filing revealed that PIF reduced its holdings in US stocks in the first quarter of this year, resulting in the value of its direct holdings in those stocks falling by almost half. PIF, which held US-listed stocks worth $35 billion at the end of 2023, has fallen to $18 billion as of March 31, according to a Bloomberg report.