Saudi Arabia's sovereign wealth fund significantly reduced its U.S. stock exposure in Q3, liquidating nearly 12 holdings—including Pinterest (PINS.US) and industrial gas giant Linde (LIN.US)—bringing its portfolio value to a yearly low. According to its latest 13F filing, the $1 trillion Public Investment Fund (PIF) also exited positions in Prologis (PLD.US) and Air Products & Chemicals (APD.US), the latter of which is collaborating with Saudi Arabia on a green hydrogen plant in Neom. Additionally, PIF trimmed stakes in Cummins (CMI.US) and Avery Dennison (AVY.US).

While retaining shares in Uber (UBER.US) and Electronic Arts (EA.US), the fund slightly reduced its holding in electric vehicle maker Lucid Group Inc (LCID.US). Overall, its U.S. equity portfolio shrank 18% quarter-over-quarter to $19.4 billion, marking the lowest level since early 2025. This follows Q2’s divestment trend, when PIF exited Meta Platforms (META.US) and FedEx (FDX.US), aligning with its strategic shift toward domestic investments to diversify Saudi Arabia’s economy.

Per the filing, PIF’s top U.S. holdings remain Uber, Electronic Arts, Lucid Group, Take-Two Interactive (TTWO.US), and Claritev (CTEV.US). Notably, the disclosure precedes Saudi Crown Prince Mohammed bin Salman’s first official U.S. visit since 2018, where discussions with President Trump are expected to cover security, semiconductor deals, and nuclear technology. Trump may also seek progress on Saudi’s pledged multibillion-dollar U.S. investments following his May visit to Riyadh.

Chaired by the Crown Prince, PIF is central to Saudi Arabia’s Vision 2030 economic diversification plan, overseeing megaprojects like Neom and Diriyah. With low oil prices straining government budgets, PIF faces mounting pressure to drive local spending. Despite this, the fund aims to deploy $70 billion post-2025, primarily domestically, after investing $57 billion in key sectors in 2024. Further details on its 2026–2030 strategy are expected early next year.