Saudi Arabia sovereign wealth fund ups Meta, Alphabet stakes in Q3, exits Hyzon Motors

Saudi Arabia’s sovereign wealth fund elevated its stake in Fb-owner Meta Platforms (NASDAQ:META) and Google-parent Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) in Q3.

The Public Funding Fund (PIF) disclosed the knowledge in its newest 13F submitting for the three months ended Sept. 30, 2022, revealed earlier on Monday.

PIF held about 3.26M class A shares in META as of Q3-end, making this the second quarter in a row the fund had upped its stake within the Mark Zuckerberg-led firm.

PIF had initially revealed a stake of 418K class A shares in META in Q1, which it had elevated to 2.94M by the tip of Q2.

The fund’s rising stake comes at the same time as META inventory has been hammered this 12 months, having fallen ~66% YTD.

PIF additionally considerably raised its stake in Alphabet (GOOG) (GOOGL) to 4.26M capital inventory class A shares from 213K beforehand.

Amongst different adjustments, PIF dropped its stake of greater than 8M shares in electrical car firm Hyzon Motors (NASDAQ:HYZN).

PIF’s enhance of its holdings in Meta (META) and Alphabet (GOOG) (GOOGL) and its exit out of Hyzon Motors (HYZN) have been the one important portfolio adjustments made by the sovereign wealth fund in Q3 – a stark distinction from Q2 wherein it had been notably busy.

PIF stored its stake in main names resembling Amazon (AMZN), Alibaba (BABA), BlackRock (BLK), Microsoft (MSFT), PayPal (PYPL), FedEx (FDX), House Depot (HD), Salesforce (CRM), Visa (V) and Walmart (WMT) unchanged.