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Saudi Wealth Fund Cut U.S. Stocks by $3 Billion Last Quarter, Reduced ETFs

DUBAI (Reuters) – Saudi Arabia’s sovereign wealth fund cut its exposure to North American equities by $3 billion in the third quarter, offloading some exchange traded funds (ETF) and stocks including Berkshire Hathaway BRKa.N, a regulatory filing showed.

The Public Investment Fund (PIF) was holding $7.05 billion worth of U.S. equities as of Sept. 30, compared with nearly $10.12 billion in the second quarter, the filing showed late on Monday. The fund cut its holdings of ETFs to $1.96 billion by Sept. 30, from nearly $4.7 billion in the second quarter.

In recent months, the sovereign wealth fund had bulked up minority stakes in companies worldwide, including oil companies, taking advantage of market weakness caused by the COVID-19 pandemic. Read more…..

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