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Saudi Arabia plowed billions into US stocks including Boeing, Disney, and Facebook last quarter

Saudi Arabia's sovereign-wealth fund more than quadrupled the value of its US stock portfolio to $9.8 billion last quarter, a financial filing revealed on Friday.

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  • The $300 billion Public Investment Fund revealed stakes valued at over $500 million in Boeing, Cisco, Disney, Facebook, and other US companies.
  • It also invested smaller amounts in Warren Buffett's Berkshire Hathaway, Starbucks, and other big names.
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Saudi Arabia's sovereign-wealth fund plowed billions of dollars into US stocks such as Boeing, Disney, and Facebook last quarter.

The kingdom's Public Investment Fund grew its US stock portfolio from about $2.2 billion at the end of December to $9.8 billion at the end of March, according to a Securities and Exchange Commission filing last week .

The $300 billion fund, which aims to diversify Saudi Arabia's economy away from oil, likely capitalized on the coronavirus sell-off to purchase the stocks at bargain prices. However, its aggressive spending is surprising as depressed oil prices have hammered the kingdom's finances in recent months.

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The PIF's largest new holdings included a $714 million stake in Boeing, $522 million stakes in both Citigroup and Facebook, and a $514 million stake in Marriott. It also revealed stakes worth between $480 million and $500 million in Disney, Cisco, and Suncor Energy.

The fund also made a range of smaller bets. It ended the period with stakes worth between $75 million and $80 million in Warren Buffett's Berkshire Hathaway, Booking.com, IBM, Pfizer, Qualcomm, and Starbucks.

The PIF's wagers on Carnival and Live Nation, which it revealed in April filings , were valued at $457 million and $416 million respectively at the end of March.

The latest filing also confirmed reports that the fund invested in a range of European oil companies last quarter . It showed an $828 million stake in BP, a $484 million stake in Royal Dutch Shell, and a $222 million stake in Total.

Here's a chart showing the PIF's US stock portfolio at the end of March:

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