Saudi Arabia “sees a glimmer of light” in the oil market

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Dubai: The Saudi Public Investment Fund (PIF) reduced its holdings of shares in US companies by about $ 3 billion, including the sale of its remaining stake in Warren Buffett’s Berkshire Hathaway, according to new official figures.

The Public Investment Fund reduced its exposure to US companies to $ 7.05 billion on September 30, down 30 percent from $ 10.1 billion in the previous quarter, it said in a statement Monday to the US Securities and Exchange Commission.

The fund maintained its stake in passenger services company Uber, with a stake of $ 2.657 billion; Live Nation entertainment operator, with $ 677 million in equity; Carnival Cruise Ship Company, with a share of $ 771.6 million.

It also has interests in Suncor Energy Sustainable Energy ($ 623.4 million) and human resource management services company Automatic Data Processing ($ 206.7 million), while it bought a $ 154.6 million stake in gold mining company NovaGold.

During the second quarter of the year, the PIF sold 50 percent of its stake in Berkshire Hathaway, the investment firm led by Warren Buffett, and has now discharged the remainder of its shares, worth about $ 39 million, according to the filing.

The PIF pullout comes as Berkshire Hathaway released its quarterly file at the Securities and Exchange Commission on the same day, indicating that Buffett has slashed his ownership in iPhone maker Apple and has pinned his investment hopes on pharmaceuticals, with stakes. In brands like Merck, Bristol Myers Squibb, AbbVie, and Pfizer.

The fund also came out of Silicon Valley technology company Cisco, freight forwarder Union Pacific, Internet travel service provider Booking Holdings Inc., and Canadian Natural Hydrocarbon Explorer.

PIF regularly adjusts its exposure to US companies. In the second quarter of this year, it sold its remaining shares in household names like Boeing, Facebook, Marriott International, and Walt Disney.

The fund has focused on India in recent months, acquiring $ 1.3 billion in Reliance Retail Ventures Ltd and $ 1.5 billion in digital services company Jio Platforms, a trend that is likely to continue.

“Although the United States will continue to be an important destination, there is a shift towards developing and expanding ties closer to home, particularly India,” Rachna Opal, director of research at Azure Strategy consultancy, told Reuters.

The Public Investment Fund, founded five years ago, manages about $ 360 billion of funds. It is investing in a group of international companies in an attempt to reduce the Kingdom’s dependence on hydrocarbons.

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24 days ago

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