Saudi PIF buys shares in Alphabet, Zoom and Microsoft in U.S. shopping spree

(Corrects result in present $40.8 bln is portfolio’s market worth, not Q2 investments)

By Hadeel Al Sayegh

DUBAI (Reuters) -Saudi Arabia’s Public Funding Fund (PIF) purchased shares in Alphabet, Zoom Video and Microsoft as a part of a wider decide of U.S. shares, bringing the market worth of the sovereign wealth fund’s funding portfolio to about $40.8 billion on the finish of the second quarter.

The PIF acquired 213,000 class A shares in Alphabet, 4.7 million class A shares in Zoom and 1.8 million shares in Microsoft, a U.S. Securities and Trade Fee submitting confirmed.

It additionally acquired shares in JPMorgan and BlackRock, shopping for 3.9 million shares and 741,693 shares respectively.

The fund purchased 6.3 million shares in Starbucks, and added different shares together with Adobe Methods, Superior Micro Gadgets, Salesforce, House Depot, Costco, Freeport-McMoRan, Datadog and NextEra Power.

The PIF, which manages $620 billion in property, is on the centre of Saudi Arabia’s plans to rework the economic system by creating new sectors and diversifying revenues away from oil.

The PIF is pursuing a two-pronged technique, constructing a global portfolio of investments whereas additionally investing regionally in initiatives that can assist to cut back Saudi Arabia’s reliance on oil.

(Reporting by Hadeel Al SayeghEditing by David Goodman)