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Saudi Arabia’s Public Investment Fund has gone on an international shopping spree after it was announced shares in a wide-ranging pick of US stocks. The move brought the fund's investment portfolio’s market value to a cool $40.8 billion at the end of Q2.
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A filing with the US Securities and Exchange Commission showed that the PIF snapped up 213,000 class A shares in Alphabet (GOOGL, $121.70), 4.7 million class A shares in Zoom (ZM, $109.19) and 1.8 million shares in Microsoft (MSFT, $292.71). It also acquired shares in JPMorgan (JPM, $123.63) and BlackRock (BLK, $757.07), buying 3.9 million shares and 741,693 shares respectively.
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PIF, manages $620 billion in assets, is at the centre of Saudi Arabia’s plans to transform the economy by creating new sectors and diversifying revenues away from oil.