13F filer · CIK 1767640 ↗

Public Investment Fund

Yasir Al-RumayyanGovernor

You are looking at Q4 2022. See the latest, Q2 2026 →

Reported value

$30.94B

−16% on the quarter before

Positions

2 new · 2 sold out

Top 10

66.6%

of the value

Est. gain

−$6.44B

on stocks held all quarter

Est. return

−17.6%

on those stocks since Q3 2022

Filed

Feb 14, 2023

On SEC EDGAR ↗

Positions as of Dec 31, 2022, from Public Investment Fund's 13F filing with the SEC. A 13F lists a manager's US-listed stocks and options at a quarter end and is filed up to 45 days later, so the fund may hold something else today. It leaves out short positions, cash and holdings outside the US.

Portfolio at a glance

New
Added
Cut
Same
Options

Each tile is a position, sized by its share, colored by what the fund did with it since Q3 2022. Striped tiles are options.

Lucid Group Inc24%

29 others13%

Activision Blizzard Inc9.4%

Select Sector SPDR Tr7.5%

Electronic Arts Inc6.3%

Uber5.8%

Take-Two Interactive Softwar3.8%

Live Nation Entertainment In2.8%

Air Prods & Chems Inc2.7%

Starbucks Corp2.0%

Nextera Energy Inc1.7%

BlackRock1.7%

Home Depot Inc1.7%

Jpmorgan Chase & Co1.7%

PayPal1.6%Freeport-McMoRan1.6%

Costco Whsl Corp New1.5%

Microsoft1.4%Cummins1.4%

Booking Holdings Inc1.4%

Carnival Corp1.3%

American Tower1.3%

Linde Plc1.3%

Meta1.3%Adobe1.2%

Lucid Group Inc24%

29 others13%

Activision Blizzard Inc9.4%

Select Sector SPDR Tr7.5%

Electronic Arts Inc6.3%

Uber5.8%

Take-Two Interactive Softwar3.8%

Live Nation Entertainment In2.8%

Air Prods & Chems Inc2.7%

Starbucks Corp2.0%

Nextera Energy Inc1.7%

BlackRock1.7%

Home Depot Inc1.7%

Jpmorgan Chase & Co1.7%

PayPal1.6%Freeport-McMoRan1.6%

Costco Whsl Corp New1.5%

Microsoft1.4%Cummins1.4%

Booking Holdings Inc1.4%

Carnival Corp1.3%

American Tower1.3%

Linde Plc1.3%

Meta1.3%Adobe1.2%

Largest buys

Since Q3 2022, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.

Lucid Group Inc~$640.3MAdded · 38.5% → 24.5%+93,754,072 shares
Babylon Hldgs Ltd~$20.5MNew · 0.0% → 0.1%+3,030,789 shares
Activision Blizzard Inc~$3.0MAdded · 7.6% → 9.4%+39,164 shares
Compute Health Acquisitin Co~$210,656New · 0.0% → 0.0%+1,874,999 shares

Largest sells

Since Q3 2022, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.

Compute Health Acquisitin Co~$74.0MSold out · 0.2% → 0.0%−7,499,999 shares
Babylon Hldgs Ltd~$16.7MSold out · 0.0% → 0.0%−35,410,789 shares
Farfetch Ltd~$5.7MCut · 0.1% → 0.0%−1,209,832 shares

Holdings

As of Dec 31, 2022. Changes are in shares against Sep 30, 2022, so a price move alone never reads as a buy or a sale.

Positions, sorted by share of the portfolio
#	Holding		% prev	Value	Shares		Price	Prev price
1	Lucid Group IncCOM · shares +9.2% · price −51.1%	24.5%	38.5%	$7.57B	1.11B	+9.2%	$6.83	$13.97	−51.1%	−$7.25B
2	Activision Blizzard IncCOM · shares +0.1% · price +3.0%	9.4%	7.6%	$2.90B	37.9M	+0.1%	$76.55	$74.34	+3.0%	+$83.7M
3	Select Sector SPDR TrSBI INT-UTILS · shares 0% · price +7.6%	7.5%	5.9%	$2.33B	33.0M	0%	$70.50	$65.51	+7.6%	+$164.6M
4	Electronic Arts IncCOM · shares 0% · price +5.6%	6.3%	5.0%	$1.96B	16.0M	0%	$122.18	$115.71	+5.6%	+$103.6M
5	UberCOM · shares 0% · price −6.7%	5.8%	5.2%	$1.80B	72.8M	0%	$24.73	$26.50	−6.7%	−$128.9M
6	Take-Two Interactive SoftwarCOM · shares 0% · price −4.5%	3.8%	3.4%	$1.19B	11.4M	0%	$104.13	$109.00	−4.5%	−$55.6M
7	Live Nation Entertainment InCOM · shares 0% · price −8.3%	2.8%	2.6%	$876.3M	12.6M	0%	$69.74	$76.04	−8.3%	−$79.2M
8	Air Prods & Chems IncCOM · shares 0% · price +32.5%	2.7%	1.7%	$827.8M	2.7M	0%	$308.26	$232.73	+32.5%	+$202.8M
9	Starbucks CorpCOM · shares 0% · price +17.7%	2.0%	1.4%	$626.3M	6.3M	0%	$99.20	$84.26	+17.7%	+$94.3M
10	Nextera Energy IncCOM · shares 0% · price +6.6%	1.7%	1.4%	$532.4M	6.4M	0%	$83.60	$78.41	+6.6%	+$33.1M
11	BlackRockCOM · shares 0% · price +28.8%	1.7%	1.1%	$525.6M	741,693	0%	$708.63	$550.28	+28.8%	+$117.4M
12	Home Depot IncCOM · shares 0% · price +14.5%	1.7%	1.2%	$518.6M	1.6M	0%	$315.86	$275.94	+14.5%	+$65.5M
13	Jpmorgan Chase & CoCOM · shares 0% · price +28.3%	1.7%	1.1%	$516.4M	3.9M	0%	$134.10	$104.50	+28.3%	+$114.0M
14	PayPalCOM · shares 0% · price −17.3%	1.6%	1.7%	$502.7M	7.1M	0%	$71.22	$86.07	−17.3%	−$104.8M
15	Freeport-McMoRanCL B · shares 0% · price +39.0%	1.6%	0.96%	$490.0M	12.9M	0%	$38.00	$27.33	+39.0%	+$137.6M
16	Costco Whsl Corp NewCOM · shares 0% · price −3.3%	1.5%	1.3%	$473.2M	1.0M	0%	$456.50	$472.27	−3.3%	−$16.3M
17	MicrosoftCOM · shares 0% · price +3.0%	1.4%	1.2%	$442.6M	1.8M	0%	$239.82	$232.90	+3.0%	+$12.8M
18	CumminsCOM · shares 0% · price +19.1%	1.4%	1.00%	$436.2M	1.8M	0%	$242.29	$203.51	+19.1%	+$69.8M
19	Booking Holdings IncCOM · shares 0% · price +22.6%	1.4%	0.95%	$430.2M	213,478	0%	$2,015.28	$1,643.21	+22.6%	+$79.4M
20	Carnival CorpCOMMON STOCK · shares 0% · price +14.7%	1.3%	0.97%	$409.7M	50.8M	0%	$8.06	$7.03	+14.7%	+$52.4M
21	American TowerCOM · shares 0% · price −1.3%	1.3%	1.1%	$401.1M	1.9M	0%	$211.86	$214.70	−1.3%	−$5.4M
22	Linde PlcSHS · shares 0% · price +21.0%	1.3%	0.88%	$394.2M	1.2M	0%	$326.18	$269.59	+21.0%	+$68.4M
23	MetaCL A · shares 0% · price −11.3%	1.3%	1.2%	$392.6M	3.3M	0%	$120.34	$135.68	−11.3%	−$50.0M
24	AdobeCOM · shares 0% · price +22.3%	1.2%	0.86%	$386.1M	1.1M	0%	$336.53	$275.20	+22.3%	+$70.4M
25	AlphabetCAP STK CL A · shares 0% · price −7.8%	1.2%	1.1%	$375.9M	4.3M	0%	$88.23	$95.65	−7.8%	−$31.6M
	Total · 53 positions	100%		$30.94B						−$6.44B

The filing on SEC EDGAR ↗

Price is a stock's reported value over its shares at the quarter end. The estimated gain is the shares held at both quarter ends times the change in that price: shares bought or sold during the quarter add nothing, options are left out, and a stock split is read into the earlier share count and price.

What made money

From Q3 2022 to Q4 2022: 50 stocks held throughout, down $6.44B (−17.6%).

Air Prods & Chems Inc+$202.8M+32%
Select Sector SPDR Tr+$164.6M+8%
Freeport-McMoRan+$137.6M+39%
BlackRock+$117.4M+29%
Jpmorgan Chase & Co+$114.0M+28%
Multiplan Corporation−$87.6M−60%
PayPal−$104.8M−17%
Amazon−$118.0M−26%
Uber−$128.9M−7%
Lucid Group Inc−$7.25B−51%

Estimated as in the holdings table: shares held at both quarter ends times the change in price; options left out.

Reported value by quarter

The total value of each quarter's 13F at that quarter end. It moves with prices as well as with buying and selling. Pick a quarter to see what the fund held then.

$60.00B$30.00B$0

Q4 201831 quartersQ2 2026

Every quarter's filing

Each quarter's 13F filing, newest first
Quarter	Filed	Reported value	Positions	Filing
Q2 2026	Aug 14, 2026	$37.91B+216%	5	SEC ↗
Q1 2026	Aug 14, 2026 (amended)	$12.01B−7%	4	SEC ↗
Q4 2025	Feb 17, 2026	$12.95B−33%	5	SEC ↗
Q3 2025	Nov 14, 2025	$19.37B−19%	6	SEC ↗
Q2 2025	Aug 14, 2025	$23.81B−7%	57	SEC ↗
Q1 2025	May 15, 2025	$25.55B−5%	64	SEC ↗
Q4 2024	Feb 14, 2025	$26.77B+0%	62	SEC ↗
Q3 2024	Nov 14, 2024	$26.75B+29%	54	SEC ↗
Q2 2024	Aug 14, 2024 (amended)	$20.73B+1%	39	SEC ↗
Q1 2024	May 15, 2024	$20.55B−42%	38	SEC ↗
Q4 2023	Feb 14, 2024	$35.24B−3%	50	SEC ↗
Q3 2023	Nov 14, 2023	$36.48B−6%	52	SEC ↗
Q2 2023	Aug 14, 2023	$38.93B+10%	51	SEC ↗
Q1 2023	May 15, 2023	$35.52B+15%	52	SEC ↗
Q4 2022	Feb 14, 2023	$30.94B−16%	53	SEC ↗
Q3 2022	Nov 14, 2022	$36.82B−11%	53	SEC ↗
Q2 2022	Dec 22, 2022 (amended)	$41.16B−6%	54	SEC ↗
Q1 2022	Dec 22, 2022 (amended)	$43.96B−22%	38	SEC ↗
Q4 2021	Feb 14, 2022 (amended)	$56.65B+29%	36	SEC ↗
Q3 2021	Nov 15, 2021 (amended)	$43.80B+175%	33	SEC ↗
Q2 2021	Aug 16, 2021	$15.94B+3%	13	SEC ↗
Q1 2021	May 17, 2021	$15.45B+21%	13	SEC ↗
Q4 2020	Feb 16, 2021 (amended)	$12.77B+81%	12	SEC ↗
Q3 2020	Nov 16, 2020	$7.05B−30%	7	SEC ↗
Q2 2020	Aug 14, 2020	$10.12B+4%	12	SEC ↗
Q1 2020	May 15, 2020	$9.78B+348%	24	SEC ↗
Q4 2019	Feb 4, 2020	$2.18B−48%	2	SEC ↗
Q3 2019	Oct 21, 2019	$4.21B−19%	2	SEC ↗
Q2 2019	Aug 6, 2019	$5.23B+126%	2	SEC ↗
Q1 2019	May 13, 2019	$2.32B−16%	1	SEC ↗
Q4 2018	Feb 13, 2019	$2.75B	1	SEC ↗