13F filer · CIK 1767640 ↗
Public Investment Fund
You are looking at Q2 2025. See the latest, Q2 2026 →
Reported value
$23.81B
−6.8% on the quarter before
Positions
57
17 new · 24 sold out
Top 10
84.2%
of the value
Est. gain
+$1.77B
on stocks held all quarter
Est. return
+10.8%
on those stocks since Q1 2025
Positions as of Jun 30, 2025, 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 Q1 2025. Striped tiles are options.
Largest buys
Since Q1 2025, 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.
- Unitedhealth Group IncCALL~$273.8MAdded · 0.2% → 1.3%+877,500 underlying
- Eli LillyCALL~$258.2MAdded · 0.1% → 1.2%+331,200 underlying
- Vertex Pharmaceuticals IncCALL~$190.2MNew · 0.0% → 0.8%+427,300 underlying
- MastercardCALL~$188.4MNew · 0.0% → 0.8%+335,300 underlying
- Home Depot IncCALL~$154.1MNew · 0.0% → 0.6%+420,400 underlying
- Merck & Co IncCALL~$150.3MNew · 0.0% → 0.6%+1,898,900 underlying
- PDD HoldingsCALL~$140.6MNew · 0.0% → 0.6%+1,343,300 underlying
- AppleCALL~$131.4MNew · 0.0% → 0.6%+640,600 underlying
- ServiceNowCALL~$127.7MNew · 0.0% → 0.5%+124,200 underlying
- Progressive CorpCALL~$122.0MNew · 0.0% → 0.5%+457,200 underlying
Largest sells
Since Q1 2025, 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.
- SalesforceCALL~$586.8MCut · 2.4% → 0.2%−2,151,900 underlying
- Starbucks CorpCALL~$527.5MSold out · 2.1% → 0.0%−5,377,300 underlying
- MicrosoftCALL~$505.1MCut · 1.6% → 0.2%−1,015,500 underlying
- AMDCALL~$418.0MCut · 1.6% → 0.6%−2,945,600 underlying
- AmazonCALL~$402.7MCut · 1.8% → 0.5%−1,835,400 underlying
- Meta~$385.0MSold out · 1.5% → 0.0%−667,996 shares
- Linde Plc~$362.2MCut · 2.2% → 0.9%−772,046 shares
- AdobeCALL~$263.4MCut · 1.4% → 0.5%−680,800 underlying
- PayPalCALL~$239.4MSold out · 0.9% → 0.0%−3,669,600 underlying
- Visa Inc.~$235.9MSold out · 0.9% → 0.0%−673,196 shares
Holdings
As of Jun 30, 2025. Changes are in shares against Mar 31, 2025, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| UberCOM · shares 0% · price +28.1% | 28.5% | $6.80B | +$1.49B | ||||||||
| Electronic Arts IncCOM · shares 0% · price +10.5% | 16.6% | $3.96B | +$376.6M | ||||||||
| Lucid Group IncCOM · shares 0% · price −12.8% | 15.7% | $3.74B | −$549.0M | ||||||||
| Take-Two Interactive SoftwarCOM · shares 0% · price +17.2% | 11.6% | $2.77B | +$406.4M | ||||||||
| Arm Holdings PlcCALLSPONSORED ADS · shares +0.7% | 6.1% | $1.45B | — | ||||||||
| CumminsCOM · shares −33% · price +4.5% | 1.5% | $358.8M | +$15.4M | ||||||||
| Unitedhealth Group IncCALLCOM · shares +764% | 1.3% | $309.6M | — | ||||||||
| Eli LillyCALLCOM · shares +1,570% | 1.2% | $274.6M | — | ||||||||
| Linde PlcSHS · shares −64% · price +0.8% | 0.86% | $204.7M | +$1.5M | ||||||||
| NvidiaCALLCOM · shares −24% | 0.80% | $191.2M | — | ||||||||
| Vertex Pharmaceuticals IncCALLCOM · shares New | 0.80% | $190.2M | — | ||||||||
| MastercardCALLCL A · shares New | 0.79% | $188.4M | — | ||||||||
| Schwab Charles CorpCALLCOM · shares +158% | 0.78% | $186.9M | — | ||||||||
| Home Depot IncCALLCOM · shares New | 0.65% | $154.1M | — | ||||||||
| Merck & Co IncCALLCOM · shares New | 0.63% | $150.3M | — | ||||||||
| PDD HoldingsCALLSPONSORED ADS · shares New | 0.59% | $140.6M | — | ||||||||
| Nextera Energy IncCALLCOM · shares +111% | 0.56% | $133.5M | — | ||||||||
| AMDCALLCOM · shares −76% | 0.56% | $133.1M | — | ||||||||
| AlphabetCALLCAP STK CL A · shares −4.3% | 0.55% | $131.6M | — | ||||||||
| AppleCALLCOM · shares New | 0.55% | $131.4M | — | ||||||||
| ServiceNowCALLCOM · shares New | 0.54% | $127.7M | — | ||||||||
| Progressive CorpCALLCOM · shares New | 0.51% | $122.0M | — | ||||||||
| AmazonCALLCOM · shares −77% | 0.50% | $119.1M | — | ||||||||
| Booking Holdings IncCALLCOM · shares −60% | 0.49% | $117.5M | — | ||||||||
| MercadoLibreCALLCOM · shares +34% | 0.47% | $111.1M | — | ||||||||
| Total · 57 positions | 100% | $23.81B | +$1.77B |
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 Q1 2025 to Q2 2025: 15 stocks held throughout, up $1.77B (+10.8%).
- Uber+$1.49B+28%
- Take-Two Interactive Softwar+$406.4M+17%
- Electronic Arts Inc+$376.6M+11%
- Claritev Corporation+$31.4M+119%
- Cummins+$15.4M+4%
- Avery Dennison Corp−$579,155−1%
- PDD Holdings−$2.2M−12%
- Air Prods & Chems Inc−$3.4M−4%
- Beone Medicines Ltd−$6.8M−11%
- Lucid Group Inc−$549.0M−13%
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.
Every quarter's filing
| Quarter | Reported value | Filing | |
|---|---|---|---|
| Q2 2026 | Aug 14, 2026 | $37.91B+216% | SEC ↗ |
| Q1 2026 | Aug 14, 2026 (amended) | $12.01B−7% | SEC ↗ |
| Q4 2025 | Feb 17, 2026 | $12.95B−33% | SEC ↗ |
| Q3 2025 | Nov 14, 2025 | $19.37B−19% | SEC ↗ |
| Q2 2025 | Aug 14, 2025 | $23.81B−7% | SEC ↗ |
| Q1 2025 | May 15, 2025 | $25.55B−5% | SEC ↗ |
| Q4 2024 | Feb 14, 2025 | $26.77B+0% | SEC ↗ |
| Q3 2024 | Nov 14, 2024 | $26.75B+29% | SEC ↗ |
| Q2 2024 | Aug 14, 2024 (amended) | $20.73B+1% | SEC ↗ |
| Q1 2024 | May 15, 2024 | $20.55B−42% | SEC ↗ |
| Q4 2023 | Feb 14, 2024 | $35.24B−3% | SEC ↗ |
| Q3 2023 | Nov 14, 2023 | $36.48B−6% | SEC ↗ |
| Q2 2023 | Aug 14, 2023 | $38.93B+10% | SEC ↗ |
| Q1 2023 | May 15, 2023 | $35.52B+15% | SEC ↗ |
| Q4 2022 | Feb 14, 2023 | $30.94B−16% | SEC ↗ |
| Q3 2022 | Nov 14, 2022 | $36.82B−11% | SEC ↗ |
| Q2 2022 | Dec 22, 2022 (amended) | $41.16B−6% | SEC ↗ |
| Q1 2022 | Dec 22, 2022 (amended) | $43.96B−22% | SEC ↗ |
| Q4 2021 | Feb 14, 2022 (amended) | $56.65B+29% | SEC ↗ |
| Q3 2021 | Nov 15, 2021 (amended) | $43.80B+175% | SEC ↗ |
| Q2 2021 | Aug 16, 2021 | $15.94B+3% | SEC ↗ |
| Q1 2021 | May 17, 2021 | $15.45B+21% | SEC ↗ |
| Q4 2020 | Feb 16, 2021 (amended) | $12.77B+81% | SEC ↗ |
| Q3 2020 | Nov 16, 2020 | $7.05B−30% | SEC ↗ |
| Q2 2020 | Aug 14, 2020 | $10.12B+4% | SEC ↗ |
| Q1 2020 | May 15, 2020 | $9.78B+348% | SEC ↗ |
| Q4 2019 | Feb 4, 2020 | $2.18B−48% | SEC ↗ |
| Q3 2019 | Oct 21, 2019 | $4.21B−19% | SEC ↗ |
| Q2 2019 | Aug 6, 2019 | $5.23B+126% | SEC ↗ |
| Q1 2019 | May 13, 2019 | $2.32B−16% | SEC ↗ |
| Q4 2018 | Feb 13, 2019 | $2.75B | SEC ↗ |