- The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, almost tripled its holdings of U.S.-listed stocks to $43.45 billion in the third quarter, up from $16 billion, Reuters reports.
- The fund added shares of Alibaba Group Holding Ltd (NYSE:BABA) and Walmart Inc (NYSE:WMT). Other stocks purchased GrubHub Inc (NASDAQ:GRUB) and Ballard Power Systems Inc (NASDAQ:BLDP).
- The fund, which manages $430 billion in assets, is at the center of Saudi Arabia’s plans to transform the economy by creating new sectors and diversifying revenues away from oil.
- Related Content: Berkshire’s Charlie Munger Boosts Long Position In Alibaba: Report
- Price Action: BABA shares traded higher by 0.30% at $167.31 on the last check Monday.
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