The Public Investment Fund (PIF) reduced its investment in US-based assets by US$3 billion in the last quarter, according to a regulatory filing.
The move, which saw its holdings in US equities decrease from $10.12 billion to $7.05 billion, included the offloading of a number of high-profile stocks such as Berkshire Hathaway and Cisco.
The sovereign wealth fund, estimated to have around $347 billion in assets, also reduced its holding in ETFs from $4.7 billion to $1.96 billion.
At the same time, the PIF has picked up a number of minority stakes in worldwide companies in a bid to make its portfolio more international.
It has also invested in a number of home-grown businesses as part of a strategy to lessen the kingdom’s dependence on oil revenues.
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