The $300 billion fund, which aims to diversify Saudi Arabia's economy away from oil, likely capitalized on the coronavirus sell-off to purchase the stocks at bargain prices. However, its aggressive spending is surprising as depressed oil prices have hammered the kingdom's finances in recent months.
The PIF's largest new holdings included a $714 million stake in Boeing, $522 million stakes in both Citigroup and Facebook, and a $514 million stake in Marriott. It also revealed stakes worth between $480 million and $500 million in Disney, Cisco, and Suncor Energy.
The fund also made a range of smaller bets. It ended the period with stakes worth between $75 million and $80 million in Warren Buffett's Berkshire Hathaway, Booking.com, IBM, Pfizer, Qualcomm, and Starbucks......"