In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Public Investment Fund reported 14 stock positions worth $18.1 billion . Its top holding was Uber Technologies (UBER) at 37.5% of the portfolio, followed by Electronic Arts (EA, 21.9% ) and Lucid (LCID, 20.6% ). Compared with Q1 2025, it sold out of 11 and reduced 9. The biggest sale was an exit from Meta Platforms Class A (META).
Location AL AQIQ DISTRICT, RIYADH, T0
CIK 0001767640
Portfolio Value $18.1B (Q2 2025) Holdings 14 stocks · $18.1B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2025 UBER Uber Technologies Inc. 72,840,541 $6.8B No change EA Electronic Arts Inc. 24,807,932 $4.0B No change LCID Lucid Group Inc. 1,770,888,684 $3.7B No change TTWO Take-Two Interactive Softwre 11,414,680 $2.8B No change CMI Cummins Inc. 1,095,578 $358.8M Reduce -33.2% LIN Linde PLC 436,350 $204.7M Reduce -63.9% APD Air Products & Chemicals Inc. 268,165 $75.6M Reduce -69.6% CTEV Claritev Corp. 1,281,250 $57.8M No change ONC Beone Medicines Ltd.-ADR 227,177 $55.0M Reduce -35.9% AVY Avery Dennison Corp. 231,662 $40.6M Reduce -64.6% BE Bloom Energy Corp. Class A 1,508,807 $36.1M Reduce -60.3% PDD PDD Holdings Inc. 162,199 $17.0M Reduce -90.5% PINS Pinterest Inc. Class A 209,992 $7.5M Reduce -94.9% PLD Prologis Inc. 2,481 $261K Reduce -99.8%
Options reported separately and not counted above: ARM calls ($1.5B), UNH calls ($309.6M), LLY calls ($274.6M), NVDA calls ($191.2M), VRTX calls ($190.2M), MA calls ($188.4M), SCHW calls ($186.9M), HD calls ($154.1M), MRK calls ($150.3M), PDD calls ($140.6M), NEE calls ($133.5M), AMD calls ($133.1M), and 30 more.
Other holdings (1): bonds, preferreds, convertibles and warrants · $36K (not counted above) Security Class Shares / Principal Value Change ALURW Allurion Technologies-28 *W EXP 08/01/203 1,148,436 $36K No change
Total filed on the 13F, all lines: $18.1B.
Portfolio Sells Q1 2025 → Q2 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▲ META Meta Platforms Inc. Class A Sold out 0.00% −1.98 LIN Linde PLC Reduce -63.9% 1.13% −1.76 V Visa Inc. Class A Sold out 0.00% −1.21 AMZN Amazon.com Inc. Sold out 0.00% −1.17 BABA Alibaba Group Holding-SP ADR Sold out 0.00% −1.09 PDD PDD Holdings Inc. Reduce -90.5% 0.09% −0.94 APD Air Products & Chemicals Inc. Reduce -69.6% 0.42% −0.92 PLD Prologis Inc. Reduce -99.8% 0.00% −0.89 DASH DoorDash Inc. Class A Sold out 0.00% −0.77 CMI Cummins Inc. Reduce -33.2% 1.98% −0.66 FDX FedEx Corp. Sold out 0.00% −0.62 PINS Pinterest Inc. Class A Reduce -94.9% 0.04% −0.62 SHOP Shopify Inc. Class A Sold out 0.00% −0.61 PYPL PayPal Holdings Inc. Sold out 0.00% −0.59 SE Sea Ltd.-ADR Sold out 0.00% −0.56 AVY Avery Dennison Corp. Reduce -64.6% 0.22% −0.37 NU Nu Holdings Ltd./Cayman Isl-A Sold out 0.00% −0.36 ZGN Ermenegildo Zegna NV Sold out 0.00% −0.22 ONC Beone Medicines Ltd.-ADR Reduce -35.9% 0.30% −0.19 BE Bloom Energy Corp. Class A Reduce -60.3% 0.20% −0.18
Portfolio Buys Q1 2025 → Q2 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▼ None this quarter.
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ ARM Arm Holdings PLC-ADR call Add +0.7% 8,967,300 $1.5B SBUX Starbucks Corp. call Sold out 5,377,300 $527.5Mbefore exit UNH Unitedhealth Group Inc. call Add +763.7% 992,400 $309.6M LLY Eli Lilly & Co. call Add +1569.7% 352,300 $274.6M PYPL PayPal Holdings Inc. call Sold out 3,669,600 $239.4Mbefore exit NVDA Nvidia Corp. call Reduce -23.9% 1,210,400 $191.2M VRTX Vertex Pharmaceuticals Inc. call New 427,300 $190.2M MA Mastercard Inc. Class A call New 335,300 $188.4M SCHW Schwab (charles) Corp. call Add +157.8% 2,048,700 $186.9M HD Home Depot Inc. call New 420,400 $154.1M MRK Merck & Co. Inc. call New 1,898,900 $150.3M PDD PDD Holdings Inc. call New 1,343,300 $140.6M NEE Nextera Energy Inc. call Add +110.7% 1,923,400 $133.5M AMD Advanced Micro Devices call Reduce -75.8% 937,800 $133.1M ZTS Zoetis Inc. call Sold out 800,500 $131.8Mbefore exit GOOGL Alphabet Inc. Class A call Reduce -4.3% 746,900 $131.6M AAPL Apple Inc. call New 640,600 $131.4M NOW ServiceNow Inc. call New 124,200 $127.7M PGR Progressive Corp. call New 457,200 $122.0M AMZN Amazon.com Inc. call Reduce -77.2% 543,000 $119.1M BKNG Booking Holdings Inc. call Reduce -59.7% 20,300 $117.5M SYK Stryker Corp. call Sold out 314,000 $116.9Mbefore exit MELI MercadoLibre Inc. call Add +33.6% 42,500 $111.1M ADBE Adobe Inc. call Reduce -70.8% 280,500 $108.5M CI The Cigna Group call Add +93.6% 295,800 $97.8M BAC Bank of America Corp. call Add +9.4% 2,000,300 $94.7M GILD Gilead Sciences Inc. call New 840,600 $93.2M AVGO Broadcom Inc. call New 320,400 $88.3M NFLX Netflix Inc. call New 57,900 $77.5M SPGI S&P Global Inc. call Sold out 147,100 $74.7Mbefore exit LRCX Lam Research Corp. call Sold out 1,017,400 $74.0Mbefore exit AZN Astrazeneca PLC-Spons ADR call Add +340.1% 1,014,900 $70.9M V Visa Inc. Class A call New 196,700 $69.8M AMAT Applied Materials Inc. call New 365,100 $66.8M BSX Boston Scientific Corp. call Sold out 661,700 $66.8Mbefore exit CMCSA Comcast Corp. Class A call Sold out 1,755,000 $64.8Mbefore exit ELV Elevance Health Inc. call Sold out 145,600 $63.3Mbefore exit C Citigroup Inc. call New 735,100 $62.6M MU Micron Technology Inc. call Sold out 705,200 $61.3Mbefore exit ASML ASML Holding NV-NY Reg SHS call Reduce -38.5% 74,600 $59.8M ADI Analog Devices Inc. call New 207,300 $49.3M MSFT Microsoft Corp. call Reduce -91.6% 93,500 $46.5M CRM Salesforce Inc. call Reduce -93.6% 148,200 $40.4M HCA HCA Healthcare Inc. call Reduce -65.3% 104,500 $40.0M KKR KKR & Co. Inc. call New 285,700 $38.0M JPM JPMorgan Chase & Co. call New 115,700 $33.5M MCK McKesson Corp. call Reduce -63.6% 33,200 $24.3M WMT Walmart Inc. call Reduce -69.0% 247,700 $24.2M META Meta Platforms Inc. Class A call Sold out 39,900 $23.0Mbefore exit KLAC KLA Corp. call Sold out 14,300 $9.7Mbefore exit
Showing the first 50 of 51.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 5 $37.9B SPCX, UBER, EA, LCID, CTEV Q1 2026 Amended 4 $12.0B UBER, EA, LCID, CTEV Q4 2025 4 $12.9B UBER, EA, LCID, CTEV Q3 2025 5 $19.4B UBER, EA, LCID, TTWO, CTEV Q2 2025 14 $18.1B UBER, EA, LCID, TTWO, CMI Q1 2025 25 $19.5B UBER, LCID, EA, TTWO, LIN Q4 2024 26 $19.2B LCID, UBER, EA, TTWO, CMI Q3 2024 26 $19.5B UBER, LCID, EA, TTWO, LIN Q2 2024 Amended 26 $17.6B UBER, LCID, EA, TTWO, LIN Q1 2024 25 $18.0B UBER, LCID, EA, TTWO, LIN