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Saudi Arabia’s sovereign wealth fund increased its stake in electric vehicle maker Lucid Group (NASDAQ:LCID) in the fourth quarter, while trimming its position in online fashion retailer Farfetch (New York Stock Exchange:FTCH).
The Public Investment Fund (PIF) disclosed the information in its last 13F presentation for the three months ended December 31, 2022, published after business hours on Tuesday.
PIF increased its stake in LCID by 9.2% to 1.11 billion shares in the fourth quarter from 1.02 billion shares in the third quarter. Additionally, PIF increased its stake in video game publisher Activision Blizzard (NASDAQ: ATVI) marginally up 0.1% to 37.91 million shares in the fourth quarter from 37.87 million shares in the third quarter.
The sovereign wealth fund reduced its stake in FTCH by 36.5% to 2.10 million class A shares in the fourth quarter from 3.31 million class A shares in the third quarter.
PIF also cut its stake in UK-based digital healthcare company Babylon Holdings (New York Stock Exchange: BBLN) by 91.4% to 3.03 million Class A shares in the fourth quarter from 35.41 million Class A shares in the third quarter. However, this was likely due to BBLN’s 1-for-25 reverse stock split in the fourth quarter.
The sovereign wealth fund kept its other holdings unchanged.
In the third quarter, PIF had increased its stake in Facebook owner Meta (META) and Google (GOOGL) parent company Alphabet (GOOG) while exiting its stake in Hyzon Motors (HYZN).
