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PIF
Public Investment Fund Portfolio holdings
AUM
$12B
1-Year Est. Return
0.61%
This Fund
S&P 500
This Quarter
Est. Return
+12.44%
1 Year Est. Return
+0.61%
3 Year Est. Return
+24.39%
5 Year Est. Return
-12.46%
10 Year Est. Return
–
AUM
$19.4B
AUM Growth
-$4.44B
(-19%)
Cap. Flow
-$6.49B
Cap. Flow
% of AUM
-33.5%
Top 10 Holdings %
Top 10 Hldgs %
100%
Holding
57
New
–
Increased
–
Reduced
1
Closed
51
Top Buys
No buys this quarter
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cummins
CMI
|
+$359M |
| 2 |
Linde
LIN
|
+$205M |
| 3 |
Air Products & Chemicals
APD
|
+$75.6M |
| 4 |
ONC
BeOne Medicines Ltd
ONC
|
+$55M |
| 5 |
Avery Dennison
AVY
|
+$40.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 41.06% |
| 2 | Technology | 36.84% |
| 3 | Consumer Discretionary | 21.75% |
| 4 | Healthcare | 0.35% |
| 5 | Industrials | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
26
Cummins
CMI
$88.7B
| – | – |
-1,095,578
| Closed | -$359M |
|
27
CALL
Salesforce
CRM
$158B
| – | – |
-148,200
| Closed | -$40.4M |
|
28
CALL
Gilead Sciences
GILD
$165B
| – | – |
-840,600
| Closed | -$93.2M |
|
29
CALL
Alphabet (Google) Class A
GOOGL
$4.33T
| – | – |
-746,900
| Closed | -$132M |
|
30
CALL
HCA Healthcare
HCA
$89.5B
| – | – |
-104,500
| Closed | -$40M |
|
31
CALL
Home Depot
HD
$355B
| – | – |
-420,400
| Closed | -$154M |
|
32
CALL
Intercontinental Exchange
ICE
$84.4B
| – | – |
-101,600
| Closed | -$18.6M |
|
33
CALL
JPMorgan Chase
JPM
$950B
| – | – |
-115,700
| Closed | -$33.5M |
|
34
CALL
KKR & Co
KKR
$92.3B
| – | – |
-285,700
| Closed | -$38M |
|
35
CALL
Coca-Cola
KO
$375B
| – | – |
-462,700
| Closed | -$32.7M |
|
|
36
Linde
LIN
$226B
| – | – |
-436,350
| Closed | -$205M |
|
37
CALL
Eli Lilly
LLY
$1.06T
| – | – |
-352,300
| Closed | -$275M |
|
38
CALL
Mastercard
MA
$493B
| – | – |
-335,300
| Closed | -$188M |
|
39
CALL
McKesson
MCK
$101B
| – | – |
-33,200
| Closed | -$24.3M |
|
40
CALL
Mercado Libre
MELI
$92.3B
| – | – |
-42,500
| Closed | -$111M |
|
41
CALL
Merck
MRK
$318B
| – | – |
-1,898,900
| Closed | -$150M |
|
42
CALL
Microsoft
MSFT
$3.71T
| – | – |
-93,500
| Closed | -$46.5M |
|
43
CALL
NextEra Energy
NEE
$177B
| – | – |
-1,923,400
| Closed | -$134M |
|
44
CALL
Netflix
NFLX
$309B
| – | – |
-579,000
| Closed | -$77.5M |
|
45
CALL
ServiceNow
NOW
$129B
| – | – |
-621,000
| Closed | -$128M |
|
46
CALL
NVIDIA
NVDA
$5.42T
| – | – |
-1,210,400
| Closed | -$191M |
|
47
CALL
Pinduoduo
PDD
$131B
| – | – |
-1,343,300
| Closed | -$141M |
|
|
48
Pinduoduo
PDD
$131B
| – | – |
-162,199
| Closed | -$17M |
|
49
CALL
Progressive
PGR
$125B
| – | – |
-457,200
| Closed | -$122M |
|
50
Pinterest
PINS
$13.4B
| – | – |
-209,992
| Closed | -$7.53M |
|
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Public Investment Fund's Q3 2025 Portfolio in Review
As of Q3 2025, Public Investment Fund held 57 positions worth $19.4B, down 19% from $23.8B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Public Investment Fund withdrew a net $6.49B in Q3 2025, closing 51 positions and reducing 1 holding. Its most notable exit was Cummins, an estimated $359M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 41% of assets, up from 28% a quarter earlier, followed by Technology and Consumer Discretionary.
- Public Investment Fund's biggest Q3 2025 reduction was Lucid Motors, cutting an estimated $23.
- Public Investment Fund fully exited Cummins in Q3 2025, selling an estimated $359M.
- Public Investment Fund's ten largest holdings make up 100% of its $19.4B portfolio in Q3 2025.
- Public Investment Fund opened 0 new positions and closed 51 in Q3 2025.
- Public Investment Fund's portfolio value fell 19% quarter-over-quarter to $19.4B.
Based on Public Investment Fund's 13F filing for Q3 2025, filed 14 Nov 2025.