{"id":703093,"date":"2026-05-18T00:00:00","date_gmt":"2026-05-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=703093"},"modified":"2026-05-18T02:49:56","modified_gmt":"2026-05-18T02:49:56","slug":"pif-and-berkshire-are-now-telling-the-same-story-about-us-equities","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/05\/18\/pif-and-berkshire-are-now-telling-the-same-story-about-us-equities\/","title":{"rendered":"PIF and Berkshire are now telling the same story about US equities"},"content":{"rendered":"

Two of the world\u2019s smartest money<\/strong> managers just looked at the <\/strong>blue-chip US <\/strong>equity market and said no thanks. <\/strong>Saudi Arabia\u2019s Public Investment Fund (PIF) and Warren Buffett\u2019s Berkshire Hathaway filed their quarterly US equity disclosures with the SEC on Friday, 15 May, and what they had in common was more interesting than what they bought.<\/p>\n

Berkshire Hathaway\u2019s<\/strong> first 13F under its new CEO Greg Abel<\/a><\/strong> shows a firm in active retreat from broad US equity exposure.<\/strong> Berkshire exited 16 positions entirely in 1Q 2026 \u2014 including full sales of Amazon, Visa, Mastercard, and UnitedHealth \u2014 while buying USD 15.94 bn in stocks against USD 24.09 bn in sales. <\/p>\n

The marquee additions were a new USD 2.65 bn stake in Delta Air Lines<\/strong>, reversing Buffett\u2019s 2020 airline exit, and a near-tripling of the Alphabet Class C position to roughly 58 mn shares. Even after that rebalancing, Berkshire\u2019s cashpile sat at USD 397 bn<\/a> at quarter-end \u2014 the firm's way of saying it can't find enough stocks worth buying at current prices. Berkshire has been a net seller for 14 quarters in a row<\/a>. <\/p>\n

Read against Berkshire\u2019s filing, PIF tells a similar story<\/strong>, though the two funds got there differently. According to PIF\u2019s first 13F filing of the year<\/a>, the fund now holds just four US-listed positions \u2014 Uber (USD 5.24 bn), Electronic Arts (USD 5.06 bn), Lucid Group (USD 1.69 bn), and Clarivate (USD 20.9 mn) \u2014 for a combined USD 12 bn, marking their lowest level in five years, Argaam<\/a> reports. Visa, Mastercard, and Amazon were already gone from PIF\u2019s book before this quarter. <\/p>\n

ICYMI- PIF\u2019s portfolio of US holdings peaked at <\/strong>USD 56.7 bn<\/strong> across 36 positions at the end of 2021, and has been contracting ever since. The PIF also recently cut its international allocation target to 20% in April<\/a>, down from 30%, signaling a broader shift toward deploying more sovereign capital at home. <\/p>\n

Why it matters: <\/strong>PIF\u2019s latest filing adds more weight to something markets have slowly been picking up on. Gulf sovereign money is increasingly being called home. As regional governments ramp up domestic spending \u2014 with defense and reconstruction costs<\/a> from the Iran war also looming \u2014 broad exposure to US mega-caps appears to matter less than it once did.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

A<\/strong>sia-Pacific m<\/strong>arkets are down in early trading this morning<\/strong>, triggered by fears of further escalations in the ongoing regional war after US President Donald Trump told Iran to \u201cget moving.\u201d <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

52,364 <\/p>\n<\/td>\n

\n

-1.5% (YTD: +25.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong> <\/p>\n<\/td>\n

\n

Buy 53.22<\/p>\n<\/td>\n

\n

Sell 53.36<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD<\/strong> (CIB<\/strong>) <\/strong><\/p>\n<\/td>\n

\n

Buy 53.25<\/p>\n<\/td>\n

\n

Sell 53.35<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

19.00% deposit<\/p>\n<\/td>\n

\n

20.00% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong> <\/p>\n<\/td>\n

\n

10,968<\/p>\n<\/td>\n

\n

-0.3% (YTD: +4.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong> <\/p>\n<\/td>\n

\n

9,678<\/p>\n<\/td>\n

\n

-0.3% (YTD: -3.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong> <\/p>\n<\/td>\n

\n

5,709<\/p>\n<\/td>\n

\n

-0.5% (YTD: -5.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong> <\/p>\n<\/td>\n

\n

7,409<\/p>\n<\/td>\n

\n

-1.2% (YTD: -8.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong> <\/p>\n<\/td>\n

\n

10,195<\/p>\n<\/td>\n

\n

-1.7% (YTD: +2.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

5,828<\/p>\n<\/td>\n

\n

-1.8% (YTD: +0.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong> <\/p>\n<\/td>\n

\n

USD 110.33<\/p>\n<\/td>\n

\n

+1.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 2.99<\/p>\n<\/td>\n

\n

+1.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold <\/strong><\/p>\n<\/td>\n

\n

USD 4,549<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong> <\/p>\n<\/td>\n

\n

USD 77,862<\/p>\n<\/td>\n

\n

-0.4% (YTD: -11.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P Egypt Sovereign Bond Index<\/strong><\/p>\n<\/td>\n

\n

1,049<\/p>\n<\/td>\n

\n

+0.1% (YTD: +5.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P MENA Bond & Sukuk<\/strong><\/p>\n<\/td>\n

\n

150.35<\/p>\n<\/td>\n

\n

-0.6% (YTD: -1.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

VIX (Volatility Index)<\/strong><\/p>\n<\/td>\n

\n

18.43<\/p>\n<\/td>\n

\n

+6.8% (YTD: +23.3%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30<\/strong> fell 1.5% at <\/strong>yesterday<\/strong>\u2019s close<\/strong> on turnover of EGP 11.0 bn (40.6% above the 90-day average). Local investors were the sole net buyers. The index is up 25.2% YTD.<\/p>\n

In the green:<\/strong> Qalaa Holdings (+6.5%), AMOC (+4.1.%), and Abu Qir Fertilizers (+2.8%).<\/p>\n

In the red:<\/strong> GB Corp (-5.8%), ADIB (-5.5%), and Arabian Cement (-3.9%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Berkshire\u2019s first 13F under Greg Abel exited 16 positions and left USD 397 bn in liquid assets; PIF's filing shows the fund has cut its US book to four names<\/p>\n","protected":false},"author":1,"featured_media":703094,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-703093","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"011dc703-7e99-4398-a210-d164c5a5b4e9","order":"11","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2026\/5\/1012.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The great retreat","related_issue":[703074],"teaser":"Berkshire\u2019s first 13F under Greg Abel exited 16 positions and left USD 397 bn in liquid assets; PIF's filing shows the fund has cut its US book to four names"},"yoast_head":"\nPIF and Berkshire are now telling the same story about US equities - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/18\/pif-and-berkshire-are-now-telling-the-same-story-about-us-equities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PIF and Berkshire are now telling the same story about US equities\" \/>\n<meta property=\"og:description\" content=\"Berkshire\u2019s first 13F under Greg Abel exited 16 positions and left USD 397 bn in liquid assets; PIF's filing shows the fund has cut 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The USD 606 bn sovereign wealth fund revealed that its total shareholder returns averaged 12%\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":617683,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/26\/saudi-arabias-pif-solidifies-position-in-us-ev-maker-lucid-with-additional-usd-1-bn-stake\/","url_meta":{"origin":703093,"position":3},"title":"Saudi Arabia\u2019s PIF solidifies position in US EV maker Lucid with additional USD 1 bn stake","author":"enterpriseam admin","date":"26 March 2024","format":false,"excerpt":"A share of the proceeds will finance Lucid\u2019s capex and working capital","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2300.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577183,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/pif-sells-10-of-tadawul\/","url_meta":{"origin":703093,"position":4},"title":"PIF sells 10% of Tadawul","author":"enterpriseam admin","date":"13 November 2022","format":false,"excerpt":"PIF sells 10% in Tadawul Group through accelerated bookbuild: Saudi Arabia\u2019s sovereign wealth fund, the Public Investment Fund (PIF), successfully sold on Friday a 10% stake in Tadawul Group, via an accelerated bookbuild, according to a regulatory filing (pdf). 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