The Saudi Public Investment Fund (PIF) has divested all its shares in US-headquartered e-commerce and last-mile delivery giant FedEx, Bloomberg reported on Thursday. The move saw the PIF offload 498.2k common shares in FedEx as part of a divestment push in some US-listed companies, including Meta, Shopify, PayPal, Alibaba, and Nu Holdings. A 13F filing to the US Securities and Exchange Commission shows that the PIF no longer has shares in these companies.

Tariff-induced market volatility drove the PIF to divest these shares, with the sovereign fund’s US portfolio standing at USD 23.8 bn by the end of 2Q, compared to USD 25.5 bn in 1Q, according to Reuters.

REMEMBER- The PIF’s AUM rose 19.3% y-o-y to SAR 3.4 tn by the end of 2024, with 82% deployed locally, 17% internationally, and 2% in treasuries. Saudi equity holdings accounted for 36% of AUM, or SAR 1.2 tn, up 11 percentage points y-o-y, making it the only portfolio segment to increase its share of total assets. That aligns with PIF’s strategy to trim overseas exposure from 30% to the 18-20% range while doubling down on domestic diversification projects and attracting co-investment from foreign firms in the Kingdom.

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