Diverging Gulf bets: PIF exits US tech stocks as Mubadala reshuffles portfolio
During a quarter in which US stocks began surging toward record highs, two of the Gulf's most influential investors took different approaches to the market.
Saudi Arabia’s Public Investment Fund and Abu Dhabi’s Mubadala Investment Company pursued different investment strategies in US equities during the second quarter of 2025 — a period when Wall Street was surging toward near-record highs.
Fresh regulatory filings show the PIF, with $925 billion in assets under management, cut its US stock exposure and shed a swath of technology names, while Mubadala, managing $330 billion, reshuffled its holdings and placed a substantial new bet on a finance firm.
As of June 30, the two Gulf sovereign wealth funds held a combined $42.7 billion in US-listed equities, up 0.7% from the prior quarter, according to Securities and Exchange Commission disclosures filed on Aug. 14. That gain lagged the benchmark S&P 500’s 10% advance during the same period, which followed an April slump tied to US President Donald Trump’s tariff policies. The index is up 10% for the year to date.
PIF steps back from tech
