PUBLIC INVESTMENT FUND's Q2 2025 13F: 11 exits
Form 13F-HR for the quarter ended Jun 30, 2025 · filed Aug 14, 2025 · 15 reported positions · accession 0001011438-25-000442
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Reduced | LINDE PLC (LIN) | 2.9% | 1.1% | −1.8 pts | −772K sh | −64% |
| Exited | META PLATFORMS INC (META) | 2.0% | — | −2.0 pts | −668K sh | −100% |
| Exited | VISA INC (V) | 1.2% | — | −1.2 pts | −673K sh | −100% |
| Exited | AMAZON COM INC (AMZN) | 1.2% | — | −1.2 pts | −1.2M sh | −100% |
| Exited | ALIBABA GROUP HLDG LTD (BABA) | 1.1% | — | −1.1 pts | −1.61M sh | −100% |
| Reduced | CUMMINS INC (CMI) | 2.6% | 2.0% | −0.7 pts | −543K sh | −33% |
| Reduced | AIR PRODS & CHEMS INC (APD) | 1.3% | 0.4% | −0.9 pts | −613K sh | −70% |
| Reduced | PROLOGIS INC. (PLD) | 0.9% | 0.0% | −0.9 pts | −1.55M sh | −100% |
| Reduced | PDD HOLDINGS INC (PDD) | 1.0% | 0.1% | −0.9 pts | −1.54M sh | −90% |
| Reduced | PINTEREST INC (PINS) | 0.7% | 0.0% | −0.6 pts | −3.92M sh | −95% |
| Exited | DOORDASH INC (DASH) | 0.8% | — | −0.8 pts | −821K sh | −100% |
| Exited | FEDEX CORP (FDX) | 0.6% | — | −0.6 pts | −498K sh | −100% |
| Exited | SHOPIFY INC (SHOP) | 0.6% | — | −0.6 pts | −1.25M sh | −100% |
| Exited | PAYPAL HLDGS INC (PYPL) | 0.6% | — | −0.6 pts | −1.76M sh | −100% |
| Exited | SEA LTD (SE) | 0.6% | — | −0.6 pts | −833K sh | −100% |
| Reduced | AVERY DENNISON CORP (AVY) | 0.6% | 0.2% | −0.4 pts | −423K sh | −65% |
| Exited | NU HLDGS LTD (NU) | 0.4% | — | −0.4 pts | −6.83M sh | −100% |
| Reduced | BLOOM ENERGY CORP (BE) | 0.4% | 0.2% | −0.2 pts | −2.29M sh | −60% |
| Exited | ERMENEGILDO ZEGNA N V (ZGN) | 0.2% | — | −0.2 pts | −5.83M sh | −100% |
| Reduced | BEONE MEDICINES LTD (ONC) | 0.5% | 0.3% | −0.2 pts | −127K sh | −36% |
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 99.7% of the equity book
Changes in the top 10 this quarter: CTEV entered · ONC entered · AVY entered · META left · V left · AMZN left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | UBER TECHNOLOGIES INC (UBER) | 27.2% | 37.5% | |
| 2 | ELECTRONIC ARTS INC (EA) | 18.4% | 21.9% | |
| 3 | LUCID GROUP INC (LCID) | 22.0% | 20.6% | |
| 4 | TAKE-TWO INTERACTIVE SOFTWAR (TTWO) | 12.1% | 15.3% | |
| 5 | CUMMINS INC (CMI) | 2.6% | 2.0% | |
| 6 | LINDE PLC (LIN) | 2.9% | 1.1% | |
| 7 | AIR PRODS & CHEMS INC (APD) | 1.3% | 0.4% | |
| 8 | CLARITEV CORPORATION (CTEV) | 0.1% | 0.3% | Entered the top 10 |
| 9 | BEONE MEDICINES LTD (ONC) | 0.5% | 0.3% | Entered the top 10 |
| 10 | AVERY DENNISON CORP (AVY) | 0.6% | 0.2% | Entered the top 10 |
| — | META PLATFORMS INC (META) | 2.0% | 0.0% | Left the top 10 |
| — | VISA INC (V) | 1.2% | 0.0% | Left the top 10 |
| — | AMAZON COM INC (AMZN) | 1.2% | 0.0% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).
Option positions (puts and calls)
Reported separately from the positions above. The value a 13F reports for an option is that of the underlying shares, not the option itself.
| Activity | Security | Type | Shares before | Shares now | Reported value |
|---|---|---|---|---|---|
| Reduced | SALESFORCE INC (CRM) | Call | 2.3M | 148K | $40.4M |
| Exited | STARBUCKS CORP (SBUX) | Call | 5.38M | 0 | $0 |
| Increased | ARM HOLDINGS PLC (ARM) | Call | 8.9M | 8.97M | $1.45B |
| Reduced | MICROSOFT CORP (MSFT) | Call | 1.11M | 93,500 | $46.5M |
| Reduced | AMAZON COM INC (AMZN) | Call | 2.38M | 543K | $119M |
| Reduced | ADVANCED MICRO DEVICES INC (AMD) | Call | 3.88M | 938K | $133M |
| Reduced | ADOBE INC (ADBE) | Call | 961K | 281K | $109M |
| Increased | ELI LILLY & CO (LLY) | Call | 21,100 | 352K | $275M |
| Increased | UNITEDHEALTH GROUP INC (UNH) | Call | 115K | 992K | $310M |
| Exited | PAYPAL HLDGS INC (PYPL) | Call | 3.67M | 0 | $0 |
| New | VERTEX PHARMACEUTICALS INC (VRTX) | Call | 0 | 427K | $190M |
| New | MASTERCARD INCORPORATED (MA) | Call | 0 | 335K | $188M |
| New | HOME DEPOT INC (HD) | Call | 0 | 420K | $154M |
| New | MERCK & CO INC (MRK) | Call | 0 | 1.9M | $150M |
| New | PDD HOLDINGS INC (PDD) | Call | 0 | 1.34M | $141M |
| Exited | ZOETIS INC (ZTS) | Call | 801K | 0 | $0 |
| New | APPLE INC (AAPL) | Call | 0 | 641K | $131M |
| New | SERVICENOW INC (NOW) | Call | 0 | 124K | $128M |
| Increased | SCHWAB CHARLES CORP (SCHW) | Call | 795K | 2.05M | $187M |
| New | PROGRESSIVE CORP (PGR) | Call | 0 | 457K | $122M |
| Exited | STRYKER CORPORATION (SYK) | Call | 314K | 0 | $0 |
| Reduced | BOOKING HOLDINGS INC (BKNG) | Call | 50,400 | 20,300 | $118M |
| New | GILEAD SCIENCES INC (GILD) | Call | 0 | 841K | $93.2M |
| New | BROADCOM INC (AVGO) | Call | 0 | 320K | $88.3M |
| New | NETFLIX INC (NFLX) | Call | 0 | 57,900 | $77.5M |