The Public Investment Fund of Saudi Arabia added shares of Alphabet, Zoom Video, and Microsoft during the second quarter, bringing its investments to $40.8 billion.
According to a US Securities and Exchange Commission filing, the PIF purchased 1.8 million shares of Microsoft, 4.7 million class A shares of Zoom, and 213,000 class A shares of Alphabet.
The sovereign fund also acquired shares in JPMorgan and BlackRock, buying 3.9 million shares and 741,693 shares respectively.
The fund added 6.3 million shares in Starbucks, Adobe Systems, Advanced Micro Devices, Salesforce, Home Depot, Costco, Freeport-McMoRan, Datadog and NextEra Energy.
The $620 billion PIF is at the center of Saudi Arabia’s plans to transform the economy by creating new sectors and diversifying revenues away from oil.
In the first quarter of this year, PIF cut its stake in three companies which includes Visa Inc., Plug Power, and Walmart. It, however, increased its holdings in Take-Two Interactive, PayPal, Alibaba, and Farfetch Ltd.