Saudi Arabia’s Public Investment Fund (PIF) has reported a significant decrease in the value of its US-listed equity holdings, dropping from $19.4 billion in Q3 2025 to $12.9 billion at the close of Q4 2025. While the raw numbers suggest a retreat, regulatory filings reveal this is primarily a structural realignment rather than a market exit. The move signals a shift toward specialized “platform” management. With it, specific industries will managed as dedicated subsidiaries rather than the parent fund.
The “Savvy” Strategy: Why Gaming Stakes Vanished
The most notable change in the latest SEC filing is the disappearance of Take-Two Interactive (TTWO), previously one of PIF’s largest US holdings. This was not a sale into the open market, but an internal transfer.
- Consolidation under Savvy: PIF transferred its $3 billion stake in Take-Two to its subsidiary, Savvy Games Group.
- The $12B Gaming Shift: This move is part of a broader plan to transfer approximately $12 billion in gaming-related assets (including stakes in Nintendo and Electronic Arts) to Savvy, establishing it as the world’s leading gaming and esports powerhouse.
- Objective: Centralizing oversight allows Savvy to act as a specialized operator rather than a passive investor, supporting the National Gaming and Esports Strategy.
Current Top US Holdings (Feb 2026)
Following the portfolio reshuffle, PIF’s reportable US equity footprint focuses on five primary positions. The fund remains heavily exposed to transportation tech and digital entertainment.
| Company | Value (Approx.) | Sector |
| Uber Technologies | $5.95 Billion | Transport & Logistics |
| Electronic Arts (EA) | $5.07 Billion | Gaming & Entertainment |
| Lucid Group | $1.87 Billion | Electric Vehicles (EV) |
| Claritev Corp | $54.8 Million | Technology Services |
| Allurion Technologies | Warrant Position | Healthcare Tech |
A Pivot Toward Domestic “Giga-Projects”
While PIF was the world’s most active sovereign wealth fund in 2025—deploying $36.2 billion—the focus has increasingly pivoted toward the Saudi domestic market.
- 80% Domestic Assets: Approximately 80% of PIF’s Assets Under Management (AUM) are now invested within Saudi Arabia, a total reversal from five years ago.
- Funding Vision 2030: Capital recycles from international equities into massive “Giga-projects” like NEOM, Qiddiya, and The Red Sea, which are entering critical construction phases.
- Asset Growth: Despite the US portfolio reduction, PIF’s total AUM surpassed the $1 trillion mark ahead of schedule in late 2025, keeping it on track for its $2 trillion target by 2030.
Investor Sentiment: The “Buy” Signal
Analysts note that PIF’s internal transfers often create “churn” in 13F filings that can be misinterpreted by the market. In the case of Take-Two, the stock reacted positively to the news, as the move confirms Saudi Arabia’s long-term commitment to the gaming sector. By shifting assets to Savvy, the Kingdom is signaling it is a long-term holder rather than a speculative trader, providing a “floor” for the valuations of its core tech partners.