Saudi Arabia’s Public Investment Fund recorded an approximately $11B loss on investment activities last year, down from a profit of $19B in 2021 when the world markets crashed.
According to the wealth fund’s records released on Tuesday, this resulted in a loss of 36.6B riyals ($9.8B) in 2022, down from a profit of 81.8B riyals. The PIF’s total assets increased from $676B to around $778B.
PIF reported a 25% return in 2021 amid a rally in world markets, nearly on pace with investors in the S&P 500 Index in that year.
After becoming a sovereign fund in 2016 after changing its focus from being a holding corporation with a domestic focus, the PIF is currently engaged in a worldwide investment frenzy.
The Sports Investment Company was founded by the fund as a fully-owned subsidiary in 2022 to make investments in domestic and international sports. This year, the Saudi government gave PIF an additional 4% of the over $80B energy giant Aramco.
According to a regulatory filing for the end of the first quarter, the fund also oversees a $35.6B portfolio of US stocks that includes investments in Lucid Group, Activision Blizzard, and Uber Technologies.
Earlier this year, a three-part green bond auction helped the PIF raise $5.5B.