Saudi Arabia’s sovereign wealth fund lost $11 billion on its investments last year, as the fall in global stock and bond prices impacted its holdings, according to a report in Bloomberg.
The loss was a turnaround from a $19 billion profit in 2021, as stocks globally rallied after the pandemic. Bloomberg notes that the PIF is likely to be recovering some of these losses as the market has rebounded in 2023 so far.
Matthew Martin, who reported the story, noted to Bloomberg TV that even though the PIF incurred losses in 2022, that hasn’t dented the appetite from the sovereign wealth fund in seeking out new investments in 2023.
The Public Investment Fund now manages about $778 billion in assets. The PIF did not disclose a figure for shareholder returns for 2022 when the S&P 500 Index dropped almost 20%. In 2021, it made a 25% return, roughly in line with that of investors in the S&P for the period.
