PIF Suffered Loss in 2022
Posted on 07/13/2023
As is the case for most funds, Saudi Arabia’s Public Investment Fund (PIF) suffered at the hands of the market correction in 2022. PIF reported a loss of US$ 11 billion for 2022. The S&P 500 rose from March 2020 and into December 2021 before rolling over to a bottom in October 2022. Some good news for PIF is that the recent market rally likely erased some measure of those losses, but this question will not be answered until data comes out for 2023.
In other PIF news, PGA Tour leaders testified before Congress over the PIF’s LIV merger with PGA. The U.S. Department of Justice is reviewing the merger for antitrust concerns.