The Public Investment Fund (PIF) disclosed the information in its latest 13F filing for the three months ended Sept. 30, 2022, published earlier on Monday.
PIF held about 3.26M class A shares in META as of Q3-end, making this the second quarter in a row the fund had upped its stake in the Mark Zuckerberg-led company.
The fund's growing stake comes even as META stock has been hammered this year, having fallen ~66% YTD.
PIF also significantly raised its stake in Alphabet (GOOG) (GOOGL) to 4.26M capital stock class A shares from 213K previously. It is to be noted that the Google-parent completed a 20-for-1 stock split in mid-July.
Among other changes, PIF dropped its stake of more than 8M shares in electric vehicle company Hyzon Motors (NASDAQ:HYZN).
PIF's increase of its holdings in Meta (META) and Alphabet (GOOG) (GOOGL) and its exit out of Hyzon Motors (HYZN) were the only significant portfolio changes made by the sovereign wealth fund in Q3 - a stark contrast from Q2 in which it had been particularly busy.
PIF kept its stake in major names such as Amazon (AMZN), Alibaba (BABA), BlackRock (BLK), Microsoft (MSFT), PayPal (PYPL), FedEx (FDX), Home Depot (HD), Salesforce (CRM), Visa (V) and Walmart (WMT) unchanged.