SAMA’s US Stock Portfolio Jumps 30.3% to $9.93 Billion in Third Quarter
Key Facts
The Saudi Central Bank’s (SAMA) reported US securities rose to about $9.93 billion at the end of September 2026, from $7.63 billion at the end of June, a 30.3% increase in the third quarter. Investing.com reported that the figures are based on a 13F form SAMA filed with the US Securities and Exchange Commission on November 13, 2026. The data showed the portfolio’s value increased by about $2.31 billion during the quarter. The change reflects an increase in the number of shares held and higher market prices, according to the report. The filing covers only US securities subject to Form 13F and does not represent SAMA’s total foreign investments.
The shift in the ranking of holdings stood out, with Nvidia rising to first place at $537.7 million, equivalent to 5.41% of the portfolio at the end of September. Micron had led the holdings at the end of June. Nvidia’s holding value rose 66.3% during the quarter, while its share count increased 45.7%. The growth in the holding’s value therefore coincided with an increase in the position, as the value of the rest of the portfolio also rose. The filing does not mean SAMA first entered the stock during the quarter; Nvidia was already in the portfolio in June.
Micron ranked second at $504.9 million, followed by Apple at $500.9 million. Meta came next at $372.2 million, followed by Microsoft at $370.7 million. The combined value of the top ten holdings was about $3.62 billion, or 36.4% of the total portfolio. These figures show that a large share of the filing is concentrated in a limited group of major companies. The prominent holdings include technology and semiconductor companies, alongside other positions in the portfolio whose values the report did not detail here.
The increase in holdings extended to other stocks during the quarter: SAMA raised its share count in Tesla by 48.7% and in Apple by 46.4%. Share counts in Microsoft and Amazon each rose 46.3%, while AMD’s increased 16.8%. The increases also included Meta, up 14.6%, and Micron, up 7.5%, alongside Nvidia, up 45.7%. Meanwhile, the portfolio’s total number of positions fell to 491 at the end of September from 505 at the end of June. SAMA added 8 new positions during the quarter and exited 22, pointing to changes in the portfolio’s composition despite its higher overall value.
The filing coincided with a decline in technology stocks on Friday, November 13, as Nvidia fell about 2% and AMD dropped 8.8%. The S&P 500 fell 0.4% and the Nasdaq Composite 0.9%, while the Dow Jones rose 0.1%. For the week ended that day, the S&P 500 gained 2.5%, its first weekly gain since early October. The Associated Press said investors were concerned about whether AI profits could justify costly investments and high valuations. It also said Nvidia’s decline highlighted the risks of market concentration in a limited number of major technology companies.
A Reuters report said Nvidia’s market capitalization fell from about $5.8 trillion in early October to $3.9 trillion by Friday, November 13. The company’s quarterly results and the expected initial public offering of Anthropic were among the tests investors were watching for signs of AI investment trends in the following week. The report cited London Stock Exchange Group estimates that analysts expected Nvidia’s earnings to grow 90% and revenue to reach $109 billion in its fiscal third quarter. Investors were also awaiting the US retail sales report and minutes from the Federal Reserve’s latest meeting, both scheduled for the following week. SAMA’s figures in the filing remain limited to US securities covered by Form 13F and do not represent its total foreign investments.