The Public Investment Fund (PIF) achieved an annualized total shareholder return of 5.8% since the launch of the Vision Realization Program (VRP) in September 2017 through the end of 2025.
The fund announced its 2025 annual report, with assets under management (AUMs) reaching SAR 3.396 trillion, including redeemed amounts from other entities totaling SAR 30 billion.
According to the report, the fund’s AUMs declined 1% from SAR 3.434 trillion in 2024.
The fund explained that its assets under management comprise SAR 663 billion in international investments, SAR 2.57 trillion in domestic investments, and SAR 133 billion in Treasury portfolios.
| Total AUM Distribution (SAR bln) | ||
| Type | Value | Share of Total |
| International Investments | 663 | 20% |
| Domestic Investments | 2,570 | 76% |
| Treasury Portfolio | 133 | 4% |
According to the report, investments in Saudi companies accounted for 33% of the fund’s assets, while investments aimed at developing and growing promising sectors represented 29% of the fund’s assets.
| PIF’s Gross AUMs | |||
| Portfolio | AUMs
(SAR bln)
| Asset Distribution 2024 | Asset Distribution 2025 |
| Saudi Companies’ Investment Portfolio | 1,108 | 36% | 33% |
| Promising Sectors Development and Growth Investment Portfolio | 986 | 31% | 29% |
| International Strategic Investments Portfolio | 340 | 8% | 10% |
| Saudi Real Estate & Infrastructure Development Investment Portfolio | 249 | 7% | 7% |
| Saudi Giga-Projects Portfolio | 227 | 6% | 7% |
| International Diversified Investments Portfolio | 220 | 5% | 6% |
| Treasury (Non-Investment Portfolio) | 133 | 2% | 4% |
| Public Global Markets Investment Program | 104 | 4% | 3% |
According to the report, the Saudi companies’ investment portfolio declined 10% year-on-year (YoY) to SAR 1.108 trillion in 2025.
| Development of AUMs (SAR bln) | |||||
| Portfolio | 2021 | 2022* | 2023** | 2024*** | 2025*** |
| Saudi Equity Holdings | 483 | 718 | 777 | 1236 | 1,108 |
| Saudi Sector Development | 318 | 470 | 943 | 1036 | 986 |
| International Strategic Investments | 390 | 234 | 249 | 277 | 340 |
| Saudi Real Estate & Infrastructure Development | 170 | 204 | 233 | 239 | 249 |
| Saudi Giga-Projects | 35 | 121 | 241 | 211 | 227 |
| International Diversified Pool | 66 | 109 | 146 | 184 | 220 |
| Treasury (Non-Investment Portfolio) | 397 | 204 | 72 | 81 | 133 |
| International Capital Markets Program | 121 | 169 | 190 | 130 | 104 |
| Total | 1,980 | 2,234 | 2,871 | 3,434 | 3,396 |
* Includes SAR 5 bln in amounts redeemed from other entities.
** Includes SAR 20 bln in amounts redeemed from other entities.
*** Includes SAR 30 bln in amounts redeemed from other entities.
The fund's investments were distributed across a wide range of industries in 2025, based on global sector standards.
| PIF Investments by Sector | |
| Sector | Percentage |
| Energy | 28% |
| Real Estate | 15% |
| Communication Services | 10% |
| IT | 9% |
| Financials | 6% |
| Materials | 5% |
| Utilities | 4% |
| Industrials | 4% |
| Consumer Discretionary | 2% |
| Consumer Staples | 1% |
| Healthcare | 0.4% |
| Unclassified* | 15% |
*Represents multisector funds/mandates; call accounts; cash; term deposits; and money markets.