SA: Saudi Arabia sovereign fund cuts FedEx stake, increases position in Prologis in Q3

SEEKING ALPHA reports:

Saudi Arabia’s sovereign wealth fund in Q3 cut its stake in FedEx (NYSE:FDX), while boosting its position in Prologis (NYSE:PLD).

The Public Investment Fund (PIF) disclosed the information in its latest 13F filing for the three months ended September 30, 2024, published on Thursday.

PIF slashed its holdings in parcel delivery giant FedEx (FDX) by 21.2% to 498K shares in Q3 from 632K in Q2. The global economic bellwether posted a quarterly top- and bottom-line miss and lowered its annual guidance in September. Its management also pointed to soft revenue trends.

PIF increased its holdings in logistics-focused real estate investment rust Prologis (PLD) by 34.5% to 1.55M shares in Q3 from 1.15M in Q2…

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