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Saudi Wealth Fund Cuts U.S. Stock Holdings, Holds On to Uber

Saudi Arabia’s sovereign wealth fund reduced its holdings in U.S. stocks by $3 billion in the third quarter, mainly by selling stakes in exchange-traded funds that track the real estate and materials sectors.

The Public Investment Fund cut its U.S. holdings to $7 billion from $10.1 billion, leaving a $2.7 billion stake in Uber Technologies Inc. as its largest U.S. traded holding, according to a regulatory filing.