Saudi Arabia’s PIF Wealth Fund Takes $11 Billion Investment Hit

Saudi Arabia’s sovereign wealth fund took an $11 billion loss on its investments last year — even as it stepped up a worldwide spending spree — after tumbling global stock and bond prices impacted its holdings.

That compares with a profit on investment activities of $19 billion in 2021 as markets rallied in the wake of the coronavirus pandemic.

The Public Investment Fund, which now manages about $778 billion in assets, didn’t disclose a figure for shareholder returns for 2022 when the S&P 500 Index dropped almost 20%. In 2021, it made a 25% return, roughly in line ...