(Bloomberg) -- Saudi Arabia’s Public Investment Fund reported a 5.01% stake in Nintendo Co., according to a filing to Japan’s Finance Ministry, adding to investments in the country’s games industry.

The filing shows the purchase was made for investment purposes. The 5.01% holding would make PIF Nintendo’s fifth-largest shareholder, according to data compiled by Bloomberg.

The Kyoto-based company reported lackluster financial results last week as the creator of Super Mario struggles to revitalize its five-year-old Switch console and manage a global chip shortage. The company projected full-year operating income below analysts’ estimates and said it’s expecting to sell 21 million Switch devices this year, shy of the 21.7 million anticipated.

The PIF, as the $500 billion fund is known, has been building stakes in video game makers and e-sports over the past two years. The Public Investment Fund has disclosed stakes of more than 5% in two Japan-listed gaming firms: Capcom Co., the maker of the Street Fighter and Resident Evil franchises, and online games provider Nexon Co.

Japan’s gaming companies have been the subject of speculation amid a broader wave of consolidation in the videogames industry, ever since Microsoft Corp. announced the $69 billion Activision Blizzard Inc. purchase. Sony Group Corp. is also buying Bungie Inc., the U.S. video game developer behind the popular Destiny and Halo franchises, for $3.6 billion.

Saudi Wealth Fund Reveals Stake in Capcom, Following Nexon (1)


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