(Bloomberg) -- Saudi Arabia’s sovereign wealth fund waded deeper into the U.S. stock market, adding stakes in e-commerce, Chinese, and clean energy and transportation companies.

The Public Investment Fund made 19 new investments in U.S.-traded companies during the third quarter, according to a regulatory filing on Monday with the Securities and Exchange Commission. These positions, combined with the market value of existing stakes, more than doubled the fund’s holdings to $43.4 billion.

The largest new position was a $25.8 billion investment in Lucid Group Inc., an electric vehicle manufacturer based in New York. The Saudi wealth fund, based in Riyadh, first disclosed its Lucid stake in July. In total, the fund reported it held 32 U.S.-traded stocks at the end of September, up from 13 in June. 

The PIF is funded through a mixture of borrowing, cash and asset transfers from the government, and retained earnings from its investments. Chaired by Crown Prince Mohammed bin Salman and managed by Governor Yasir Al Rumayyan, the fund has outlined a plan to grow its assets to over $1.1 trillion by 2025.

Monday’s filing also revealed new investments in Hyzon Motors Inc., Plug Power Inc. and Ballard Power Systems Inc., a designer and maker of hydrogen fuel cells. The fund also bought more than $400 million worth of stock in Cummins Inc., which is planning to build one of the world’s largest factories in Spain for machines that produce hydrogen from electricity. 

In the e-commerce sector, PIF acquired a $169 million stake in Shopify Inc., a $182 million position in Pinterest Inc., and $231 million worth of stock in Walmart Inc., which has been building up its online sales. The fund’s other new investments included payments companies Visa Inc. and PayPal Holdings Inc. 

The Saudi wealth fund also invested in two of China’s largest e-commerce companies during the quarter, according to the filing. That included stakes in Pinduoduo Inc. and Alibaba Group Holding Ltd. 

©2021 Bloomberg L.P.