(Bloomberg) -- 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.

The fund spent billions of dollars buying shares in companies including Facebook Inc., Citigroup Inc., and Walt Disney Co. in March at the height of the pandemic-driven sell-off. As markets rebounded, it largely exited those positions and bought into exchange-traded funds focused on utilities and materials sectors.

Handed $40 billion earlier this year to buy global stocks, the Public Investment Fund will plow the same amount into the domestic economy next year and again in 2022. Some of the local investments could be funded by liquidating existing assets, Crown Prince Mohammed bin Salman said in a rare statement last week.

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