RIYADH: Disclosures from the 10 largest funds investing in Saudi equities reveal that asset managers entered the second quarter of 2026 with portfolios concentrated in a limited number of companies, led by Al Rajhi Bank and Bahri, while their exposure to Saudi Aramco was comparatively narrower despite the company’s weight in the market.
The combined net assets of the funds and share classes covered totaled around SR16.74 billion ($4.45 billion), according to ownership data as of April 1, the start of the second quarter.
Asset concentration driven by 2 stocks
Al Rajhi Bank topped the investments of the 10 largest funds, with a value of nearly SR2.4 billion, equivalent to 14.3 percent of total fund assets. The stock appeared among the largest holdings in nine of the 10 funds.
Bahri ranked second, with exposure estimated at about SR950 million, spread across eight funds and seven independent strategies. Together, Al Rajhi Bank and Bahri account for around 20 percent of the sample’s total assets, meaning one out of every five riyals is managed by the funds studied.
