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The Public Investment Fund, Saudi Arabia’s sovereign-wealth fund, recently purchased a large stake in the embattled cruise line Carnival.

Public Investment disclosed that it owns 43.5 million Carnival shares (ticker: CCL) as of Monday in a form filed with the Securities and Exchange Commission. The fund’s investment amounts to an 8.2% stake in the cruise line. It is now Carnival’s third-largest shareholder, according to S&P Capital IQ.

The timing of Public Investment’s purchase of Carnival stock isn’t clear, but the fund’s fourth-quarter SEC filing shows it didn’t own any Carnival stock at the end of 2019. According to the fund’s latest form, its investment in Carnival topped the 5% mark on March 26, making necessary the filing to the SEC.

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Public Investment and Carnival didn’t immediately respond to requests for comment.

Carnival stock was up 10% in Monday morning trading to $9.37, but its year-to-date loss is about 82%. The company suspended its dividend late last month. Carnival and peers are suffering, burning through cash, as the coronavirus pandemic has shut down their operations.

Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.

Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.