Saudi Arabia's Public Investment Fund (PIF) trimmed its holding in Nintendo Co., a day after reports that a senior executive at the kingdom's mammoth sovereign wealth fund said it was considering upping its stake.

Saudi Arabia is still one of Nintendo's largest shareholders, but contrary to the recent rumours, is not intending to increase its stake in Nintendo. In fact, the contray has happened: as reported by CNBC,

Saudi’s trimming of its stake in Nintendo was noted in a Japanese regulatory filing this week, as reported by CNBC. According to the filing, the Saudi PIF has reduced its overall stake in the company from 8.58 percent down to 7.54 percent. It’s a sizeable trim, but the PIF still remains one of the largest investors in the company.