Qatar sovereign wealth fund has purchased a 5.2 percent stake in American jewelry retailer Tiffany, the Financial Times reports.

The transaction came to light in Qatar Investment Authority’s latest Securities and Exchange Committee filings, which showed that the purchase was made sometime last year.

The stake makes the QIA Tiffany’s largest shareholder, with US-based investment fund Vanguard the next largest, with 5.17 percent.

FT reports:

Tiffany said the investment was a surprise. “The first we learned of the investment was when they made the filing.”

According to the filing, the QIA’s stake in Tiffany hit 5 percent on Dec. 30. Based on yesterday’s closing share price of $66.15, its stake of 6.6m shares would be worth about $437m.

The purchase expands QIA’s luxury portfolio, which includes London-based Harrods, a 17 percent stake in Volkswagen, which owns Audi and Lamborghini, and a 1 per cent stake in France’s LVMH, which owns Louis Vuitton bags and Dior perfume.

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