Mexican billionaire Carlos Slim spent $8.8 million to boost his stakes in Saks and New York Times Co., adding to his biggest US holdings as the stock market slumped last week.

Slim’s Inmobiliaria Carso SA fund bought 621,000 Saks shares on Aug. 18 for prices ranging from $7.72 to $8.01, according to regulatory filings. Slim paid $6.83 to $7.09 for 553,000 Times Co. shares the same day.

Named the world’s richest man for a second year in a row in March by Forbes magazine, Slim is following his long-held strategy of adding to his investments when markets slump.

Slim’s publicly disclosed holdings are worth about $62 billion, according to data compiled by Bloomberg. Those holdings have declined by about $9.5 billion, or 13 percent, from July 29 through yesterday.