CIK: 0001704268
Total reported value
$20.5B
Reporting period: 2026-03-31 · Number of holdings: 72
Mubadala Investment Co PJSC disclosed 72 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $20.5B and a quarterly turnover rate of 19.7%.
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Mubadala Investment Co PJSC's disclosed holdings carry a Herfindahl concentration index of 0.844 — mathematically equivalent to about 1 equally-sized positions, well below its 72 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 7.79), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Add GFS
-6.1% $3.1B
Trim IBIT
+15.9% -$65.1M
Trim OTF
0.0% -$62.6M
Trim KLAR
0.0% -$47.3M
Add ARM
0.0% $57.8M
Add NEXT
0.0% $34.0M
Mubadala is executing a pure semiconductor-concentration play: GFS swells to 92% weight even after active trimming, signaling a conviction that the stock will continue to re-rate. The satellite additions (AVGO, TXN, WDC, IBIT) are tiny feelers into adjacent tech and digital asset themes, while the elimination of DG and PFE confirms a deliberate rotation out of defensive equities and into high-duration growth hardware.
The portfolio is betting that semiconductor fabrication remains a structural bottleneck in the AI buildout, with GFS capturing that scarcity premium. The regime shift they are pricing in is a reacceleration of capital-intensive fabrication spending; the opposing macroeconomic thesis is that a slowdown in cloud and automotive demand normalizes supply, eroding margins and compressing the high valuation embedded in this bet.
A 91.83% single-name weight creates an extreme dependency — any drawdown in GFS is not hedged and will dominate the portfolio's return stream. The very low position-sizing discipline score (22.13) and high coefficient of variation (7.79) reveal that this is a fund structured as a single-stock bet with decorative satellites. Additionally, the positive momentum tilt leaves the portfolio exposed to a momentum crash factor, where rapid reversals in high-momentum names inflict outsized damage.
Produced with AI assistance from publicly disclosed 13F data. Historical only; not a personalized investment recommendation.
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | GFS | GLOBALFOUNDRIES Inc. | Stock-Tech | 91.83% | +1.86% | -6.07% | |
| 2 | IBIT | Ishares Bitcoin Trust ETF | ETF-Crypto | 2.76% | -0.85% | +15.90% | |
| 3 | OTF | Blue Owl Technology Finance | Stock-Other | 1.76% | -0.66% | — | |
| 4 | ARM | Arm Holdings Plc-adr | Stock-Tech | 1.02% | +0.16% | — | |
| 5 | NEXT | Nextdecade CORP | Stock-Other | 0.53% | +0.10% | — | |
| 6 | KLAR | Klarna Group plc | Stock-Other | 0.19% | -0.30% | — | |
| 7 | ARIS | Aris Mining CORP | Stock-Other | 0.16% | — | — | |
| 8 | MU | Micron Technology INC | Stock-Tech | 0.07% | +0.03% | +99.86% | |
| 9 | BMY | Bristol-myers Squibb Co | Stock-Healthcare | 0.07% | — | -9.04% | |
| 10 | IONQ | Ionq INC | Stock-Tech | 0.06% | -0.05% | — | |
| 11 | AVGO | Broadcom INC | Stock-Tech | 0.06% | +0.06% | NEW | |
| 12 | KEY | Keycorp | Stock-Financials | 0.06% | +0.06% | NEW | |
| 13 | WDC | Western Digital CORP | Stock-Tech | 0.06% | +0.06% | NEW | |
| 14 | EVO | Evotec Se - Spon Adr | Stock-Other | 0.06% | — | — | |
| 15 | QUBT | Quantum Computing INC | Stock-Other | 0.05% | -0.04% | — | |
| 16 | TXN | Texas Instruments INC | Stock-Tech | 0.05% | +0.05% | NEW | |
| 17 | QBTS | D-wave Quantum INC | Stock-Tech | 0.05% | -0.06% | — | |
| 18 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.05% | +0.05% | NEW | |
| 19 | LRCX | Lam Research CORP | Stock-Tech | 0.05% | +0.05% | NEW | |
| 20 | SHOP | Shopify INC - Class A | Stock-Tech | 0.05% | +0.05% | NEW | |
| 21 | ASML | ASML Holding N.V. | Stock-Tech | 0.05% | +0.05% | NEW | |
| 22 | AAPL | Apple INC | Stock-Tech | 0.05% | +0.05% | NEW | |
| 23 | RGTI | Rigetti Computing INC | Stock-Tech | 0.04% | -0.04% | — | |
| 24 | AER | AerCap Holdings N.V. | Stock-Industrials | 0.04% | +0.04% | NEW | |
| 25 | KGC | Kinross Gold CORP | Stock-Materials | 0.04% | -0.03% | -17.48% | |
| 26 | B | Barrick Mining CORP | Stock-Materials | 0.03% | — | -24.99% | |
| 27 | CHYM | Chime Financial Inc-cl A | Stock-Other | 0.03% | — | — | |
| 28 | ✓ | Gdev INC | Stock-Other | 0.03% | — | — | |
| 29 | GILD | Gilead Sciences INC | Stock-Healthcare | 0.03% | -0.04% | -63.07% | |
| 30 | FDX | Fedex CORP | Stock-Industrials | 0.02% | +0.02% | NEW | |
| 31 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.02% | +0.02% | NEW | |
| 32 | CMI | Cummins INC | Stock-Industrials | 0.02% | — | -12.76% | |
| 33 | NEM | Newmont CORP | Stock-Materials | 0.02% | +0.02% | NEW | |
| 34 | ABBV | Abbvie INC | Stock-Healthcare | 0.02% | — | +16.50% | |
| 35 | CI | THE Cigna Group | Stock-Healthcare | 0.02% | — | +13.42% | |
| 36 | MTCH | Match Group INC | Stock-Comm Services | 0.02% | — | +16.08% | |
| 37 | GD | General Dynamics CORP | Stock-Industrials | 0.02% | +0.02% | NEW | |
| 38 | UPS | United Parcel Service-cl B | Stock-Industrials | 0.02% | +0.02% | NEW | |
| 39 | USB | US Bancorp | Stock-Financials | 0.02% | +0.02% | NEW | |
| 40 | CVS | Cvs Health CORP | Stock-Healthcare | 0.02% | -0.05% | -63.41% | |
| 41 | MDT | Medtronic plc | Stock-Healthcare | 0.02% | +0.02% | NEW | |
| 42 | IVZ | Invesco Ltd. | Stock-Financials | 0.02% | — | -9.53% | |
| 43 | AIG | American International Group | Stock-Financials | 0.02% | +0.02% | NEW | |
| 44 | ZBRA | Zebra Technologies Corp-cl A | Stock-Tech | 0.02% | -0.03% | -55.64% | |
| 45 | SWKS | Skyworks Solutions INC | Stock-Tech | 0.02% | — | +29.16% | |
| 46 | SOLV | Solventum CORP | Stock-Healthcare | 0.02% | — | — | |
| 47 | ENS | Enersys | Stock-Industrials | 0.02% | — | — | |
| 48 | UHS | Universal Health Services-b | Stock-Healthcare | 0.02% | — | — | |
| 49 | NVST | Envista Holdings CORP | Stock-Healthcare | 0.02% | — | +1.15% | |
| 50 | MSM | Msc Industrial Direct Co-a | Stock-Industrials | 0.02% | — | — |
Performance for Q3 2026
-10.2%
Performance Last 4 Quarters
+53.3%
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 72 | $20.5B | 20 | |
| 2025-12-31 | 64 | $17.5B | 7 | |
| 2025-09-30 | 58 | $17.9B | 100 | |
| 2025-06-30 | 54 | $18.9B | 0 | |
| 2025-03-31 | 54 | $17.6B | 0 | |
| 2024-12-31 | 55 | $20.4B | 0 | |
| 2024-09-30 | 14 | $18.8B | 0 | |
| 2024-06-30 | 19 | $24.7B | 0 | |
| 2024-03-31 | 19 | $25.5B | 0 | |
| 2023-12-31 | 19 | $29.5B | 0 |
Mubadala Investment Co PJSC's most significant position changes for 2026-03-31: Sold out: Dollar General CORP (DG); New buy: Broadcom INC (AVGO); New buy: Keycorp (KEY); New buy: Western Digital CORP (WDC); Sold out: Pfizer INC (PFE).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | GFS | GLOBALFOUNDRIES Inc. | +1.9% | -6.07% | Trim |
| 2 | ARM | Arm Holdings Plc-adr | +0.2% | — | Unchanged |
| 3 | NEXT | Nextdecade CORP | +0.1% | — | Unchanged |
| 4 | MU | Micron Technology INC | 0% | +99.86% | Add |
| 5 | ARIS | Aris Mining CORP | — | — | Unchanged |
| 6 | ZBRA | Zebra Technologies Corp-cl A | 0% | -55.64% | Trim |
| 7 | KGC | Kinross Gold CORP | 0% | -17.48% | Trim |
| 8 | APTV | Aptiv PLC | 0% | -60.10% | Trim |
| 9 | GILD | Gilead Sciences INC | 0% | -63.07% | Trim |
| 10 | QUBT | Quantum Computing INC | 0% | — | Unchanged |
| 11 | RGTI | Rigetti Computing INC | 0% | — | Unchanged |
| 12 | GEN | Gen Digital INC | -0.1% | -60.83% | Trim |
| 13 | CVS | Cvs Health CORP | -0.1% | -63.41% | Trim |
| 14 | IONQ | Ionq INC | -0.1% | — | Unchanged |
| 15 | QBTS | D-wave Quantum INC | -0.1% | — | Unchanged |
| 16 | KLAR | Klarna Group plc | -0.3% | — | Unchanged |
| 17 | OTF | Blue Owl Technology Finance | -0.7% | — | Unchanged |
| 18 | IBIT | Ishares Bitcoin Trust ETF | -0.9% | +15.90% | Add |
| 19 | DG | Dollar General CORP | — | EXIT | Sold out |
| 20 | AVGO | Broadcom INC | — | NEW | New buy |
| 21 | KEY | Keycorp | — | NEW | New buy |
| 22 | WDC | Western Digital CORP | — | NEW | New buy |
| 23 | PFE | Pfizer INC | — | EXIT | Sold out |
| 24 | TXN | Texas Instruments INC | — | NEW | New buy |
| 25 | PLTR | Palantir Technologies Inc-a | — | NEW | New buy |
| 26 | LRCX | Lam Research CORP | — | NEW | New buy |
| 27 | SHOP | Shopify INC - Class A | — | NEW | New buy |
| 28 | ASML | ASML Holding N.V. | — | NEW | New buy |
| 29 | AAPL | Apple INC | — | NEW | New buy |
| 30 | AER | AerCap Holdings N.V. | — | NEW | New buy |
| 31 | ZM | Zoom Communications INC | — | EXIT | Sold out |
| 32 | AEM | Agnico Eagle Mines LTD | — | EXIT | Sold out |
| 33 | FDX | Fedex CORP | — | NEW | New buy |
| 34 | MRK | Merck & Co. INC. | — | NEW | New buy |
| 35 | BIIB | Biogen INC | — | EXIT | Sold out |
| 36 | NEM | Newmont CORP | — | NEW | New buy |
| 37 | F | Ford Motor Co | — | EXIT | Sold out |
| 38 | PCG | P G & E CORP | — | EXIT | Sold out |
| 39 | BDX | Becton Dickinson And Co | — | EXIT | Sold out |
| 40 | GD | General Dynamics CORP | — | NEW | New buy |
| 41 | UPS | United Parcel Service-cl B | — | NEW | New buy |
| 42 | DIS | Walt Disney Co/the | — | EXIT | Sold out |
| 43 | APA | Apa CORP | — | EXIT | Sold out |
| 44 | ADBE | Adobe INC | — | EXIT | Sold out |
| 45 | GL | Globe Life INC | — | EXIT | Sold out |
| 46 | USB | US Bancorp | — | NEW | New buy |
| 47 | MDT | Medtronic plc | — | NEW | New buy |
| 48 | LDOS | Leidos Holdings INC | — | EXIT | Sold out |
| 49 | AIG | American International Group | — | NEW | New buy |
| 50 | VICI | Vici Properties INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-11-14 | Amendment | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-16 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-03-05 | Amendment | View on EDGAR |
| 2023-12-31 | 2024-03-05 | Amendment | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
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