Masayoshi Son's SoftBank Group Corp disclosed its Q1 2026 13F filing, revealing a portfolio of 20 positions with total AUM of $11.3B. INTC leads at $3.8B (33.6%), accounting for more than one-third of the portfolio, while TMUS was trimmed by 65% and LMND, UBER, CRCL, and COIN were fully liquidated.
Top 5 Holdings — Q1 2026
- INTC: $3.8B (33.6%)
- SYM: $2.1B (18.6%)
- TMUS: $2.1B (18.4%)
- TSM: $671M (5.9%)
- XXI: $570M (5.0%)
Q1 2026 Key Trading Highlights
The most striking feature of this filing is the overwhelming concentration in INTC. At $3.8B and 33.6% of the portfolio, it towers over the second-largest position SYM ($2.1B, 18.6%) and third-largest TMUS ($2.1B, 18.4%). With the top three holdings comprising over 70% of the portfolio, SoftBank's high-conviction, concentrated strategy is clearly focused on semiconductors, AI, and telecommunications themes. TSM ($671M, 5.9%) and emerging position XXI ($570M, 5.0%) round out the top five.
- INTC: Largest position maintained at $3.8B (33.6%) — over one-third of the portfolio, reflecting continued conviction in a semiconductor recovery
- TMUS: Position reduced -65%, $2.1B remaining — interpreted as large-scale profit-taking or portfolio rebalancing
- LMND: Fully exited, $66M → $0 — complete withdrawal from the insurtech theme
- UBER: Fully exited, $2M → $0 — residual position liquidated, full exit from the mobility sector
- LIFE: New position initiated at $35M — small exploratory entry into the life sciences and healthcare theme
On the sell side, the most notable trend is the cleanup of fintech and insurance exposure. SoftBank fully exited insurtech name LMND ($66M) and crypto exchange COIN, and liquidated the remaining stub position in mobility platform UBER ($2M). Despite the 65% reduction, TMUS still holds $2.1B and retains its status as a core holding. On the buy side, only one new position was initiated — LIFE at $35M — signaling that portfolio consolidation took precedence over aggressive new deployment.
Outlook: Deepening AI & Semiconductor Focus, Non-Core Asset Cleanup Continues
SoftBank's Q1 2026 portfolio unmistakably reflects a high-concentration strategy centered on semiconductors (INTC, TSM) and AI/robotics (SYM). The simultaneous exit from non-core positions — LMND, UBER, and COIN — signals a deliberate push toward capital efficiency, while the new LIFE position marks a small, exploratory foray into the healthcare theme. Going forward, the trajectory of INTC's earnings recovery and the pace of SYM's robotics commercialization will be the critical variables determining portfolio performance.
