SoftBank Group Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

The institutional investment landscape is often defined by the tension between diversification and conviction. In the case of SoftBank Group, led by the visionary and often contrarian Masayoshi Son, the portfolio snapshot as of March 31, 2026, reveals an investment philosophy that has moved decisively toward extreme concentration and high-conviction thematic betting. With a total reported portfolio market value of approximately $11.41 billion , SoftBank manages a relatively lean collection of 29 holdings . This ratio of capital to the number of positions suggests a "conviction-first" model, where the institution is less interested in tracking broad market indices and more focused on capturing outsized returns from specific technological shifts.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

The 18.72% allocation to Industrials is not composed of traditional manufacturing or transport companies. Instead, it is dominated by SYM (Symbotic Inc.) , a leader in AI-powered warehouse automation. This classification highlights a key SoftBank theme: the convergence of AI and the physical world. By placing nearly a fifth of its capital in this sector, SoftBank is betting on the "Automation of Everything." This is a cyclical play on capital expenditure; SoftBank believes that despite high interest rates or economic uncertainty, corporations will continue to invest heavily in efficiency-driving technologies to combat labor shortages and rising operational costs.

The 9.47% in Financials and 2.94% in Healthcare represent SoftBank's "specialized" bets. The financial holdings are largely concentrated in "Neo-banks" and fintech disruptors like NU (Nu Holdings Ltd.) and INTR (Inter & Co, Inc.) . This suggests that while SoftBank is moving away from general consumer internet, it still sees immense value in the digitization of banking in emerging markets. In Healthcare, the focus is on TEM (Tempus AI, Inc.) and RXRX (Recursion Pharmaceuticals, Inc.) , which are essentially "Tech-Bio" companies. This reinforces the overarching theme: SoftBank only invests in other sectors if they are being fundamentally disrupted by artificial intelligence or data science.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

This is a "Conviction Holding" of the highest order. SoftBank is betting on the "Intel Foundry" story—the multi-year effort to reclaim transistor leadership from TSMC and become the Western world's primary logic chip manufacturer. By holding such a massive, unhedged position, SoftBank is expressing a belief that Intel is undervalued relative to its strategic importance in the global AI supply chain. The logic here is likely "valuation repair." While other AI darlings are trading at astronomical multiples, Intel represents a play on the recovery of manufacturing excellence and the "re-shoring" of semiconductor production. For SoftBank, Intel is not just a stock; it is a strategic asset that anchors their entire technological thesis.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

By allowing Intel's weight to balloon to over 33%, SoftBank is effectively "adding" to its exposure through concentration. This reflects a " Distressed Reversal Bet " that is now paying off. SoftBank likely views the capital appreciation in Intel not as a reason to trim, but as a validation of their turnaround thesis. This "incremental capital" is essentially being "re-invested" by the market itself, and SoftBank is choosing to keep it there rather than diversifying. This is a rare and aggressive stance; most institutional managers would be forced by risk-compliance departments to trim a position that exceeds 20% or 25% of the total portfolio. SoftBank’s willingness to let it ride shows an extreme appetite for "Alpha" over "Risk Management."

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

By liquidating the entire $65.8 million position, SoftBank is admitting that the original thesis—that a "cool" app and basic AI could disrupt the entire insurance industry—has failed to produce the expected "winner-take-all" results. Lemonade has struggled with loss ratios and the harsh reality of insurance regulations. This exit represents "Error-Correcting" behavior. SoftBank is no longer willing to "wait and hope" for legacy Vision Fund bets to turn around. They are clearing the decks of "distractions" to focus on companies with more robust industrial moats, like Intel or Symbotic.

The liquidation of these "dust" positions indicates a desire for operational clarity. SoftBank’s management team is focusing its attention on the 29 stocks that matter, rather than tracking dozens of tiny legacy holdings. The exit from Coinbase, in particular, suggests a cooling of interest in the "Crypto-Exchange" model in favor of more "tangible" AI infrastructure. Similarly, the Uber exit marks the final chapter of one of SoftBank's most famous (and controversial) investment sagas. It signals that the "Gig Economy" era is officially in the rearview mirror for Masayoshi Son.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

The logic chain is unmistakable: 1. Harvesting the Past : Selling nearly $4 billion of T-Mobile and liquidating legacy bets like Uber and Lemonade to generate massive liquidity. 2. Doubling Down on the "Bottleneck" : Allowing Intel to become over 33% of the portfolio, betting that the "Foundry Turnaround" is the most undervalued play in the AI ecosystem. 3. Betting on Physical AI : Maintaining a massive 18% stake in Symbotic, signaling that the future of AI is not just software, but the automated movement of physical goods. 4. Selective Seeding : Entering Ethos Technologies to find the "Next-Gen" of AI-driven utility, rather than speculative apps.

3. Institution-Specific Objectives : SoftBank Group is not a typical "Mutual Fund." It is a strategic holding company with its own debt obligations, internal leverage, and long-term "Vision" that may span 30 years. Their willingness to hold a 33% position in Intel may be driven by strategic partnerships or "insider" knowledge of the semiconductor cycle that an ordinary investor does not possess. Simple imitation of these moves without understanding SoftBank's unique "Capital Cost" and "Risk Budget" could lead to disastrous results for individual investors.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.