Abu Dhabi Investment Council Co P.J.S.C

Abu Dhabi Investment Council (ADIC)'s Q1 2026 13F is a $975M debut portfolio built on a striking bitcoin-and-NU-convexity theme. The two largest positions -- NU Holdings (G6683N103, $316M, 32.4%, 8.22M shares) and iShares Bitcoin Trust ETF (IBIT, $316M, 32.4%, 8.22M shares) -- are tightly matched at virtually identical dollar amounts and nearly identical share counts, suggesting an intentional satellite-plus-spot-crypto pair trade on the same thesis: digital-asset-and-neobank adoption. Vista Energy (VIST, $184M, 18.9%, 2.44M shares) -- Latin-American-energy -- anchors the book's real-asset sleeve. The remaining 22 positions are smaller satellite adds: StubHub (SEAT, $21M, 2.20%), Airbnb (ABNB, $21M, 2.17%), Revolution Medicines (RVMD, $19M, 1.96%), Rubrik (RBRK, $18M, 1.85%), On Holding (ONON, $14M, 1.41%), PDD Holdings (PDD, $10M, 1.04%), Pony AI (PONY, $7.9M, 0.81%), Figma (FIG, $7.3M, 0.75%), Clear Secure (YOU, $5.8M, 0.59%), Datadog (DDOG, $5.7M, 0.59%), Crowdstrike (CRWD, $5.6M, 0.58%), Circle Internet Group (CRCL, $5.5M, 0.56%), Samsara (IOT, $4.4M, 0.45%), Maplebear/CART ($2.9M, 0.30%), Nurix Therapeutics (NRIX, $2.9M, 0.29%), Arcellx (ACLX, $2.2M, 0.23%), Omada Health (OMDA, $1.2M, 0.12%), Oric Pharmaceuticals (ORIC, $1.1M, 0.12%), CRISPR Therapeutics (CRSP, $0.9M, 0.09%), Progyny (PGNY, $0.85M, 0.09%), Nextdoor (NXDR, $0.64M, 0.07%), Klaviyo (KVYO, $0.29M, 0.03%). Q4 2025 shows previousHoldings as an empty list (totalValue 0), indicating this is either ADIC's first-ever 13F filing or a new mandate starting in Q1 2026. The portfolio is 100% new opens -- 25 new positions, 0 increased, 0 decreased, 0 sold. The 75.75 whaleScore on $974M reflects the tier boundary near the 76.00 threshold. The portfolio's identity is a high-conviction thematic-pioneer book: digital-asset-and-neobank (NU + IBIT as matched pair), Latin-American-energy (VIST), software-and-platform (StubHub-Figma-Datadog-Crowdstrike-Samsara-Maplebear-Klaviyo-ClearSecure), biotech-and-therapeutics (Revolution-Rubrik-Nurix-Arcellx-Omada-Oric-CRISPR-Progyny), mobility (Airbnb-Pony-Airbnb), and Chinese-ecommerce (PDD). The Q1 2026 delta is best read as: ADIC executed its inaugural 13F deployment in Q1 2026 with a distinctive two-thesis structure: (1) a matched $316M NU Holdings + $316M iShares Bitcoin Trust pair representing the portfolio's largest conviction bet on digital-asset-and-fintech adoption, sized identically by design; and (2) an $184M Vista Energy anchor providing real-asset-and-Latin-American-energy exposure, with the remaining 22 positions distributed across a broad range of high-growth technology, healthcare, and mobility names -- all new opens, all at initiation size. The $975M debut book is unusual in its NU/IBIT pairing and its absence of any traditional large-cap US equity anchor (no Apple, Microsoft, Amazon, Visa) -- ADIC's first 13F signals a thematic, frontier-technology mandate rather than a traditional institutional-quality anchor portfolio.