SB INVESTMENT ADVISERS (UK) LTD

SB Investment Advisers (UK) Ltd's March 2026 13F shows a portfolio that has been reshaped around two Asia-facing consumer platform positions and several biotech names that are still searching for a steady thesis. The portfolio's dominant anchor is Coupang, the South Korean e-commerce and quick-commerce platform, which represents $5.47 billion and 70.7% of the entire book at March 31. Down from $6.83 billion at year-end — a $1.36 billion decline that came without any share-count change (289.5 million shares held flat) — the position's shrinkage reflects share-price depreciation in Coupang's own stock during a quarter in which e-commerce compressions and rising marketing costs pressured margins across the sector. The second Asia-facing leg is Grab Holdings, the Southeast Asian super-app headquartered in Singapore, held at $1.47 billion and 19.0% of the portfolio on 401.8 million shares — down from $2.00 billion at year-end on the same share count, again a price-driven decline. Together, Coupang and Grab represent 89.7% of assets in two names that share a thesis: emerging-market consumer-platform companies whose monetization is improving but whose public-market valuations have been compressed as the market re-rates long-duration growth stocks. The balance of the book is distinctly different in character — a series of early-stage biotech and specialty-healthcare names whose collective weighting is meaningful but whose individual price dynamics are governed by clinical-trial readouts rather than consumer spending. Relay Therapeutics at $278 million, a computational-drug-discovery platform, fell 12.2% in value on a 12.2% share-count reduction — the manager took chips off the table in a name that had been a prior-period addition. Compass, the real-estate technology platform, was the quarter's largest portfolio drawdown by value after Coupang itself, falling from $265 million to $161 million on a 12.2% share-count reduction of its own. Bio portfolio additions — Vir Biotechnology at $98 million and Aurora Innovation at $82 million — both grew in absolute terms despite modest price declines, indicating the manager was adding into weakness in the biotechnology complex. Energy Vault at $51 million and Full Truck Alliance at $44 million were both reduced in share count but grew modestly in value. The book has a clear identity: it is a concentrated, long-term-oriented vehicle that is heavily exposed to the binary outcome of two Asian consumer-platform companies, with a biotech overlay that provides both correlation diversification and its own source of volatility. For analysts tracking this portfolio as a signal of investor positioning toward Korea and Southeast Asia, the headline concern is not the share-count dynamics — Coupang and Grab were held flat at the share level — but the valuation compression that is happening to those positions in a market that has come to price emerging-market consumer platforms at lower multiples than their U.S. counterparts.