SOFTBANK GROUP CORP.

SoftBank Group's U.S.-listed 13F portfolio contracted by more than $4 billion in the first quarter, falling from $15.5 billion to $11.4 billion — a 26% decline that stands out even against a volatile quarter. The dramatic reduction was not the result of broad market losses alone. The portfolio actively shed a giant T-Mobile position, unloading close to two-thirds of the stake in a single quarter and pulling roughly $3.7 billion from a single line item. That single trade more than accounts for the quarter-to-quarter AUM decline, which means the rest of the book largely held its value against a period when the Nasdaq was under pressure. The remaining portfolio is highly concentrated in just a few large AI and telecommunications-oriented positions. Intel became the anchor at 33.6% of the book, or $3.84 billion — a holding size that makes this portfolio structurally sensitive to semiconductor-cycle swings. Symbotic, SoftBank's warehouse-automation AI bet, sits in second place at $2.12 billion, followed by a slimmed-down T-Mobile exposure of $2.10 billion. Taiwan Semiconductor Manufacturing rounds out the top four at $671 million, slightly increased from the prior quarter and pointing toward continued conviction in the semiconductor supply chain despite Intel's outsized weighting. What the portfolio is not — or no longer is — is a T-Mobile-heavy communication-services vehicle. That prior-quarter identity was true: TMUS represented $5.79 billion, or 37% of assets. That concentration is now gone. The quarter also saw four positions liquidated, including Lemonade, Circle Internet Group, a small Uber stake, and a token Coinbase position — a sweeping cleanup late-stage fintech and crypto-screening round. But there were no new entries of any meaningful size; the trust appears to have converted the freed capital into cash rather than rotated it into new themes. This is a portfolio in deliberate contraction, rebalancing away from a telecommunications-heavy prior structure toward a tighter, more semiconductor-concentrated, and less diverse book.