Mubadala 2025Q4 13F: 90% GlobalFoundries + Bitcoin ETF

Mubadala Investment Co PJSC, the $300+ billion sovereign-wealth fund of the Emirate of Abu Dhabi, files a US 13F that looks unlike almost any other sovereign in the disclosure universe. The 2025Q4 filing shows $17.48 billion of US-listed equity positions, 64 disclosed holdings — and a single position, GlobalFoundries, accounting for 89.97% of the entire reported value. That concentration is not investment conviction in the traditional sense; it is the legacy of the 2009-2018 spinout that separated AMD's manufacturing arm into a standalone company that Mubadala has owned outright since the start. What sits in the remaining 10% of the book is where the actual portfolio-construction story lives, and 2025Q4's tail is loud.

The GlobalFoundries Anchor

The top position is GlobalFoundries (GFS), the third-largest contract chip foundry globally behind TSMC and Samsung. Mubadala holds it at $15.73 billion, or 89.97% of the disclosed 13F portfolio. Several pieces of context matter for reading the filing correctly:

• Mubadala's GFS stake originated when ATIC (Advanced Technology Investment Co., Mubadala's predecessor vehicle) bought AMD's manufacturing operations in 2009 and merged them with Chartered Semiconductor in 2010. The position has never reflected an open-market buy decision; it is a long-duration strategic ownership of a portfolio company.
• GFS IPO'd in October 2021. Mubadala retained majority economic ownership through the IPO and has only modestly reduced over secondary offerings since. The 89.97% 13F weighting is the public-market mark on what was originally a 100%-owned subsidiary.
• Because of the strategic-asset framing, the GFS position should be treated as a constant in any portfolio-construction analysis of Mubadala. The remaining ~10% of the 13F is where the discretionary decision-making shows up.

For investors trying to read the GFS position as a "signal," the only directional read that works is the share count change, not the dollar value. Mubadala's GFS share count has stepped down modestly across the trailing two years as the firm has used secondary windows to monetize a small portion of the holding. Any acceleration of those step-downs — visible in the 2026 quarterly filings — would mark a change in stance. The reverse, a flat or increasing share count, is the structural default.

The Bitcoin ETF Allocation Is the Loudest Tail Position

Outside the GFS anchor, the largest 2025Q4 position is iShares Bitcoin ETF (IBIT) at $630.7 million, or 3.61% of the disclosed book. Mubadala's IBIT allocation has been a consistent feature of recent quarters and now sits at a size that puts the fund among the larger institutional holders of a US-listed spot Bitcoin ETF. The position is the cleanest visible expression of any large sovereign's discretionary view on Bitcoin as an asset class — most peer sovereigns either avoid the asset entirely or hold it through non-US-disclosed vehicles. The size relative to the rest of Mubadala's discretionary book (~36% of the non-GFS portfolio) implies a real macro allocation, not a token position.

The third-largest position, at $423.6 million, is Blue Owl Technology Finance Corp (OTF) — a publicly traded BDC managed by Blue Owl Capital. This is structured-credit exposure dressed as equity; the BDC's portfolio targets senior secured loans to upper-middle-market software companies. For a sovereign wealth fund with multi-decade liability matching, BDC exposure is an interesting way to capture floating-rate private-credit yield without taking direct fund-of-funds carry. ARM Holdings at $150.5 million rounds out the discretionary top of the secondary book — another semiconductor exposure with a clean cap-table read.

The Quantum-Computing Tail Is Real

The 2025Q4 13F tail carries four quantum-computing positions that, while small, are unusual for a sovereign-wealth book:

Three of the four pure-play public quantum names sit inside Mubadala's filing — a near-comprehensive thematic basket at a position size that suggests a venture-style allocation rather than a stock-picking decision. Sovereign-wealth funds tend to express thematic exposure through private vehicles, not 13F-disclosed public stocks; the choice to take this exposure via public quants implies Mubadala is using the public listing for liquidity rather than for the cleanest economic exposure. The fourth name, NextDecade Corp (NEXT) at $74.9 million, is a different theme entirely — US LNG export infrastructure with offtake contracts to Asian and European utilities.

AUM Stability and the Discretionary Tail

The eight-quarter AUM history is telling. Mubadala's US 13F AUM peaked in 2024Q1 at $25.5 billion and has compressed to $17.5 billion in 2025Q4 — a $8B decline driven mostly by GFS share-price moves rather than by any major position trims. Holding count over the same period went from 19 → 64, a 3× expansion in the discretionary tail. The shape suggests Mubadala has been actively building out a more diversified secondary book even as the anchor position has marked down. WhaleScore for the consolidated portfolio is 81.00 — high, driven by the concentration shape and the unusual thematic tail composition.

The 2024Q3 → 2024Q4 transition is the most interesting structural break: holdings count jumped from 14 to 55 in a single quarter. That is the signature of a deliberate diversification decision, likely coincident with an internal reorganization of Mubadala's US-listed exposure. From that point forward, the holding count has stayed in the 54-64 range, implying a stable target portfolio shape rather than a one-time event.

What This Means for Non-Sovereign Investors

Three reads work for institutional investors who want to use Mubadala's 13F as a signal layer:

• GFS as a structural read — 89.97% concentration is not a stock pick; it is a strategic asset. Other institutional GFS holders (visible on the GFS holder page) should be the cleaner read for active conviction.
• IBIT as a sovereign Bitcoin signal — Mubadala is one of the few large sovereigns with disclosed US-listed Bitcoin exposure. If you want to track sovereign Bitcoin adoption via disclosed channels, the position change in Mubadala's IBIT quarterly count is the cleanest single data point available.
• Quantum + NEXT as venture-style theme reads — Position sizing in QBTS, IONQ, QUBT, and NEXT is small enough that the dollar moves don't matter individually, but the inclusion-versus-exclusion of names is informative for tracking sovereign thematic preference. Compare against Norges Bank's equivalent 13F for the cleanest peer reference.

What to Watch

• Mubadala's 2026Q1 13F (due May 15, 2026) — first quarter to see whether the IBIT position remains stable, accelerates, or gets cut. Bitcoin ETF position changes inside sovereign vehicles tend to be slow but directional once they start.
• GFS share count in the next filing — modest reductions are structural; a step-down greater than 5% in a single quarter would mark a strategic-stake monetization event.
• Quarterly quantum-name reads — if the four-name basket survives through 2026, the thematic conviction is real. If any of the four disappears from the filing in 2026Q2-Q3, treat it as a thematic-pruning signal rather than as a stock-specific view.

The 2025Q4 Mubadala 13F-HR is on EDGAR under CIK 0001704268. The full quarterly history, position turnover trace, and holder-of-holders cross-reference is on the Mubadala filer page. For SEC primary, search the EDGAR 13F filing history.