Tale of two funds: PIF trims US equities as Mubadala ramps up

The tale of two SWFs: In 1Q 2026, the Saudi Public Investment Fund downsized its US equity holdings — both in the total number and size of holdings. Mubadala, on the other hand, doubled down.

#1- The PIF trimmed its US equity holdings in 1Q to USD 12 bn — down from USD 12.95 bn in 4Q 2025 and marking the lowest level in five years, according to US Securitiesand Exchange Commission data. The PIF now holds just four US-listed positions — Uber (USD 5.2 bn), Electronic Arts (USD 5.1 bn), Lucid Group (USD 1.7 bn) and Clarivate (USD 20.9 mn), according to PIF’s first 13F filing of the year. Argaam first reported the results last week.

PIF’s portfolio of US holdings peaked at USD 56.7 bn across 36 positions at the end of 2021, and has been contracting ever since. The fund also recently cut its international allocation target to 20% in April down from 30%, signaling a broader shift toward deploying more sovereign capital at home.

#2- The Mubadala way: The Abu Dhabi SWF raised its US stock holdings to USD 20.5 bn, up from USD 17.9 in the previous quarter. This included new positions in 13 companies, including microchip maker ASML Holding, data and intelligence outfit Palantir, and expanding positions in players including Blue Owl and Aris Mining Corporation.