13F HOLDINGS REPORT
ION Fund Management Ltd
Quarter ended Q4 2025 · Filed February 17, 2026 · Accession 0001178913-26-000526
Total Value
$857.4M
Positions
69
Other Managers
1
Confidential Omitted
No
Holdings (69)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | TEVA PHARMACEUTICAL INDS LTD | 881624209 | 4,050,000 | $126.4M | 14.74% |
| 2 | DELEK US HLDGS INC NEW | DK | 1,767,601 | $52.4M | 6.11% |
| 3 | CHECK POINT SOFTWARE TECH LT | M22465104 | 214,122 | $39.7M | 4.63% |
| 4 | DANAOS CORPORATION | DAC | 419,815 | $39.5M | 4.61% |
| 5 | AERCAP HOLDINGS NV | AER | 265,000 | $38.1M | 4.44% |
| 6 | ILLUMINA INC | ILMN | 272,000 | $35.7M | 4.16% |
| 7 | FREEPORT-MCMORAN INC | FCX | 650,000 | $33.0M | 3.85% |
| 8 | PHINIA INC | PHIN | 515,000 | $32.3M | 3.77% |
| 9 | VALE S A | VALE | 2,307,100 | $30.1M | 3.51% |
| 10 | ATLASSIAN CORPORATION | TEAM | 180,700 | $29.3M | 3.42% |
| 11 | COSTAR GROUP INC | CSGP | 386,000 | $26.0M | 3.03% |
| 12 | PERRIGO CO PLC | PRGO | 1,760,000 | $24.5M | 2.86% |
| 13 | NAVIOS MARITIME PARTNERS L P | NMM | 466,000 | $24.4M | 2.85% |
| 14 | LAMB WESTON HLDGS INC | LW | 562,314 | $23.6M | 2.75% |
| 15 | ISHARES SILVER TR | SLV | 345,475 | $22.3M | 2.60% |
| 16 | VANECK ETF TRUST | 92189F106 | 244,630 | $21.0M | 2.45% |
| 17 | SOLAREDGE TECHNOLOGIES INC | SEDG | 696,000 | $20.1M | 2.34% |
| 18 | NEXGEN ENERGY LTD | NXE | 1,996,940 | $18.4M | 2.14% |
| 19 | TRANSOCEAN LTD | RIG | 4,396,123 | $18.2M | 2.12% |
| 20 | DUPONT DE NEMOURS INC | DD | 449,610 | $18.1M | 2.11% |
| 21 | QNITY ELECTRONICS INC | Q | 204,300 | $16.7M | 1.95% |
| 22 | CIENA CORP | CIEN | 62,000 | $14.5M | 1.69% |
| 23 | BLOCK INC | BSQKZ | 180,000 | $11.7M | 1.37% |
| 24 | COREWEAVE INC | CRWV | 146,900 | $10.5M | 1.23% |
| 25 | TTM TECHNOLOGIES INC | TTMI | 140,000 | $9.7M | 1.13% |
| 26 | VARONIS SYS INC | VRNS | 280,000 | $9.2M | 1.07% |
| 27 | OKTA INC | OKTA | 100,000 | $8.6M | 1.01% |
| 28 | ATLASSIAN CORPORATION | TEAM | 50,000 | $8.1M | 0.95% |
| 29 | ILLUMINA INC | ILMN | 60,000 | $7.9M | 0.92% |
| 30 | CHECK POINT SOFTWARE TECH LT | M22465104 | 40,000 | $7.4M | 0.87% |
| 31 | VARONIS SYS INC | VRNS | 200,000 | $6.6M | 0.77% |
| 32 | COSTAR GROUP INC | CSGP | 75,000 | $5.0M | 0.59% |
| 33 | AMAZON COM INC | AMZN | 20,000 | $4.6M | 0.54% |
| 34 | INTERACTIVE BROKERS GROUP IN | 45841N107 | 70,000 | $4.5M | 0.53% |
| 35 | MONDAY COM LTD | MNDY | 30,000 | $4.4M | 0.52% |
| 36 | META PLATFORMS INC | META | 6,000 | $4.0M | 0.46% |
| 37 | GLOBAL E ONLINE LTD | GLBE | 100,000 | $3.9M | 0.46% |
| 38 | MICROSOFT CORP | MSFT | 8,000 | $3.9M | 0.45% |
| 39 | CIENA CORP | CIEN | 14,000 | $3.3M | 0.38% |
| 40 | FRESHWORKS INC | FRSH | 250,000 | $3.1M | 0.36% |
| 41 | PALO ALTO NETWORKS INC | PANW | 16,000 | $2.9M | 0.34% |
| 42 | SOLAREDGE TECHNOLOGIES INC | SEDG | 100,000 | $2.9M | 0.34% |
| 43 | SPDR GOLD TR | GLD | 6,535 | $2.6M | 0.30% |
| 44 | GLOBAL X FDS | 37954Y848 | 28,655 | $2.4M | 0.28% |
| 45 | MAGNUM ICE CREAM CO NV | MICC | 127,691 | $2.0M | 0.24% |
| 46 | ISHARES BITCOIN TRUST ETF | IBIT | 40,000 | $2.0M | 0.23% |
| 47 | VANECK ETF TRUST | 92189F791 | 17,370 | $2.0M | 0.23% |
| 48 | AGNICO EAGLE MINES LTD | AEM | 10,000 | $1.7M | 0.20% |
| 49 | WHEATON PRECIOUS METALS CORP | WPM | 13,695 | $1.6M | 0.19% |
| 50 | CUMMINS INC | CMI | 3,085 | $1.6M | 0.18% |
| 51 | PAR PAC HOLDINGS INC | PARR | 32,065 | $1.1M | 0.13% |
| 52 | HALLIBURTON CO | HAL | 36,300 | $1.0M | 0.12% |
| 53 | EXXON MOBIL CORP | XOM | 8,290 | $997,619 | 0.12% |
| 54 | NORFOLK SOUTHN CORP | 655844108 | 3,335 | $962,881 | 0.11% |
| 55 | SLB LIMITED | SLB | 24,000 | $921,120 | 0.11% |
| 56 | ROYAL GOLD INC | RGLD | 4,100 | $911,389 | 0.11% |
| 57 | SOUTHERN COPPER CORP | SCCO | 6,117 | $877,606 | 0.10% |
| 58 | NUTRIEN LTD | NTR | 14,150 | $873,338 | 0.10% |
| 59 | CVR ENERGY INC | CVI | 33,385 | $849,314 | 0.10% |
| 60 | KRATOS DEFENSE & SEC SOLUTIO | 50077B207 | 11,015 | $836,149 | 0.10% |
| 61 | VALARIS LTD | VAL-WT | 16,275 | $820,260 | 0.10% |
| 62 | MP MATERIALS CORP | MP | 16,215 | $819,182 | 0.10% |
| 63 | CIRCLE INTERNET GROUP INC | CRCL | 10,000 | $793,000 | 0.09% |
| 64 | RTX CORPORATION | RTX | 4,150 | $761,110 | 0.09% |
| 65 | GENCO SHIPPING & TRADING LTD | GNK | 36,465 | $672,050 | 0.08% |
| 66 | MOSAIC CO NEW | MOS | 27,150 | $654,044 | 0.08% |
| 67 | GOLAR LNG LTD | GLNG | 16,000 | $595,360 | 0.07% |
| 68 | STAR BULK CARRIERS CORP. | SBLK | 30,270 | $581,789 | 0.07% |
| 69 | SOTERA HEALTH CO | SHC | 10,000 | $176,400 | 0.02% |