Institutional Manager · CIK 0001679543

Phoenix Financial Ltd.

Givatayim, L3 · File #028-18650

Latest AUM

$9.23B

Positions

671

Top-10 Concentration

54.4%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
NEW	TOWER SEMICONDUCTOR LTD	TSEM	+3,829,537	+$449.7M	$0
REDUCE	SELECT SECTOR SPDR TR	81369Y860	-4,697,004	-$189.5M	-$8.4M
NEW	ICL GROUP LTD	ICL	+17,048,563	+$97.3M	$0
REDUCE	TARGET CORP	TGT	-696,279	-$68.1M	+$5.7M
NEW	GILAT SATELLITE NETWORKS LTD	GILT	+5,250,222	+$67.9M	$0
REDUCE	VANGUARD SCOTTSDALE FDS	92206C714	-541,700	-$50.0M	+$8.5M
ADD	ISHARES TR	46429B671	+822,800	+$49.4M	-$2.9M
NEW	SIMILARWEB LTD	SMWB	+4,285,786	+$32.1M	$0
ADD	ORMAT TECHNOLOGIES INC	ORA	+260,000	+$28.7M	+$1.4M
ADD	VARONIS SYS INC	VRNS	+836,171	+$27.4M	-$424,057

Sector Allocation

Technology

22.1%$2.04B

Consumer Discretionary

4.9%$452.6M

4.3%$399.8M

2.3%$215.0M

2.3%$211.9M

1.9%$179.3M

1.5%$137.3M

1.2%$114.6M

Communication Services

1.1%$99.9M

Consumer Staples

0.3%$30.2M

Real Estate

0.0%$2.0M

Filing History

Feb 5, 202613F HOLDINGS REPORTQ/E Dec 2025671 pos · $9.23B
Nov 13, 202513F HOLDINGS REPORT (Amended)Q/E Sep 2025614 pos · $7.50B
Nov 13, 202513F HOLDINGS REPORT (Amended)Q/E Sep 2025658 pos · $8.21B
Nov 3, 202513F HOLDINGS REPORTQ/E Sep 2025623 pos · $7.52B
Jul 30, 202513F HOLDINGS REPORTQ/E Jun 2025614 pos · $7.58B
May 7, 202513F HOLDINGS REPORTQ/E Mar 2025536 pos · $6.53B
Feb 13, 202513F HOLDINGS REPORTQ/E Dec 2024522 pos · $7.33B
Nov 5, 202413F HOLDINGS REPORTQ/E Sep 2024524 pos · $6.77B
Aug 12, 202413F HOLDINGS REPORTQ/E Jun 2024507 pos · $6.57B
May 15, 202413F HOLDINGS REPORTQ/E Mar 2024598 pos · $7.24B
Dec 4, 202313F HOLDINGS REPORT (Amended)Q/E Dec 2023402 pos · $5.46B
Dec 4, 202313F HOLDINGS REPORT (Amended)Q/E Dec 2023401 pos · $5.46B
Nov 13, 202313F HOLDINGS REPORTQ/E Dec 2023401 pos · $5.36B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	TEVA PHARMACEUTICAL INDS LTD	881624209	41,087,131	$1.28B	16.80%
2	SELECT SECTOR SPDR TR	81369Y704	3,884,094	$602.5M	7.89%
3	TOWER SEMICONDUCTOR LTD	TSEM	3,829,537	$449.7M	5.89%
4	INVESCO EXCHANGE TRADED FD T	IVZ	1,625,450	$311.4M	4.08%
5	AMAZON COM INC	AMZN	1,270,033	$288.9M	3.78%
6	ALPHABET INC	GOOG	858,021	$269.3M	3.53%
7	MICROSOFT CORP	MSFT	579,078	$269.1M	3.52%
8	NVIDIA CORPORATION	NVDA	1,430,373	$253.9M	3.33%
9	VANGUARD SCOTTSDALE FDS	92206C714	2,362,300	$218.0M	2.86%
10	ISHARES TR	464287325	2,123,980	$206.9M	2.71%
11	ISHARES TR	464288257	1,397,206	$197.7M	2.59%
12	APPLE INC	AAPL	721,489	$190.9M	2.50%
13	SELECT SECTOR SPDR TR	81369Y803	1,239,632	$178.5M	2.34%
14	SELECT SECTOR SPDR TR	81369Y209	1,107,353	$171.4M	2.25%
15	NOVA LTD	NVMI	486,141	$159.6M	2.09%
16	ISHARES TR	464287788	1,196,572	$154.3M	2.02%
17	EXPAND ENERGY CORPORATION	EXE	1,344,258	$148.4M	1.94%
18	ISHARES TR	464287515	1,262,876	$133.5M	1.75%
19	ALBEMARLE CORP	ALB-PA	918,448	$130.3M	1.71%
20	TAIWAN SEMICONDUCTOR MFG LTD	874039100	394,760	$115.4M	1.51%