CIK: 0001351917
Total reported value
$21.1B
Reporting period: 2026-03-31 · Number of holdings: 157
MENORA MIVTACHIM HOLDINGS LTD. disclosed 157 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $21.1B and a quarterly turnover rate of 36.4%.
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Menora Mivtachim Holdings LTD.'s disclosed holdings carry a Herfindahl concentration index of 0.027 — mathematically equivalent to about 37 equally-sized positions, well below its 157 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.81), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim MSFT
-20.0% -$535.4M
Trim GOOGL
-22.7% -$407.5M
Trim KBWB
-99.4% -$297.4M
Add SMH
+132.6% $273.5M
Trim FLIN
-43.0% -$232.7M
Add AAPL
+22.6% $188.2M
Menora Mivtachim is aggressively rotating within mega-cap tech: selling down MSFT and GOOGL to concentrate firepower in AAPL and the SMH semiconductor ETF, while adding a standalone Citi position as a single-name financials bet. This is hyper-conviction momentum chasing—they are doubling down on the strongest relative performers (semis, Apple) and discarding laggards (India ETFs, bank sector baskets) to capture alpha from the current trend regime.
This portfolio is pricing in a regime where AI/semiconductor leadership endures alongside a bifurcated financial recovery—trimming the broad bank ETF (KBWB) but initiating a high-beta single-name bank (C). The opposing thesis: a liquidity-driven reversal where momentum cracks as the Fed holds rates higher for longer, compressing tech multiples and exposing the cost of the 40%+ IT overweight. The India ETF trim (FLIN) further signals a bet on US exceptionalism over EM cyclical exposure.
The 100/100 momentum score paired with a concentrated double-up on AAPL + SMH creates a reflexivity trap—these are the most consensus crowded trades in the market. If the AI narrative wobbles, the fund's own momentum algorithm will mechanically amplify selling pressure, turning alpha-chasing into a forced liquidator. The 157-name count cannot mask that 40% sits in one sector, and AAPL alone is now the single largest bet—a classic factor-correlated event risk in a trend-following strategy.
Compiled by AI from public 13F filings; reflects historical positioning only and carries no investment recommendation.
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 7.35% | +0.43% | +12.71% | |
| 2 | AAPL | Apple INC | Stock-Tech | 7.04% | +0.94% | +22.65% | |
| 3 | TEVA | Teva Pharmaceutical-sp Adr | Stock-Healthcare | 5.65% | — | +0.79% | |
| 4 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 4.74% | -1.88% | -22.66% | |
| 5 | MSFT | Microsoft CORP | Stock-Tech | 4.01% | -2.49% | -19.97% | |
| 6 | XLI | Ss Industrial Select Sector | ETF-Other | 3.31% | +0.49% | +11.70% | |
| 7 | AVGO | Broadcom INC | Stock-Tech | 3.03% | — | +13.25% | |
| 8 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.77% | -0.85% | -15.84% | |
| 9 | XLE | Ss Energy Select Sector | ETF-Other | 2.52% | +0.55% | -7.47% | |
| 10 | NVMI | Nova Ltd. | Stock-Other | 2.40% | +0.60% | — | |
| 11 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.35% | -0.34% | — | |
| 12 | SMH | Vaneck Semiconductor ETF | ETF-Other | 2.17% | +1.30% | +132.63% | |
| 13 | AMAT | Applied Materials INC | Stock-Tech | 1.87% | -0.84% | -36.72% | |
| 14 | MA | Mastercard INC - A | Stock-Financials | 1.64% | — | +0.14% | |
| 15 | XLP | Ss Consumer Staples Sel Sect | ETF-Other | 1.56% | — | -2.85% | |
| 16 | CAMT | Camtek Ltd. | Stock-Other | 1.49% | +0.44% | -1.25% | |
| 17 | TSLA | Tesla INC | Stock-Consumer Disc | 1.44% | -0.38% | -5.08% | |
| 18 | WMT | Walmart INC | Stock-Consumer Staples | 1.29% | — | -0.18% | |
| 19 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.28% | — | — | |
| 20 | XLB | Ss Materials Select Sector | ETF-Other | 1.22% | +0.52% | +57.27% | |
| 21 | PGR | Progressive CORP | Stock-Financials | 1.21% | +0.48% | +89.37% | |
| 22 | XLV | Ss Health Care Select Sector | ETF-Other | 1.20% | — | -0.63% | |
| 23 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 1.20% | — | -0.85% | |
| 24 | ABBV | Abbvie INC | Stock-Healthcare | 1.17% | — | +2.18% | |
| 25 | XLU | St Sr Utl Sl Se Spdr Etf-usd | ETF-Other | 1.17% | — | — | |
| 26 | IYT | Ishares US Transportation Et | ETF-Other | 1.13% | — | +2.29% | |
| 27 | KO | Coca-cola Co/the | Stock-Consumer Staples | 1.12% | +0.27% | +21.38% | |
| 28 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.07% | -0.60% | -30.24% | |
| 29 | FLIN | Franklin Ftse India ETF | ETF-Other | 1.06% | -1.09% | -42.97% | |
| 30 | MU | Micron Technology INC | Stock-Tech | 1.02% | — | -26.27% | |
| 31 | PLD | Prologis INC | Stock-Real Estate | 0.97% | — | — | |
| 32 | MTB | M & T Bank CORP | Stock-Financials | 0.94% | — | +24.51% | |
| 33 | SPGI | S&p Global INC | Stock-Financials | 0.94% | — | +60.58% | |
| 34 | C | Citigroup INC | Stock-Financials | 0.87% | +0.87% | NEW | |
| 35 | IGV | Ishares Expanded Tech-softwa | ETF-Tech | 0.83% | — | +28.54% | |
| 36 | UNP | Union Pacific CORP | Stock-Industrials | 0.81% | — | — | |
| 37 | ICE | Intercontinental Exchange In | Stock-Financials | 0.81% | +0.81% | NEW | |
| 38 | NICE | Nice LTD - Spon Adr | Stock-Tech | 0.78% | — | -19.69% | |
| 39 | XLC | Ss Comm Select Sector Spdr | ETF-Other | 0.74% | — | -0.28% | |
| 40 | ISRG | Intuitive Surgical INC | Stock-Healthcare | 0.73% | +0.35% | +135.28% | |
| 41 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 0.71% | — | — | |
| 42 | CAT | Caterpillar INC | Stock-Industrials | 0.70% | — | — | |
| 43 | LRCX | Lam Research CORP | Stock-Tech | 0.69% | — | -35.62% | |
| 44 | KRE | Ss Spdr S&p Regional Bank | ETF-Other | 0.67% | +0.35% | +106.04% | |
| 45 | SEDG | Solaredge Technologies INC | Stock-Tech | 0.67% | +0.38% | +28.08% | |
| 46 | HD | Home Depot INC | Stock-Consumer Disc | 0.66% | -0.35% | -32.45% | |
| 47 | XLF | Ss Financial Select Sector | ETF-Other | 0.64% | — | -1.16% | |
| 48 | CCL1EUR | Carnival CORP LTD | Stock-Consumer Disc | 0.62% | +0.62% | NEW | |
| 49 | APO | Apollo Global Management INC | Stock-Financials | 0.58% | — | — | |
| 50 | GEHC | GE Healthcare Technology | Stock-Healthcare | 0.58% | — | — |
Performance for Q3 2026
+3.8%
Performance Last 4 Quarters
+32.6%
Based on 79% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 157 | $21.1B | 36 | |
| 2025-12-31 | 142 | $21.3B | 25 | |
| 2025-09-30 | 134 | $19.7B | 37 | |
| 2025-06-30 | 131 | $17.4B | 0 | |
| 2025-03-31 | 126 | $15.4B | 100 | |
| 2024-12-31 | 99 | $16.0B | 0 | |
| 2024-09-30 | 95 | $15.9B | 0 | |
| 2024-06-30 | 96 | $14.7B | 0 | |
| 2024-03-31 | 88 | $13.3B | 0 | |
| 2023-12-31 | 97 | $11.9B | 0 | |
| 2023-09-30 | 95 | $11.0B | 0 | |
| 2023-06-30 | 95 | $10.8B | 0 | |
| 2023-03-31 | 92 | $9.7B | 0 | |
| 2022-12-31 | 62 | $5.9B | 0 | |
| 2022-09-30 | 61 | $5.3B | 0 | |
| 2022-06-30 | 61 | $5.5B | 0 | |
| 2022-03-31 | 59 | $6.9B | 0 | |
| 2021-12-31 | 59 | $7.4B | 0 | |
| 2021-09-30 | 59 | $6.8B | 0 | |
| 2021-06-30 | 57 | $6.9B | 94 | |
| 2021-03-31 | 56 | $6.1B | 36 | |
| 2020-12-31 | 52 | $5.7B | 38 | |
| 2020-09-30 | 53 | $4.5B | 47 | |
| 2020-06-30 | 50 | $4.1B | 37 | |
| 2020-03-31 | 50 | $3.7B | 71 | |
| 2019-12-31 | 57 | $4.2B | 32 | |
| 2019-09-30 | 60 | $4.1B | 29 | |
| 2019-06-30 | 69 | $3.7B | 28 | |
| 2019-03-31 | 80 | $3.7B | 35 | |
| 2018-12-31 | 85 | $3.5B | 41 | |
| 2018-09-30 | 93 | $3.7B | 34 | |
| 2018-06-30 | 95 | $3.5B | 42 | |
| 2018-03-31 | 93 | $3.2B | 37 | |
| 2017-12-31 | 83 | $2.6B | 44 | |
| 2017-09-30 | 78 | $2.5B | 47 | |
| 2017-06-30 | 79 | $2.1B | 41 | |
| 2017-03-31 | 73 | $2.0B | 56 | |
| 2016-12-31 | 134 | $1.9B | 42 | |
| 2016-09-30 | 100 | $1.8B | 40 | |
| 2016-06-30 | 90 | $1.8B | 39 | |
| 2016-03-31 | 97 | $1.7B | 37 | |
| 2015-12-31 | 93 | $1.6B | 33 | |
| 2015-09-30 | 86 | $1.3B | 35 | |
| 2015-06-30 | 84 | $1.3B | 14 | |
| 2015-03-31 | 82 | $1.2B | 27 | |
| 2014-12-31 | 64 | $1.1B | 29 | |
| 2014-09-30 | 66 | $1.5B | 29 | |
| 2014-06-30 | 67 | $1.2B | 40 | |
| 2014-03-31 | 64 | $1.2B | 26 | |
| 2013-12-31 | 65 | $1.1B | 24 | |
| 2013-09-30 | 124 | $1.1B | 32 | |
| 2013-06-30 | 135 | $1.2B | 0 |
Menora Mivtachim Holdings LTD.'s most significant position changes for 2026-03-31: New buy: Citigroup INC (C); New buy: Intercontinental Exchange In (ICE); Sold out: Allstate CORP (ALL); New buy: Carnival CORP LTD (CCL1EUR); New buy: Berkshire Hathaway Inc-cl B (BRK-B).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SMH | Vaneck Semiconductor ETF | +1.3% | +132.63% | Add |
| 2 | AAPL | Apple INC | +0.9% | +22.65% | Add |
| 3 | NVMI | Nova Ltd. | +0.6% | — | Unchanged |
| 4 | XLE | Ss Energy Select Sector | +0.6% | -7.47% | Trim |
| 5 | XLB | Ss Materials Select Sector | +0.5% | +57.27% | Add |
| 6 | XLI | Ss Industrial Select Sector | +0.5% | +11.70% | Add |
| 7 | PGR | Progressive CORP | +0.5% | +89.37% | Add |
| 8 | CAMT | Camtek Ltd. | +0.4% | -1.25% | Trim |
| 9 | NVDA | Nvidia CORP | +0.4% | +12.71% | Add |
| 10 | SEDG | Solaredge Technologies INC | +0.4% | +28.08% | Add |
| 11 | KRE | Ss Spdr S&p Regional Bank | +0.4% | +106.04% | Add |
| 12 | ISRG | Intuitive Surgical INC | +0.4% | +135.28% | Add |
| 13 | KWEB | Kranesh Csi China Internet | +0.3% | +3495.00% | Add |
| 14 | KO | Coca-cola Co/the | +0.3% | +21.38% | Add |
| 15 | NKE | Nike INC -cl B | +0.3% | +9000.00% | Add |
| 16 | UNH | Unitedhealth Group INC | -0.3% | -41.82% | Trim |
| 17 | META | Meta Platforms Inc-class A | -0.3% | — | Unchanged |
| 18 | HD | Home Depot INC | -0.4% | -32.45% | Trim |
| 19 | TSLA | Tesla INC | -0.4% | -5.08% | Trim |
| 20 | XLY | Ss Consumer Disc Select Sect | -0.4% | -37.19% | Trim |
| 21 | NFLX | Netflix INC | -0.5% | -99.66% | Trim |
| 22 | JPM | Jpmorgan Chase & Co | -0.6% | -30.24% | Trim |
| 23 | ADBE | Adobe INC | -0.6% | -54.03% | Trim |
| 24 | ABT | Abbott Laboratories | -0.6% | -99.76% | Trim |
| 25 | IHI | Ishares U.s. Medical Devices | -0.7% | -97.09% | Trim |
| 26 | AMAT | Applied Materials INC | -0.8% | -36.72% | Trim |
| 27 | AMZN | Amazon.com INC | -0.9% | -15.84% | Trim |
| 28 | XLK | Ss Technology Select Sector | -0.9% | -90.18% | Trim |
| 29 | FLIN | Franklin Ftse India ETF | -1.1% | -42.97% | Trim |
| 30 | KBWB | Invesco Kbw Bank ETF | -1.4% | -99.38% | Trim |
| 31 | GOOGL | Alphabet Inc-cl A | -1.9% | -22.66% | Trim |
| 32 | MSFT | Microsoft CORP | -2.5% | -19.97% | Trim |
| 33 | C | Citigroup INC | — | NEW | New buy |
| 34 | ICE | Intercontinental Exchange In | — | NEW | New buy |
| 35 | ALL | Allstate CORP | — | EXIT | Sold out |
| 36 | CCL1EUR | Carnival CORP LTD | — | NEW | New buy |
| 37 | BRK-B | Berkshire Hathaway Inc-cl B | — | NEW | New buy |
| 38 | COST | Costco Wholesale CORP | — | NEW | New buy |
| 39 | CI | THE Cigna Group | — | NEW | New buy |
| 40 | ABNB | Airbnb Inc-class A | — | NEW | New buy |
| 41 | EQT | Eqt CORP | — | NEW | New buy |
| 42 | TTWO | Take-two Interactive Softwre | — | NEW | New buy |
| 43 | BSX | Boston Scientific CORP | — | NEW | New buy |
| 44 | HPQ | Hp INC | — | NEW | New buy |
| 45 | RRC | Range Resources CORP | — | EXIT | Sold out |
| 46 | PHM | Pultegroup INC | — | NEW | New buy |
| 47 | CRM | Salesforce INC | — | NEW | New buy |
| 48 | SAP | Sap Se-sponsored Adr | — | NEW | New buy |
| 49 | NOW | Servicenow INC | — | NEW | New buy |
| 50 | CCJ | Cameco CORP | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-12 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-13 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-13 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-31 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-08 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-12 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-10 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-09 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-11 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-11 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-03 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-05 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-05 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-30 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-31 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-01 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-14 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-07 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-01 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-06-18 | Amendment | View on EDGAR |
| 2018-03-31 | 2018-05-14 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-13 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-10-30 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-31 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-09 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-15 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-12 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-12 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-12 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-07 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-17 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-13 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-12 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-13 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-12 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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