# Ion Asset Management Ltd.

> Institutional holdings reported to the SEC as of Q3 2025 on Form 13F. CIK 1603837. Source: https://holderbook.com/funds/1603837-ion-asset-management-ltd/

- Reported value: $910.6M
- Positions: 63
- Weight of the ten largest: 60.4%
- Filed: 2025-11-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| TEVA PHARMACEUTICAL INDS LTD | [TEVA](https://holderbook.com/stocks/TEVA/) | $111.3M | 5,510,000 | 12.2% | 12 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $72.0M | 0 | 7.9% | 5 |
| DELEK US HLDGS INC NEW | [DK](https://holderbook.com/stocks/DK/) | $59.5M | 1,845,000 | 6.5% | 14 |
| VANECK ETF TRUST | [GDX](https://holderbook.com/stocks/GDX/) | $55.4M | 724,745 | 6.1% | 6 |
| CHECK POINT SOFTWARE TECH LT | [CHKP](https://holderbook.com/stocks/CHKP/) | $53.5M | 258,615 | 5.9% | 1 |
| COSTAR GROUP INC | [CSGP](https://holderbook.com/stocks/CSGP/) | $45.1M | 534,000 | 4.9% | 4 |
| ISHARES SILVER TR | [SLV](https://holderbook.com/stocks/SLV/) | $40.3M | 952,175 | 4.4% | 15 |
| PERRIGO CO PLC | [PRGO](https://holderbook.com/stocks/PRGO/) | $39.2M | 1,760,000 | 4.3% | 6 |
| ILLUMINA INC | [ILMN](https://holderbook.com/stocks/ILMN/) | $37.4M | 394,000 | 4.1% | 6 |
| AERCAP HOLDINGS NV | [AER](https://holderbook.com/stocks/AER/) | $36.3M | 300,000 | 4.0% | 8 |
| DANAOS CORPORATION | [DAC](https://holderbook.com/stocks/DAC/) | $35.4M | 394,345 | 3.9% | 10 |
| DUPONT DE NEMOURS INC | [DD](https://holderbook.com/stocks/DD/) | $35.1M | 451,000 | 3.9% | 1 |
| CIENA CORP | [CIEN](https://holderbook.com/stocks/CIEN/) | $30.9M | 211,924 | 3.4% | 26 |
| PHINIA INC | [PHIN](https://holderbook.com/stocks/PHIN/) | $30.7M | 533,469 | 3.4% | 9 |
| LAMB WESTON HLDGS INC | [LW](https://holderbook.com/stocks/LW/) | $30.5M | 524,905 | 3.3% | 2 |
| NEXGEN ENERGY LTD | [NXE](https://holderbook.com/stocks/NXE/) | $21.0M | 2,348,100 | 2.3% | 2 |
| NAVIOS MARITIME PARTNERS L P | [NMM](https://holderbook.com/stocks/NMM/) | $21.0M | 466,000 | 2.3% | 6 |
| COREWEAVE INC | [CRWV](https://holderbook.com/stocks/CRWV/) | $20.1M | 0 | 2.2% | 1 |
| TRANSOCEAN LTD | [RIG](https://holderbook.com/stocks/RIG/) | $13.1M | 4,197,679 | 1.4% | 12 |
| OKTA INC | [OKTA](https://holderbook.com/stocks/OKTA/) | $11.9M | 130,000 | 1.3% | 5 |
| MONDAY COM LTD | [MNDY](https://holderbook.com/stocks/MNDY/) | $10.7M | 55,000 | 1.2% | 8 |
| DYNATRACE INC | [DT](https://holderbook.com/stocks/DT/) | $9.7M | 200,000 | 1.1% | 16 |
| BLOCK INC | [XYZ](https://holderbook.com/stocks/XYZ/) | $9.4M | 130,000 | 1.0% | 5 |
| ITRON INC | [ITRI](https://holderbook.com/stocks/ITRI/) | $9.0M | 72,000 | 1.0% | 7 |
| ETORO GROUP LTD | [ETOR](https://holderbook.com/stocks/ETOR/) | $8.3M | 200,000 | 0.9% | 2 |
| AMICUS THERAPEUTICS INC | [FOLD](https://holderbook.com/stocks/FOLD/) | $6.9M | 872,411 | 0.8% | 1 |
| VARONIS SYS INC | [VRNS](https://holderbook.com/stocks/VRNS/) | $5.2M | 90,000 | 0.6% | 1 |
| VIA TRANSN INC | [VIA](https://holderbook.com/stocks/VIA/) | $4.8M | 100,000 | 0.5% | 1 |
| CARPENTER TECHNOLOGY CORP | [CRS](https://holderbook.com/stocks/CRS/) | $4.0M | 16,400 | 0.4% | 1 |
| CVR PARTNERS LP/CVR NITROGEN | [UAN](https://holderbook.com/stocks/UAN/) | $3.6M | 40,393 | 0.4% | 14 |
| MOBILEYE GLOBAL INC | [MBLY](https://holderbook.com/stocks/MBLY/) | $3.4M | 240,000 | 0.4% | 1 |
| ISHARES BITCOIN TRUST ETF | [IBIT](https://holderbook.com/stocks/IBIT/) | $2.6M | 40,000 | 0.3% | 7 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $2.4M | 6,710 | 0.3% | 15 |
| GLOBAL X FDS | [SIL](https://holderbook.com/stocks/SIL/) | $2.2M | 30,800 | 0.2% | 5 |
| KLARNA GROUP PLC | [KLAR](https://holderbook.com/stocks/KLAR/) | $1.8M | 50,000 | 0.2% | 1 |
| VANECK ETF TRUST | [GDXJ](https://holderbook.com/stocks/GDXJ/) | $1.8M | 18,500 | 0.2% | 5 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $1.8M | 10,530 | 0.2% | 5 |
| WHEATON PRECIOUS METALS CORP | [WPM](https://holderbook.com/stocks/WPM/) | $1.5M | 13,695 | 0.2% | 6 |
| INTERACTIVE BROKERS GROUP IN | [IBKR](https://holderbook.com/stocks/IBKR/) | $1.4M | 20,000 | 0.2% | 2 |
| PAR PAC HOLDINGS INC | [PARR](https://holderbook.com/stocks/PARR/) | $1.3M | 36,860 | 0.1% | 2 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $1.3M | 3,085 | 0.1% | 6 |
| LUMENTUM HLDGS INC | [LITE](https://holderbook.com/stocks/LITE/) | $1.3M | 8,000 | 0.1% | 2 |
| CVR ENERGY INC | [CVI](https://holderbook.com/stocks/CVI/) | $1.2M | 33,385 | 0.1% | 2 |
| KRATOS DEFENSE & SEC SOLUTIO | [KTOS](https://holderbook.com/stocks/KTOS/) | $1.1M | 12,285 | 0.1% | 2 |
| ISHARES TR | [KSA](https://holderbook.com/stocks/KSA/) | $1.1M | 26,300 | 0.1% | 1 |
| MOSAIC CO | [MOS](https://holderbook.com/stocks/MOS/) | $941.6K | 27,150 | 0.1% | 2 |
| TTM TECHNOLOGIES INC | [TTMI](https://holderbook.com/stocks/TTMI/) | $921.6K | 16,000 | 0.1% | 7 |
| VALE S A | [VALE](https://holderbook.com/stocks/VALE/) | $888.3K | 81,800 | 0.1% | 1 |
| MP MATERIALS CORP | [MP](https://holderbook.com/stocks/MP/) | $870.9K | 12,985 | 0.1% | 2 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $844.0K | 21,520 | 0.1% | 11 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $837.9K | 3,000 | 0.1% | 1 |
| NUTRIEN LTD | [NTR](https://holderbook.com/stocks/NTR/) | $830.7K | 14,150 | 0.1% | 3 |
| ROYAL GOLD INC | [RGLD](https://holderbook.com/stocks/RGLD/) | $822.4K | 4,100 | 0.1% | 2 |
| VALARIS LTD | [VAL](https://holderbook.com/stocks/VAL/) | $763.3K | 15,650 | 0.1% | 3 |
| SOUTHERN COPPER CORP | [SCCO](https://holderbook.com/stocks/SCCO/) | $736.2K | 6,066 | 0.1% | 5 |
| ARCHER DANIELS MIDLAND CO | [ADM](https://holderbook.com/stocks/ADM/) | $727.9K | 12,185 | 0.1% | 1 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $694.4K | 4,150 | 0.1% | 6 |
| GENCO SHIPPING & TRADING LTD | [GNK](https://holderbook.com/stocks/GNK/) | $649.1K | 36,465 | 0.1% | 15 |
| GOLAR LNG LTD | [GLNG](https://holderbook.com/stocks/GLNG/) | $646.6K | 16,000 | 0.1% | 6 |
| NORFOLK SOUTHN CORP | [NSC](https://holderbook.com/stocks/NSC/) | $564.8K | 1,880 | 0.1% | 5 |
| STAR BULK CARRIERS CORP. | [SBLK](https://holderbook.com/stocks/SBLK/) | $562.7K | 30,270 | 0.1% | 11 |
| KE HLDGS INC | [BEKE](https://holderbook.com/stocks/BEKE/) | $539.6K | 28,400 | 0.1% | 2 |
| EOG RES INC | [EOG](https://holderbook.com/stocks/EOG/) | $224.2K | 2,000 | 0.0% | 6 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2025 | +18.3% | +7.8% | +10.5% | 98% |
| Q2 2025 | +12.7% | +10.5% | +2.2% | 100% |
| Q1 2025 | -18.5% | -4.6% | -13.9% | 100% |
| Q4 2024 | +9.4% | +2.1% | +7.3% | 100% |
| Q3 2024 | +4.5% | +5.4% | -0.9% | 100% |
| Q2 2024 | +9.2% | +4.0% | +5.2% | 100% |
| Q1 2024 | +20.6% | +10.0% | +10.6% | 97% |
| Q4 2023 | +1.9% | +11.2% | -9.3% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2025 | $910.6M | 63 |
| Q2 2025 | $1.8B | 62 |
| Q1 2025 | $1.5B | 56 |
| Q4 2024 | $1.7B | 59 |
| Q3 2024 | $1.9B | 66 |
| Q2 2024 | $1.8B | 69 |
| Q1 2024 | $1.6B | 40 |
| Q4 2023 | $1.5B | 35 |
| Q3 2023 | $967.9M | 36 |
| Q2 2023 | $856.5M | 37 |
| Q1 2023 | $953.7M | 34 |
| Q4 2022 | $739.1M | 34 |