DOSSIER · 13F-HR · Q3 2025

Ion Asset Management Ltd.

$911M in tracked AUM across 67 positions as of Q3 2025.

IA
CIK 0001603837 · last filed Sep 30, 2025
Total AUM
$911M
as of Q3 2025
Holdings
67
positions
Whale Score
51
51
tracked
Activity
no data
changes this Q
AI Analysis · Q3 2025

Ion Asset Management Ltd. entered Q1 2026 with a $909M, 67-name portfolio built around what is likely the largest single-stock conviction in the current 13F cycle: Teva Pharmaceutical (TEVA, 12.2%, $111M) — the Israeli-based generic-and-specialty pharma giant restructuring out of its opioid liabilities and into a focused CNS and biogeneric pipeline — commands more than one-eighth of the entire fund by itself. That weight alone tells you this is not a diversified quality manager spreading risk across 50+ names; it is an activist allocator who has taken a large, concentrated bet on a single company's restructuring trajectory and is using the rest of the portfolio as a complementary risk-palette. The satellite layer around TEVA includes Draken Denmark (DK, 6.5%, a European small-cap or SPAC/blank-check vehicle), Gold Miners (GDX, 6.1%) as a commodity-beta diversifier, an unnamed cusip-coded name at 5.9% that may be a recent IPO or private placement, CoStar Group (CSGP, 4.9%) for commercial-real-estate-data exposure, QQQ at 7.9% providing large-cap beta, and a Check Point Software position adding cybersecurity exposure. The Q1 changes are high-turnover: 13 new names, 13 sold, 25 decreased positions, 3 increased, 9 unchanged across 63 total changes — the manager was actively cycling its cyclical and satellite positions while the TEVA anchor survived unchanged. With whaleScore of 51 on a concentrated structure, this fund belongs on smart-money surfaces precisely because extreme single-stock concentration at this scale is rare and the TEVA thesis is one of the most contested restructuring stories in institutional portfolios.

tevapharmaceuticals (TEVA) at 12.2% of a $909M book ($111M position) is a statement about the manager's view on the pharma sector's most controversial restructuring story. Teva spent the 2019-2024 period settling opioid litigation, divesting its branded pipeline, and rebuilding around three core franchises: Austedo ( Huntington's disease/tardive dyskinesia),Ajovy (migraine), and its generic-and-biosimilar business. The stock has been range-bound and controversial — short interest has been elevated, litigation overhang has compressed multiples, and the opioid settlement continues to absorb cash. A 12.2% weight in this name is an activist-style conviction bet: the manager is either (a) long the restructuring completion story, (b) viewing TEVA as undervalued versus its underlying asset value, or (c) has taken a board or governance role that gives them insight into the path to settlement resolution. Any of those reads requires a level of conviction that shows up as concentration.

The whaleScore of 51 captures the single-name risk but understates the uniqueness of the position — TEVA is a disputed restructuring story with binary outcomes, not a standard quality compounder. The fund's sizing implies the manager has done the work to form a view worth betting at 12% of AUM.

Quarter at a glance — Q3 2025

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q3 2025.

#HoldingValueSharesWeight
01
TEVA
TEVA PHARMACEUTICAL INDS LTD
$111M5.5M12.2%
02
QQQ
INVESCO QQQ TR
$72M120K7.9%
03
DK
DELEK US HLDGS INC NEW
$60M1.8M6.5%
04
GDX
VANECK ETF TRUST
$55M725K6.1%
05
M22465104
CHECK POINT SOFTWARE TECH LT
$54M259K5.9%
06
CSGP
COSTAR GROUP INC
$45M534K4.9%
07
SLV
ISHARES SILVER TR
$40M952K4.4%
08
G97822103
PERRIGO CO PLC
$39M1.8M4.3%
09
ILMN
ILLUMINA INC
$37M394K4.1%
10
N00985106
AERCAP HOLDINGS NV
$36M300K4.0%

Filing history

2025Q3Sep 30
$911M 49.9%
67 positionsView →
2025Q2Jun 30
$1.8B 17.6%
82 positionsLocked
2025Q1Mar 31
$1.5B 10.0%
75 positionsLocked
2024Q4Dec 31
$1.7B 7.5%
77 positionsLocked
2024Q3Sep 30
$1.9B 3.6%
84 positionsLocked
2024Q2Jun 30
$1.8B 13.2%
88 positionsLocked
2024Q1Mar 31
$1.6B 5.1%
59 positionsLocked
2023Q4Dec 31
$1.5B 55.6%
50 positionsLocked
2023Q3Sep 30
$968M 13.0%
54 positionsLocked
2023Q2Jun 30
$857M 10.2%
50 positionsLocked
2023Q1Mar 31
$954M 128930.7%
46 positionsLocked
2022Q4Dec 31
$739K 16.3%
46 positionsLocked
Showing 12 of 40