Ion Asset Management Ltd.
$911M in tracked AUM across 67 positions as of 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.
Quarter at a glance — Q3 2025
Position-change comparison pending.
Top 10 holdings
By portfolio weight as of Q3 2025.