Yahav Achim Ve Achayot - Provident Funds Management Co Ltd.

Note: there is an internal data inconsistency to flag — the five holdings identified as ETFs (SPY, SMH, PAVE, EPI, and the Invesco listing) sum to ~$12.76M, which is materially higher than the reported ETF aggregate of $11.41M. This should be verified if using the sector totals for risk calculations.

Key Holdings and Their Significance

• SPY (SPDR S&P 500 ETF): $5.10M (20.19% of portfolio). This is the single largest holding and provides broad U.S. market exposure. At ~20% it functions as the portfolio’s equity market benchmark exposure and a liquidity anchor.
• NVDA (NVIDIA Corporation): $2.86M (11.32%). A large, single-stock technology/semiconductor exposure. Although reduced in the quarter (-32.8%, -$756K), NVDA remains a top-2 holding and a key driver of tech/semiconductor beta.
• SMH (VanEck Semiconductor ETF): $2.62M (10.38%). A material sector bet on semiconductors; the largest quarter-on-quarter increase (+67.7%, +$1.28M), indicating a deliberate shift toward semiconductor exposure.
• ICL Group Ltd: $2.57M (10.20%). A single-stock position representing 10.2% of the portfolio. This is a large idiosyncratic holding relative to portfolio size and increases issuer concentration risk. (Classified in the filing as “Unknown” sector.)
• PAVE (Global X): $2.24M (8.87%). A thematic ETF (infrastructure/related exposure) that represents a sizable tactical allocation.
• Other notable positions: GOOG $1.59M (6.29%), EPI (India exposure) $1.46M (5.78%), an Invesco ETF $1.34M (5.31%), ORCL $1.26M (4.98%), UBER $1.02M (4.04%). These holdings show continued large-cap tech/consumer and thematic/market exposures.