Migdal Insurance & Financial Holdings portfolio

What changed this quarter

336 positions with a change (72 new, 101 added to, 92 trimmed, 71 sold); also, 4 entered through an IPO. 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Invesco Exchange Traded Fund T−2.3 ppof portfolioSold out
  3.2% → —
• State Street Technology Select Sector ETF+31%more sharesIncreased
  5.0% → 6.9%
• Alphabet+45%more sharesIncreased
  3.8% → 5.0%
• Microsoft+149%more sharesIncreased
  1.2% → 2.3%
• Taiwan Semiconductor Manufacturing−45%fewer sharesReduced
  2.6% → 1.5%
• State Street Energy Select Sector ETF+258%more sharesIncreased
  0.7% → 1.6%
• State Street Industrial Select Sector ETF+24%more sharesIncreased
  5.6% → 5.9%
• Lam Research−50%fewer sharesReduced
  1.4% → 1.1%
• Vaneck ETF Trust+31%more sharesIncreased
  2.5% → 4.2%
• Palo Alto Networks+126%more sharesIncreased
  0.4% → 1.6%
• Advanced Micro Devices+0.9 ppof portfolioNew
  — → 0.9%
• Invesco Nasdaq 100 ETF+1,222%more sharesIncreased
  0.1% → 0.8%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• TEVA Pharmaceutical IndustriesTEVA8.4%
• State Street Technology Select Sector ETFXLK6.9%
• State Street Industrial Select Sector ETFXLI5.9%
• NovaNVMI5.6%
• AlphabetGOOG · GOOGL5.1%
• Vaneck ETF TrustSMH4.2%
• NVIDIANVDA3.2%
• Tower SemiconductorTSEM2.9%
• Amazon.comAMZN2.9%
• CamtekCAMT2.8%
• State Street Consumer Disc Select Sect ETFXLY2.4%
• State Street Comm Select Sector SPDR ETFXLC2.3%
• MicrosoftMSFT2.3%
• AppleAAPL2.0%
• Micron TechnologyMU1.9%
• Meta PlatformsMETA1.8%
• Applied MaterialsAMAT1.6%
• Palo Alto NetworksPANW1.6%
• Invesco KBW Bank ETFKBWB1.6%
• State Street Energy Select Sector ETFXLE1.6%
• Taiwan Semiconductor ManufacturingTSM1.5%
• Ishares TrLQD1.4%
• IsharesEWY1.3%
• Lam ResearchLRCX1.1%
• TeslaTSLA1.0%
• State Street Health Care Select Sector ETFXLV1.0%
• Enlight Renewable EnergyENLT0.9%
• Invesco China Technology ETFCQQQ0.9%
• BroadcomAVGO0.9%
• AbbVieABBV0.9%
• Advanced Micro DevicesAMD0.9%
• Invesco Nasdaq 100 ETFQQQM0.8%
• Ormat TechnologiesORA0.8%
• AstrazenecaAZN0.8%
• JPMorgan ChaseJPM0.8%
• iShares Expanded Tech-softwa ETFIGV0.8%
• Vaneck ETF TrustGDX0.7%
• Vertiv HoldingsVRT0.7%
• State Street Financial Select Sector ETFXLF0.6%
• Solaredge TechnologiesSEDG0.6%
• St SR UTL SL SE SPDR ETF-usd ETFXLU0.6%
• MerckMRK0.6%
• VisaV0.6%
• State Street SPDR S&P Metals Mining ETFXME0.6%
• State Street Materials Select Sector ETFXLB0.6%
• ServiceNowNOW0.5%
• Lockheed MartinLMT0.5%
• Constellation EnergyCEG0.5%
• International Business MachinesIBM0.5%
• Gilead SciencesGILD0.5%
• NICENICE0.4%
• SandiskSNDK0.4%
• OracleORCL0.4%
• SnowflakeSNOW0.4%
• Northrop GrummanNOC0.4%
• Pershing Square USAPSUS0.4%
• CamecoCCJ0.3%
• CorningGLW0.3%
• Trane TechnologiesTT0.3%
• EatonETN0.3%
• Credo Technology Group HoldingCRDO0.3%
• IntelINTC0.3%
• MongodbMDB0.3%
• Seagate Technology HoldingsSTX0.2%
• Morgan StanleyMS0.2%
• CoherentCOHR0.2%
• State Street SPDR P Int C Corp ETFSPIB0.2%
• State Str Spdr S&P 500 ETF TSPY0.2%
• UroGen PharmaURGN0.2%
• Alibaba Group HoldingBABA0.2%
• Global-E OnlineGLBE0.2%
• Elbit SystemsESLT0.2%
• Invesco QQQ Trust Series 1 ETFQQQ0.2%
• TAT TechnologiesTATT0.1%
• NutrienNTR0.1%
• MercadoLibreMELI0.1%
• iShares Ustechnology ETFIYW0.1%
• NayaxNYAX0.1%
• Check Point Software TechnologiesCHKP0.1%
• Pershing SquarePS0.1%
• Gilat Satellite NetworksGILT0.1%
• iShares AAA - A Rated Corpor ETFQLTA0.1%
• Invesco Bulletshares 2026 HY ETFBSJQ0.1%
• Space Exploration TechnologiesSPCX0.1%
• Perion NetworkPERI0.1%
• Vanguard Mrngstr Val ETF-aui ETFVTV0.1%
• Vanguard International Equity Index FVEU0.1%
• Pimco Enhanced Short Maturit ETFMINTunder 0.1%
• iShares Semiconductor ETFSOXXunder 0.1%
• iShares Msci Emerging Market ETFEEMunder 0.1%
• iShares Tips Bond ETFTIPunder 0.1%
• iShares 10-20 Year Treasury ETFTLHunder 0.1%
• iShares Msci Acwi ETFACWIunder 0.1%
• Vanguard S/t Corp Bond ETFVCSHunder 0.1%
• Cisco SystemsCSCOunder 0.1%
• First Trst Nasd CL EDG Sgiif ETFGRIDunder 0.1%
• First Trust Low Duration OPP ETFLMBSunder 0.1%
• iShares 3-7 Year Treasury BO ETFIEIunder 0.1%
• Invesco S&P 500 Momentum ETFSPMOunder 0.1%