MENORA MIVTACHIM HOLDINGS LTD.

MENORA MIVTACHIM HOLDINGS LTD. declares $11.9B in 26 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 46.3% of its $25.6B 13F portfolio. Largest positions: NVIDIA (0.04% of the company) and Apple (0.04% of the company). Over time: $11.9B in 26 of these companies for Q2 2026, against $1.1B in 13 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $1.4B and sold $918.5M of these stocks, at the quarter's prices: a net purchase of $437.4M; 6 new positions and 1 sold out.

Performance of its AI picks

The AI-stock portfolio MENORA MIVTACHIM HOLDINGS LTD. declared for Q2 2026 (Form 13F), held unchanged, returned +4.3% in Q3 2026 (SMH -7.1%), ranked 774 of 1,785 active managers. Over the last 12 months, quarter after quarter: +38.3% (SMH +87.2%), ranked 298 of 1,360 active managers. Over three years, quarter after quarter: +167.1% (SMH +325.8%), ranked 195 of 784 active managers. Over five years, quarter after quarter: +182.2% (SMH +389.8%), ranked 135 of 535 active managers. Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. NVIDIA (NVDA): $1.7B, 8.5M shares, 0.04% of the company, 6.7% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Apple (AAPL): $1.7B, 5.9M shares, 0.04% of the company, 6.6% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Alphabet (GOOGL): $1.4B, 3.8M shares, 0.03% of the company, 5.3% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Amazon (AMZN): $825.6M, 3.5M shares, 0.03% of the company, 3.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Microsoft (MSFT): $784.3M, 2.1M shares, 0.03% of the company, 3.1% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO): $782.0M, 2.1M shares, 0.04% of the company, 3.1% of its portfolio (added this quarter); held since Q4 2024
7. Micron (MU): $737.2M, 638,650 shares, 0.06% of the company, 2.9% of its portfolio; held since Q1 2020
8. Nova (NVMI): $654.7M, 1.2M shares, 4.1% of the company, 2.6% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. Applied Materials (AMAT): $631.9M, 874,054 shares, 0.11% of the company, 2.5% of its portfolio (trimmed this quarter); held since Q1 2021
10. TSMC (TSM): $359.1M, 751,939 shares, 0.01% of the company, 1.4% of its portfolio (added this quarter); held since Q4 2022
11. Camtek (CAMT): $342.4M, 2.1M shares, 4.6% of the company, 1.3% of its portfolio (added this quarter); held since Q4 2022
12. Meta Platforms (META): $263.8M, 468,265 shares, 0.02% of the company, 1.0% of its portfolio (trimmed this quarter); held since Q2 2020
13. Cloudflare (NET): $241.2M, 983,250 shares, 0.27% of the company, 0.94% of its portfolio (new position this quarter)
14. Caterpillar (CAT): $221.0M, 207,500 shares, 0.05% of the company, 0.86% of its portfolio; held since Q3 2024
15. HP Inc. (HPQ): $192.4M, 8.8M shares, 0.97% of the company, 0.75% of its portfolio (added this quarter); held since Q1 2026

By sector

• Cloud & AI giants: $4.9B, 42% of its AI holdings, 5 companies
• Chips & compute: $3.2B, 27% of its AI holdings, 7 companies
• Equipment & test: $1.7B, 15% of its AI holdings, 4 companies
• Memory & storage: $737.2M, 6% of its AI holdings, 1 company
• AI software: $735.2M, 6% of its AI holdings, 6 companies
• Power, electrical & cooling: $221.0M, 2% of its AI holdings, 1 company
• Servers & systems: $192.4M, 2% of its AI holdings, 1 company
• Neoclouds & data centers: $142.5M, 1% of its AI holdings, 1 company

Biggest changes this quarter

• opened a position in Cloudflare (NET): +$241.2M at the quarter's price
• trimmed Meta Platforms (META): -$225.3M at the quarter's price
• trimmed Applied Materials (AMAT): -$204.0M at the quarter's price
• trimmed Lam Research (LRCX): -$195.5M at the quarter's price
• opened a position in Datadog (DDOG): +$163.9M at the quarter's price
• added to Amazon (AMZN): +$156.3M at the quarter's price
• opened a position in Akamai (AKAM): +$142.5M at the quarter's price
• opened a position in Arm Holdings (ARM): +$141.8M at the quarter's price
• added to Alphabet (GOOGL): +$117.0M at the quarter's price
• added to HP Inc. (HPQ): +$99.2M at the quarter's price

Schedule 13D/G declarations

• Camtek (CAMT): 13G filed Oct 19, 2026: 2.4M shares as of Oct 14, 2026, 5.1% as declared
• Tower Semiconductor (TSEM): 13G filed Feb 10, 2026: 6.9M shares as of Dec 31, 2025, 6.2% as declared
• Tower Semiconductor (TSEM): 13G filed Apr 28, 2025: 8.6M shares as of Mar 31, 2025, 7.7% as declared
• Tower Semiconductor (TSEM): 13G filed Feb 13, 2025: 6.9M shares as of Dec 31, 2024, 6.2% as declared

Other holders of this size

• Swiss Life Asset Management Ltd: $11.8B in 175 of these companies
• NOMURA HOLDINGS INC: $12.0B in 153 of these companies
• MERCER GLOBAL ADVISORS INC /ADV: $11.4B in 203 of these companies
• Vontobel Holding Ltd.: $12.1B in 158 of these companies
• State of New Jersey Common Pension Fund D: $11.4B in 192 of these companies
• Nykredit A/S: $12.2B in 180 of these companies
• AustralianSuper Pty Ltd: $11.4B in 60 of these companies
• Holocene Advisors, LP: $12.3B in 99 of these companies

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