Institutional investors wrap up the quarter: Giants clash in tech stock and make new bets on recycling and real estate

End-of-quarter reports reveal a wrestling match among institutional investors: while Phoenix increases its bet on One Technologies, More Provident Funds drastically cuts its stake. At the same time, Meitav tightens its grip on the recycling company Alltrade, and Clal buys bonds...

Holdings reports for the end of September 2026 reveal contrasting strategies among institutional investors. The most interesting arena is in One Technologies stock, where Phoenix bought shares worth hundreds of thousands of shekels while More Provident Funds sold a similar amount and fell below the threshold of an interested party. Simultaneously, sector-specific investments continue: Meitav increased its stake in Alltrade Recycling, while Clal made a massive bond purchase in the real estate company Ampa. This comes alongside previous major bets on Shapir Engineering, Shikun & Binui Energy, and Rami Levy Real Estate.

The wave of holdings reports for the end of the third quarter of 2026 reveals a complex and fascinating picture of institutional strategies, which sometimes even contradict one another. While previous filings highlighted a trend of targeted sector-specific bets in infrastructure, energy, and commercial real estate, the new filings reveal a veritable wrestling match in the technology sector, led by One Technologies stock. In addition, it turns out that the selective risk appetite of the major institutions is also expanding into the recycling industry, while relative stability in equity holdings was recorded in food and real estate companies.

### Giants clash in the technology sector: One Technologies
The most prominent story in recent reports comes from IT services company One Technologies (2026-01-091951), where opposing moves were recorded by two leading institutional entities. On the one hand, Phoenix Group continued to express confidence in the company, increasing its net holding by approximately 241 thousand shares. The bulk of the purchase, amounting to about 421 thousand shares, was executed through provident funds, a move that cements Phoenix's position as a dominant interested party with a total holding of approximately 9.2% of the company.

On the other hand, More Provident Funds and Pension carried out the opposite move, significantly reducing its stake. More's provident funds sold about 493 thousand shares, dropping their holding below the 5% threshold, which removes them from the list of interested parties in the company. These opposing movements point to entirely different valuations between the two large investment houses regarding the future of the technology company.

### New bet: Meitav increases exposure to recycling
Another field that drew interest is the recycling industry, as reflected in the report by Alltrade Recycling (2026-01-091943). Investment house Meitav increased its stake in the company by about 222 thousand shares via provident funds, raising its total holding to 8.6%. This move strengthens Meitav's position as a significant interested party, joining the trend of sector-specific bets, this time in the industrial and cleantech sector. At the same time, Clal Insurance and More Provident Funds maintained large positions in the company unchanged, with holdings of 13.8% and 5.96% respectively.

### Major investments in infrastructure, energy, and real estate continue
These new moves join brisk activity recorded earlier in the infrastructure and energy sectors. In Shikun & Binui Energy, Phoenix Group increased its net holding by approximately 990 thousand shares (mainly via mutual funds), while its Nostro account liquidated its position. Migdal also purchased about 2.1 million shares. In Shapir Engineering (2026-01-091906), Clal Insurance stood out by purchasing 1.85 million shares in its provident fund, and Migdal added about 753 thousand shares. In the income-producing real estate sector, More Provident Funds became an interested party in Rami Levy Real Estate (2026-01-091939) after purchasing about 683 thousand shares.

### Relative stability in other sectors
In contrast to the brisk activity, parallel reports presented a static picture. In food company Neto Holdings (2026-01-091955), Yelin Lapidot, an interested party holding 6.1%, made only negligible changes. A similar picture was recorded in real estate companies Isras (2026-01-090570) and App Technologies (2026-01-091879), where virtually no material changes were registered. In real estate company Ampa (2026-01-091942), minor equity divestments were recorded by Phoenix and Clal, but the truly interesting move came from the debt side: Clal Insurance acquired Ampa bonds (Series A) totaling ₪32 million, a move demonstrating that institutional strategy is expressed not only in the stock market.

### A look at institutional strategy
The end of the third quarter paints a picture of selective and complex institutional optimism. The major institutions are not "buying the market," but rather carefully selecting specific companies. Alongside broad confidence in the infrastructure and energy sectors, we are now also seeing an entry into the recycling field. However, the most fascinating story is the disagreement in the technology sector, as reflected by the opposing actions in One Technologies. The relative quiet in the food sectors and some of the real estate companies reinforces the assumption that institutional money is seeking a clear sectoral or corporate "story" during this period, but also shows that completely opposite opinions can exist on the very same story.