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# Phoenix Financial Discloses 5.02% Stake In ICL Group, Held Through Its Fund Units
- URL: https://www.bullished.co/phoenix-financial-discloses-5-02-stake-in-icl-group-held-through-its-fund-units-671f5b77/
- Published: 2026-11-02T17:40:55.000Z
- Updated: 2026-11-02T17:40:55.000Z
- Description: The Israeli insurer-and-asset-manager group says the ICL shares are held for investment, not to influence control of the company.
- Author: Matteo Parrino
- Tags: SEC Filings, ICL, Industry: Materials

Phoenix Financial, the Israeli financial group, beneficially owns [5.02% of ICL Group](https://www.sec.gov/Archives/edgar/data/0001679543/000117891326004956/xslSCHEDULE%5F13G%5FX01/primary%5Fdoc.xml?ref=bullished.co) — 64,808,308.76 ordinary shares as of October 28, 2026 — according to a Schedule 13G, a passive ownership disclosure, filed Monday. The filer certifies the shares are not held to change or influence control of ICL, which mines minerals and turns them into fertilizers, bromine products and food and industrial ingredients.

## Where the 64.8 million shares sit

Most of the stake, [45,712,384 shares](https://www.sec.gov/Archives/edgar/data/0001679543/000117891326004956/xslSCHEDULE%5F13G%5FX01/primary%5Fdoc.xml?ref=bullished.co) or 3.54% of ICL's shares outstanding, sits in a Phoenix partnership for Israeli shares. The filing says all ownership rights in that partnership belong to Phoenix Group companies, and that their share changes frequently under the partnership agreement.

Phoenix's trust funds hold another 17,389,319.76 shares, or 1.35%. The rest is spread across smaller holdings:

- 860,000 shares, 0.07%, in Phoenix's own "nostro" accounts.
- 513,106 shares, 0.04%, in linked insurance policies.
- 284,619 shares, 0.02%, in its pension and provident funds.
- 48,880 shares in a partnership for investing in share indexes, shown as 0.00%.

The percentages rest on 1,290,718,361 ordinary shares outstanding as of October 28, 2026.

## Independent units, shared voting power

The shares are owned by majority- or wholly-owned Phoenix subsidiaries that manage their own money and that of others, including insurance policyholders, pension and provident fund members, mutual fund unit holders, holders of exchange-traded notes and portfolio management clients. The filing says each subsidiary operates under independent management and makes its own voting and investment decisions.

The cover page reports shared voting power over all 64,808,308.76 shares and sole voting power over none. Phoenix and its subsidiaries disclaim that they form a group, and disclaim ownership beyond their actual financial interest in the shares.

## The business behind the ticker

ICL, based in Tel Aviv, mines the Dead Sea, Spain, Israel's Negev desert, China and the UK. It reports four segments: industrial products, potash, phosphate solutions and growing solutions. Its 2025 sales were $7,153 million, with phosphate solutions the largest segment at $2,333 million.

ICL shares traded at $4.59 in Monday trading, up about 0.22% from the prior close of $4.58, for a market value of about $5.9 billion.

Phoenix's stake is certified as passive, so it carries no stated plan to seek influence over ICL.

### Sources

- [SCHEDULE 13G — Phoenix Financial Ltd. re: ICL Group Ltd. (ICL)](https://www.sec.gov/Archives/edgar/data/0001679543/000117891326004956/xslSCHEDULE%5F13G%5FX01/primary%5Fdoc.xml?ref=bullished.co) — SEC EDGAR