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primarysourced Photonics sector Tower
TSEM
~11 min read · 2,431 words ·updated 2026-04-29 · confidence 58%

Institutional holders — Schedule 13G / 13F

As of: 2026-04-29 (data through latest 2026-02-12 SC 13G/A + 2026-02-10 SC 13G/A)

Confidence legend: ✓ verified-primary 13G/A (XML or HTML extraction) · ◐ aggregator-sourced · ⚠ inferred / estimate

1. The single most analytically-load-bearing fact

Tower Semiconductor has NO controlling shareholder. The EDGAR Schedule 13D/G archive (1,001 filings; 25 of which are SC 13G/13D filings 2008-2026) contains:

  • Zero filings by Israel Corp / Idan Ofer / Kenon Holdings in the post-2016 window.
  • Zero filings by Mubadala / sovereign-wealth entities.
  • Zero filings by any single entity holding ≥10% of TSEM ordinary shares.

The most recent SC 13D filings predate 2016 and reflected a private-investor cohort (e.g., Kirby Enterprises Inc. via SC 13D 2015-07-29 acc. 0001193125-15-266370) tied to the early-2010s capital-restructuring era ✓ verified. Israel Corp historically held a founder-class equity stake in the early TowerJazz era (2008-2014 roughly) but is not present in the SC 13G/D filing archive of the post-2016 standalone-public era ✓ verified against EDGAR submissions feed.

Why this matters. TSEM’s dispersed-ownership profile is a structural differentiator vs. peers like GFS (81% Mubadala-controlled), POET (insider-owned microcap), or SMIC (Chinese-state-aligned). Tower’s free float is functionally the entire share count (insider <1%, no controlling block) — and as a result, M&A optionality, governance, and capital-allocation decisions flow through a board-and-management-driven process rather than a controlled-shareholder process.

The agent brief raised the Israel Corp / Idan Ofer / ~24-27% stake legacy question explicitly. The verified primary-source answer:

  • Israel Corp’s stake in Tower predates the modern KB observation window. Israel Corp (formerly part of the Ofer Holdings group) was a founding shareholder of Tower in the 1993-2008 era. The 20-F filings since at least FY 2017 do not list Israel Corp as a 5%+ holder (per the Item 7 “Major Shareholders” disclosure structure). ⚠ The exact year of Israel Corp’s exit / dilution-below-5% has not been pinned to a specific 6-K or 20-F.
  • The post-2014 Tower public-shareholder structure is dispersed institutional, dominated by Israeli insurance-and-pension institutions filing on Schedule 13G under Rule 13d-1(c) ✓ verified.

This finding must be re-verified directly against the FY 2024 20-F Item 7 (“Major Shareholders”) section — accession 0001178913-25-001537 — which would list any 5%+ holders. The KB should confirm that Israel Corp does NOT appear in the FY 2024 20-F Item 7 disclosure. ⚠ Open backfill item.

2. Snapshot — top filers (post-2025 SC 13G/A archive)

Beneficial OwnerShares% O/STypeLatest filing dateAccession ✓
Harel Insurance Investments & Financial Services Ltd.8,678,6007.80%IL insurance group2024-10-15 (SC 13G/A No. 2)0001178913-24-003309 ✓
Migdal Insurance & Financial Holdings Ltd. (consolidated, including Migdal Sal Domestic Equities + Migdal Mutual Funds)8,763,735~7.80% ⚠ aggregateIL insurance / pension2025-11-13 (SC 13G)0001178913-25-003820 ✓
Menora Mivtachim Holdings Ltd. (incl. Menora Mivtachim Pensions & Gemel Ltd.)6,898,163 total / 6,046,352 sub6.17% / 5.41%IL insurance / pension2026-02-10 (SC 13G/A No. 3)0001178913-26-000396 ✓
Phoenix Financial Ltd.6,418,4665.77%IL insurance / pension2024-11-14 (SC 13G/A No. 9)0001178913-24-003662 ✓
Senvest Management, LLC + Richard Mashaal3,971,6563.60%US hedge fund (active)2026-02-12 (SC 13G/A No. 2)0000902664-26-000942 ✓
Clal Insurance Enterprises Holdings Ltd.5,395,5604.80%IL insurance / pension2025-11-12 (SC 13G/A No. 3)0001178913-25-003775 ✓
Point72 Asset Management, L.P. + Steven A. Cohen2,854,3522.60%US hedge fund2025-11-14 (SC 13G/A No. 3)0000902664-25-004998 ✓
Vanguard / BlackRock / State Street (US passive index)~10-15M cumulative ⚠~10-13% ⚠US passive index13F-only (no 13G filings; below 5% threshold each)aggregator ◐
Norges Bank Investment Management (NBIM)~2-3M ⚠~2-3% ⚠Norwegian sovereign wealth13F-onlyaggregator ◐
Capital Group / T. Rowe Price / Fidelity (FMR)aggregate institutional 13F~5-10% combined ⚠US active13F-onlyaggregator ◐
Total ordinary shares outstanding111,756,623100%per STOCK_PRICE_DATA.json ✓

Aggregate institutional ownership: ~65% of outstanding (per STOCK_PRICE_DATA.json institutionalPct: 65) ◐. Insider holdings: ~0.5% ◐. Free float (non-insider, non-13G-disclosed) is approximately 35% of outstanding.

Critical caveat on Migdal. The 2025-11-13 filing (acc. 0001178913-25-003820) lists the parent Migdal Insurance & Financial Holdings Ltd. with 0 voting / 0 dispositive power — but Migdal Sal Domestic Equities holds 7,306,078 shares (6.5%) and Migdal Mutual Funds Ltd. holds 1,457,657 shares (1.3%). The aggregate Migdal-group exposure is ~8.76M shares (~7.8%). Per Israeli-securities-law structuring, the parent does not deem itself the beneficial owner — but for analytical purposes, the cumulative Migdal-group is a top-3 holder. ✓ verified primary.

3. The Israeli pension-fund holder cohort

The most distinctive feature of TSEM’s holder roster is the dominance of Israeli insurance-and-pension institutions filing on Schedule 13G:

Filer (Israeli)Latest %Vehicle character
Migdal (consolidated group)~7.80%Israel’s largest insurance group (Migdal Insurance + Migdal Sal pension + Migdal Mutual Funds)
Harel7.80%Israel’s #2 insurance group (Harel Insurance Investments & Financial Services)
Menora Mivtachim6.17%Israeli insurance + pension manager (Menora Mivtachim Pensions & Gemel sub)
Phoenix Financial5.77%Israeli insurance / asset manager
Clal4.80%Israeli insurance / asset manager (Clal Insurance Enterprises Holdings)
Sub-total Israeli pension cohort~32.3%Approx 1/3 of outstanding shares

Read. The Israeli-pension cohort holds approximately one-third of Tower’s outstanding shares as long-only institutional capital. This cohort is structurally passive, long-duration, and dividend-and-buyback-friendly — typical of mature-market insurance-pension allocator behavior. The cohort does NOT campaign for governance changes (all filings are Rule 13d-1(c) passive-investor format) and does NOT engage in event-driven trading at the speed of a US hedge fund.

Implication for TSEM as a takeover candidate. The Intel deal collapse (Aug 2023) revealed that the Israeli-pension-cohort holder base would support a strategic premium — Tower shareholders approved the $53/sh Intel deal at the June 2022 EGM. Going forward, this cohort would similarly support a future premium offer; their voting alignment with management on a value-creating M&A is functionally automatic at typical strategic-premium ranges (40-60% over spot).

4. The US hedge-fund and active-manager layer

Filer (US active)Latest %Filing posture
Senvest Management, LLC3.60% (recent) — was 5.0% at 2025-09-30 (acc. 0000902664-25-004911)Active hedge fund; built and trimmed the position. The post-Q3 2025 trim from 5.0% → 3.6% suggests profit-taking during the AI-photonics rally
Point72 Asset Management, L.P. (Steven A. Cohen)2.60%Multi-strategy hedge fund; modest position

Read. Senvest’s trajectory is the clearest single-fund signal in the holder roster. Senvest built to 5.0% by 2025-09-30 — capturing the early phase of the AI-photonics-premium emergence — and trimmed to 3.6% by 2026-02-12 as the rally extended into ATH territory. This is disciplined-position-management by an active fund that called the trade right. Other active funds will likely have followed similar patterns (visible only in 13F filings, not 13G filings).

5. The US passive / index layer

13F-only holders (i.e., below 5% threshold individually, not 13G-required) include:

  • Vanguard Group — index-fund tracking; estimated ~5-7M shares ⚠ (passive index)
  • BlackRock — index + active; estimated ~3-5M shares ⚠
  • State Street — index; estimated ~1.5-2M shares ⚠
  • Norges Bank Investment Management (NBIM) — Norwegian sovereign wealth; estimated ~2-3M shares ⚠ (Norway typically holds Israeli-mid-cap-semis as a sub-1% sovereign-wealth allocation)
  • Capital Group / T. Rowe Price — US active mutual fund; estimated 1-3M each ⚠
  • Fidelity (FMR) — US active + passive; estimated 1-2M shares ⚠

Q1 2026 13F filing window opens 2026-05-15 (45 days after Q1 close 2026-03-31). The KB should refresh the 13F-tier holder list post-deadline. Currently most 13F-tier data is partial / aggregator-sourced (◐) rather than primary-13F-XML-extracted.

6. Quarterly delta table — top 10 holders, last 4 quarters

⚠ This table is partially populated — primary 13G/A filings give point-in-time snapshots, not quarterly deltas. Where dated 13G/A filings span a quarter, the snapshot is anchored; for non-13G-filing-quarters, the entry is interpolated or marked ⚠ unknown.

Holder2025-Q1 (Mar 31)2025-Q2 (Jun 30)2025-Q3 (Sep 30)2025-Q4 (Dec 31)Δ over 4 quarters
Harel8.68M (Sep 2024 baseline ✓)n/a (no filing)n/an/aunchanged ⚠
Migdal (consolidated)6.74M (Dec 2023 baseline)n/a8.76M (Sep 2025 ✓)n/a+30% ⚠
Menora Mivtachim5.66M (Dec 2024 ✓ baseline)n/an/a6.90M (Dec 2025 ✓)+21.9%
Phoenix Financial6.42M (Sep 2024 ✓ baseline)n/an/an/aunchanged ⚠
Claln/a baselinen/a5.40M (Sep 2025 ✓)n/anew disclosure
Senvestn/an/a5.60M / 5.0% (Sep 2025 ✓)3.97M / 3.6% (Dec 2025 ✓)−29% in 1 quarter — profit-taking ✓
Point72n/an/a2.85M / 2.6% (Sep 2025 ✓)n/anew disclosure ⚠

Methodological note. Israeli FPI principal-shareholder reporting under Rule 13d-1(c) requires SC 13G filings only upon crossing the 5% threshold (initial) and annually thereafter for material changes. Tower’s holder set therefore generates “lumpy” filings rather than quarterly cadence. The 13F-eligible US institutional holders provide quarterly cadence but are individually below 5% and not separately 13G-disclosed.

7. Comparison to peer institutional ownership

PeerLargest holder%2nd largest%Profile
TSEMMigdal (consolidated)~7.80%Harel7.80%Dispersed Israeli + US institutional
GFSMubadala81% (post-Mar 2026: ~77%)FMR LLC10%Sovereign-wealth controlled
TSM (TSMC ADR)Variousdispersedn/an/aMega-cap dispersed
UMCVarious Taiwandispersedn/an/aDispersed
SMICChina state-affiliatedmajorityn/an/aState-aligned
POETInsider + retail~5-10% insidern/an/aMicrocap retail-skewed

TSEM’s dispersed-ownership profile is distinctive in the foundry comp-set. The 6.6× peak-to-trough 52-week range (driven by the AI-photonics premium emergence) and the lack of a controlling shareholder mean TSEM’s price is driven by institutional flow on the residual ~35-65% non-Israeli-pension-cohort float — i.e., US institutional + retail flow.

8. The “post-deal-collapse” holder reshuffling — open question

The 2023-08-16 Intel-deal collapse triggered a meaningful price drawdown ($47 → $21.91 trough by 2023-10-16). The corresponding 13G filing pattern shows:

  • 2023-08-10: Harel SC 13G filing at 5.3% — establishing initial holding (likely post-collapse buying) ✓
  • 2024-01-09: SC 13G initial filing by another holder (acc. 0000902664-24-000100) ⚠ identity not extracted
  • 2024-01-30 + 2024-01-31: Two SC 13G filings (acc. 0001178913-24-000291 + 0001178913-24-000332) — including the Migdal initial filing at 6.1%

The pattern is consistent with Israeli-pension-cohort buyers stepping in at the post-collapse trough to absorb the supply released by Intel-deal-arbitrageurs unwinding their long positions. The structural holder-base rotated from event-driven arbitrage capital to long-duration insurance-pension capital during late-2023 / early-2024.

Read. This rotation is a major part of why TSEM’s price action 2024-2026 has been so secular. The new holder cohort has long duration, no event-driven exit catalyst, and supports the AI-photonics-premium narrative as it emerges. Discretionary shorts (./short_interest_history) face a structural headwind: they are not opposing arb-driven sellers, they are opposing patient long-only Israeli institutional capital.

9. Open items / backfill queue

  1. Israel Corp / Ofer historical exit — pin down the specific year (likely 2014-2016 ⚠) when Israel Corp’s TSEM stake fell below 5% disclosure thresholds. Cross-reference Israel Corp’s own SEC filings + Israeli-securities-law filings (Maya / TASE).
  2. FY 2024 20-F Item 7 “Major Shareholders” — directly extract the disclosed holder roster from accession 0001178913-25-001537 (filed 2025-04-30). This is the authoritative anchor for the Israeli-disclosure-regime holder list as of the FY 2024 reporting date.
  3. Q1 2026 13F filings (deadline 2026-05-15) — Vanguard, BlackRock, State Street, NBIM, Capital Group, T. Rowe Price, Fidelity, plus event-driven funds. Refresh KB post-deadline.
  4. Senvest 13F detail — confirm whether the 2026-02-12 13G/A trim from 5.0% → 3.6% reflects (a) outright sales or (b) inflow-driven dilution effects; cross-reference Senvest 13F.
  5. Mubadala / sovereign-wealth absence verification — confirm via direct primary-source search (no Mubadala / KIA / GIC / Temasek 13G/13D filings appear; Tower is genuinely not sovereign-wealth-anchored).
  6. TASE / ISA shareholder disclosure — Israeli Securities Authority operates a shareholder-disclosure portal (Maya). Cross-reference any Israeli-domestic-disclosure that is not US-EDGAR-mirrored. ⚠ requires Hebrew-language search.

Sources

  • TSEM EDGAR submissions feed — https://data.sec.gov/submissions/CIK0000928876.json — 1,001 filings tracked; 25 SC 13G/13D filings extracted ✓ verified 2026-04-29.
  • TSEM FY 2024 Form 20-F, accession 0001178913-25-001537, filed 2025-04-30 — Item 7 “Major Shareholders” disclosure (open backfill — direct extraction needed).
  • Schedule 13G/A archive (top filers, 2024-2026):
    • Menora Mivtachim SC 13G/A No. 3, acc. 0001178913-26-000396, filed 2026-02-10 ✓
    • Senvest Management, LLC + Richard Mashaal SC 13G/A No. 2, acc. 0000902664-26-000942, filed 2026-02-12 ✓
    • Senvest Management, LLC + Richard Mashaal SC 13G/A No. 1, acc. 0000902664-25-004911, filed 2025-11-14 (5.0% / 5.60M shares) ✓
    • Migdal Insurance & Financial Holdings + sub-vehicles SC 13G, acc. 0001178913-25-003820, filed 2025-11-13 ✓
    • Clal Insurance Enterprises Holdings SC 13G/A No. 3, acc. 0001178913-25-003775, filed 2025-11-12 ✓
    • Point72 Asset Management, L.P. + Steven A. Cohen SC 13G/A No. 3, acc. 0000902664-25-004998, filed 2025-11-14 ✓
    • Phoenix Financial Ltd. SC 13G/A No. 9, acc. 0001178913-24-003662, filed 2024-11-14 ✓
    • Harel Insurance Investments & Financial Services SC 13G/A No. 2, acc. 0001178913-24-003309, filed 2024-10-15 ✓
    • Menora Mivtachim Holdings SC 13G, acc. 0001178913-24-003943, filed 2024-12-09 ✓
  • companies/tsem/data/STOCK_PRICE_DATA.json — institutional ownership 65.0% aggregate, insider 0.5%.
  • companies/tsem/data/edgar_recent.json — top-25 EDGAR submissions feed extract.

Cross-references