SCHEDULE: Harel Insurance Boosts Brainsway Stake to 6.8%

Harel Insurance Investments & Financial Services Ltd. has increased its beneficial ownership of Brainsway Ltd. American Depositary Shares to 6.8%, holding 2,677,117 shares as of March 31, 2026.

Summary

• Harel Insurance Investments & Financial Services Ltd. has filed an amendment to its Schedule 13G, reporting an increase in its beneficial ownership of Brainsway Ltd. American Depositary Shares (ADS).
• As of March 31, 2026, Harel Insurance beneficially owns 2,677,117 Ordinary Shares, representing 6.8% of the class.
• This ownership is based on 39,165,806 Ordinary Shares outstanding as of December 31, 2025.
• The shares are held through various investment vehicles managed by subsidiaries of Harel Insurance, including provident funds, mutual funds, pension funds, insurance policies, and exchange-traded funds.
• A portion of the shares (290,556) are held by third-party client accounts managed by a subsidiary as portfolio managers, where the subsidiary has no voting power.
• Harel Insurance itself beneficially holds only 5,295 Ordinary Shares for its own account.
• The filing clarifies that this is not an admission of beneficial ownership of more than 5,295 shares by Harel Insurance itself.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive filing. While the increased stake by an institutional investor is generally positive, the breakdown of ownership shows limited direct control by Harel Insurance itself, with most shares managed independently.

Positives

• Increased stake in Brainsway Ltd. by a significant institutional investor, Harel Insurance Investments & Financial Services Ltd.
• Harel Insurance's beneficial ownership now stands at 6.8% of Brainsway's outstanding shares.
• The filing indicates a substantial investment managed through various public funds, suggesting confidence in Brainsway's prospects.

Negatives

• Harel Insurance's direct beneficial ownership for its own account is a mere 5,295 shares.
• The majority of the shares (2,381,266) are held for members of the public through managed funds, with independent management making voting and investment decisions, diluting Harel's direct control or influence.

Risks

• The filing does not explicitly mention any risks. However, the structure of ownership, with the majority of shares managed by independent subsidiaries for public members, could imply a diffusion of control and potential misalignment of interests if not managed carefully.
• The reliance on independent management for voting and investment decisions in the managed funds introduces a layer of indirectness in Harel's influence over Brainsway.

Future Outlook

The filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance from Brainsway Ltd. regarding its future financial performance or strategic plans.

Management Comments

• "It is hereby clarified that the shares being reported in this Statement as beneficially owned by the Reporting Person are in the form of Ordinary Shares."
• "Consequently, this Statement shall not be construed as an admission by the Reporting Person that it is the beneficial owner of more than 5,295 Ordinary Shares covered by this Statement."
• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11."

Industry Context

StockSavvy.ai notes that this Schedule 13G filing by Harel Insurance Investments & Financial Services Ltd. indicates a significant institutional holding in Brainsway Ltd., a company operating in the medical device sector, specifically in non-invasive brain stimulation technologies. Such filings are common for institutional investors increasing or reporting their stakes, reflecting their investment strategies and confidence in the company's market position and growth potential.

Stakeholder Impact

• Shareholders: The increased stake by a large institutional investor may be viewed positively, potentially signaling confidence and stability, though the indirect nature of the ownership limits direct influence.
• Creditors: No direct impact is indicated.
• Employees: No direct impact is indicated.
• Customers: No direct impact is indicated.
• Suppliers: No direct impact is indicated.

Next Steps

• Monitor future filings from Harel Insurance Investments & Financial Services Ltd. for any further changes in beneficial ownership.
• Observe Brainsway Ltd.'s performance and strategic developments, which may be influenced by the significant stake held by Harel Insurance's managed funds.

Key Dates

Keywords

Brainsway Ltd., Harel Insurance Investments & Financial Services Ltd., Schedule 13G, Beneficial Ownership, American Depositary Shares, Ordinary Shares, Institutional Investor, SEC Filing, Securities Exchange Act