SCHEDULE 13G/A: Menora Mivtachim Holdings Updates Passive Stake in Tower Semiconductor to 7.7%

Menora Mivtachim Holdings Ltd. and its subsidiaries have filed an amended Schedule 13G, reporting a combined beneficial ownership of 7.7% of Tower Semiconductor Ltd.'s ordinary shares as of March 31, 2025.

Summary

• Menora Mivtachim Holdings Ltd. and its subsidiaries collectively beneficially own 8,592,362 ordinary shares of Tower Semiconductor Ltd.
• This represents 7.7% of Tower Semiconductor Ltd.'s total ordinary shares outstanding, based on 111,550,761 shares as of April 16, 2025.
• Menora Mivtachim Pensions and Gemel Ltd., a subsidiary, directly beneficially owns 7,433,778 shares, representing 6.66% of the outstanding shares.
• Other subsidiaries of Menora Mivtachim Holdings Ltd. also hold shares: Menora Mivtachim Insurance Ltd. (1,084,726 shares or 0.97%), Menora Mivtachim Vehistadrut Hamehandesim Nihul Kupot Gemel Ltd. (54,110 shares or 0.05%), and Shomera Insurance Company Ltd. (19,748 shares or 0.02%).
• The beneficial ownership is primarily for the benefit of insurance policyholders, portfolio account owners, or members of provident/pension funds.
• The filing is an Amendment No. 2 to a Schedule 13G, indicating an update to previously reported passive ownership.

Sentiment

Score: 6

Explanation: The document is neutral to slightly positive. It indicates continued institutional investment in the company, which is generally a positive signal. However, it's a routine ownership disclosure and doesn't contain new operational or financial performance data.

Positives

• Continued significant investment by institutional investors like Menora Mivtachim Holdings Ltd. indicates confidence in Tower Semiconductor Ltd.
• The substantial stake held by pension and insurance funds suggests a long-term investment horizon.

Risks

• The reporting persons disclaim beneficial ownership of the securities except to the extent of their pecuniary interest, indicating that the economic interest is held for third-party beneficiaries (policyholders, fund members), which might imply less direct control or influence over the issuer.

Future Outlook

The document does not contain specific forward-looking statements or guidance from Tower Semiconductor Ltd. It primarily reports a change in beneficial ownership by an institutional investor.

Management Comments

• The filing includes a certification from Menora Mivtachim Holdings Ltd. and Menora Mivtachim Pensions and Gemel Ltd. stating that the securities were not acquired or held for the purpose or effect of changing or influencing the control of the issuer, nor in connection with any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

This filing reflects a passive investment by an Israeli financial institution in Tower Semiconductor Ltd., an Israeli-based global specialty foundry manufacturer. Such institutional holdings are common in the semiconductor industry, which requires significant capital and often attracts long-term investors.

Comparison to Industry Standards

• As a Schedule 13G filing, this document primarily reports a change in passive ownership and does not provide performance metrics for direct comparison to industry standards or specific comparable companies.
• The reported ownership percentage of 7.7% by an institutional investor is a significant stake, common for large institutional funds investing in publicly traded companies within the technology and semiconductor sectors.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership, potentially signaling long-term investor confidence.
• Policyholders/Fund Members: The economic interest in these shares is held for their benefit, aligning the investment with their financial interests.

Key Dates

Recommendation

Keywords

Tower Semiconductor, Menora Mivtachim Holdings, Schedule 13G, Beneficial Ownership, Institutional Investor, Semiconductor Industry, Passive Investment, Equity Stake, SEC Filing, Israel