SCHEDULE: Migdal Insurance Discloses Tower Semiconductor Stake

Migdal Insurance & Financial Holdings Ltd. has updated its Schedule 13G filing to report beneficial ownership of 5.98% of Tower Semiconductor Ltd.'s ordinary shares as of June 30, 2026.

Summary

• Migdal Insurance & Financial Holdings Ltd. (and its subsidiaries) reported beneficial ownership of 6,744,227.47 ordinary shares of Tower Semiconductor Ltd.
• This represents 5.98% of the total outstanding ordinary shares as of July 8, 2026.
• The shares are held by various subsidiaries, including Migdal Sal Domestic Equities, Migdal Mutual Funds Ltd., and Migdal Insurance Company Ltd.
• These subsidiaries manage funds for policyholders, pension fund members, and portfolio management clients.
• Migdal Insurance & Financial Holdings Ltd. disclaims beneficial ownership in excess of their actual pecuniary interest and denies the existence of a group for Section 13(d) purposes.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing. It's a routine disclosure of an existing or newly acquired significant stake by an institutional investor, without new strategic information or performance updates.

Positives

• Migdal Insurance & Financial Holdings Ltd. has a significant stake (5.98%) in Tower Semiconductor Ltd., indicating investor confidence.
• The ownership is spread across various subsidiaries, suggesting diversified investment management strategies.

Negatives

• The filing explicitly disclaims beneficial ownership beyond pecuniary interest and denies the formation of a group, which could imply a passive investment stance rather than active control.
• The ownership structure involves multiple subsidiaries managing external funds, adding complexity to the reporting.

Risks

• The filing does not explicitly mention any risks.
• Potential risks could include market volatility affecting the value of the investment, changes in Tower Semiconductor's business performance, or regulatory changes impacting ownership thresholds.

Future Outlook

The filing does not contain specific forward-looking statements or guidance from management regarding future performance or strategy.

Management Comments

• Each of the Subsidiaries operates under independent management and makes its own independent voting and investment decisions.
• Neither the filing of this Schedule 13G nor any of its contents shall be deemed to constitute an admission by either the Filing Persons or Subsidiaries that a group exists for purposes of Section 13(d) of the Securities Exchange Act of 1934 or for any other purpose, and each reporting person disclaims the existence of any such group.
• The economic interest or beneficial ownership in a portion of the securities covered by this Statement (including the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities) is held for the benefit of insurance policy holders, the owners of portfolio accounts, or the members of the provident funds or pension funds, as the case may be.
• In addition, each of the Filing Persons and Subsidiaries disclaims any beneficial ownership of the securities covered by this report in excess of their actual pecuniary interest therein.
• This Statement shall not be construed as an admission by the Filing Persons or Subsidiaries that they are the beneficial owners of any of the Ordinary Shares covered by this Statement.

Industry Context

StockSavvy.ai notes that this Schedule 13G filing by Migdal Insurance & Financial Holdings Ltd. indicates a significant institutional holding in Tower Semiconductor, a player in the semiconductor manufacturing industry. Such filings are common as institutional investors cross ownership thresholds, reflecting their investment strategies and market positions.

Comparison to Industry Standards

• As a Schedule 13G filing, this is a standard disclosure for significant beneficial ownership by institutional investors in the US market.
• The 5.98% ownership stake is substantial for a single institutional holder and places Migdal Insurance among significant shareholders of Tower Semiconductor.
• Industry standards for institutional ownership vary by sector, but stakes above 5% typically trigger such disclosures and are closely watched by the market.

Stakeholder Impact

• Shareholders: The disclosure confirms a significant institutional investor's stake, which can influence market perception and potentially stock liquidity.
• Tower Semiconductor Management: The presence of a substantial institutional holder like Migdal Insurance may lead to increased engagement on corporate governance and strategic matters.
• Regulators: Compliance with SEC reporting requirements is maintained.

Next Steps

• Monitor future filings from Migdal Insurance & Financial Holdings Ltd. for any changes in their stake in Tower Semiconductor.
• Observe Tower Semiconductor's performance and strategic announcements for context regarding this investment.

Key Dates

Keywords

Tower Semiconductor, Migdal Insurance, Schedule 13G, Beneficial Ownership, Ordinary Shares, Investment Holdings, Shareholder Disclosure