TASE foreign ownership reached $19.2B by Q3 2025, up from $11.2B. See what drove the inflows and how Bill Ackman's 4.9% stake in the exchange fits in.
Foreign institutional holdings of Tel Aviv Stock Exchange (TASE) shares reached $19.2 billion at the end of the third quarter of 2025, up from $11.2 billion at the end of 2024, according to TASE research reported by Calcalist. Foreign investors added over NIS 8 billion in the first nine months, and the TA-35 index rose 51.6 percent in 2025.
How much have foreign investors added to TASE holdings?
Foreign institutional holdings of TASE shares rose by about 71 percent between the end of 2024 and the end of the third quarter of 2025 (19.2 divided by 11.2, an Olam calculation). The table below collects the figures from Calcalist's report on the 2025 market.
| Measure | Figure |
|---|---|
| Foreign institutional holdings, end of 2024 | $11.2 billion |
| Foreign institutional holdings, end of Q3 2025 | $19.2 billion |
| Foreign inflows, January to September 2025 | Over NIS 8 billion ($2.3 billion) |
| TA-35 return, 2025 | 51.6 percent |
| TA-125 return, 2025 | 51 percent |
| Best-performing sector, 2025 | Tel Aviv Insurance, up 152.2 percent |
Calcalist reported that foreign investors mostly channeled capital into financial stocks, especially insurance. Olam's map of who owns the TASE covers the large insurers that sit on the domestic side of those holdings. For a profile of a TASE-listed insurer, see Libra.
Did foreign trading on the TASE grow in 2026?
Foreign investors accounted for a larger share of daily TASE trading in 2026, according to TASE data cited by Globes, as republished by The Jerusalem Post. Their share of daily trading rose from 35 percent before the war to 41 percent during it, the report said.
The same report credits the exchange's move to a Monday-to-Friday trading week, which began on January 5, 2026, with aligning the TASE with global markets. TASE CEO Itay Ben Zeev introduced Friday trading to appeal to foreign investors, and foreign investors made up 48 percent of turnover in some stocks on Fridays, against 16 percent in dual-listed trading on Sundays.
Who bought a stake in the exchange itself?
Bill Ackman and Neri Oxman agreed on January 24, 2024 to buy about 4.9 percent of the TASE in a secondary offering. Ackman is the founder and CEO of Pershing Square Capital Management, and Oxman is an Israeli-born designer and his wife.
The offering covered 17,156,677 shares, or 18.5 percent of the exchange, priced at NIS 20.60 a share, CNBC reported. Reuters reported that the couple spent $25 million and that the TASE put net proceeds at NIS 242 million, which it planned to invest in its technology infrastructure.
Globes reported that Ackman called the TASE a permanent holding, and that his stake sits just under the 5 percent threshold, so he was not expected to become an interested party or join the board.
What does the foreign ownership trend show?
The 2025 data show foreign capital arriving in size and concentrating in financial stocks. The Ackman stake shows a different channel: a single foreign investor buying the exchange operator rather than the companies listed on it.
The sources reviewed give foreign holdings in dollars and trading share in percent, but they do not give a single figure for foreign ownership as a share of the whole market, and this page does not state one. More on public markets is collected under Israeli fintech and public markets. Two other TASE stories are covered in Teva: the post-Allergan deleveraging cycle and Horizon Capital Markets heads to TASE through Blue Wave.
FAQ
How much do foreign investors hold on the TASE?
Foreign institutional holdings of TASE shares reached $19.2 billion at the end of the third quarter of 2025, up from $11.2 billion at the end of 2024, according to TASE research reported by Calcalist.
Who bought a stake in the Tel Aviv Stock Exchange?
Bill Ackman and Neri Oxman agreed on January 24, 2024 to buy about 4.9 percent of the TASE in a secondary offering, spending $25 million, according to Reuters and CNBC.
Did foreign trading on the TASE grow in 2026?
Foreign investors accounted for a larger share of daily TASE trading, rising from 35 percent before the war to 41 percent during it, according to TASE data cited by Globes. The exchange moved to a Monday-to-Friday trading week on January 5, 2026.
How we report: Olam stories draw on public filings, company disclosures and named sources, checked by our editors. Read our methodology · Corrections
