TSEM

TSEM

TSEM

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q4	Feb 8, 2026	BlackRock Science And Technology Term Trust	1.5%	0.0%	ATE, CIEN, CLS, CRDO, FN, LITE, NVDA, TSEM	AI, Cloud, growth, infrastructure, private equity, semiconductors, technology	AI investment is expanding beyond infrastructure-heavy phase toward scaled adoption at the application layer. Current AI infrastructure investment is driven by rollout of newer Blackwell-class GPUs and ramp-up in compute capacity by hyperscalers and sovereign governments. The Trust seeks companies with strong AI monetization strategies and durable competitive moats. Technology sector supported by sustained investment in cloud and data center infrastructure. Accelerating cloud infrastructure spending is driving robust AI-driven demand. National AI and cloud initiatives have been matching or exceeding the scale of traditional hyperscaler investments. Strong demand for advanced semiconductors driven by AI infrastructure rollout and compute capacity expansion. Semiconductor companies in the portfolio benefited from strong earnings momentum and investor optimism around AI-related products. The Trust increased allocations to semiconductors during the quarter.		View
2025 Q4	Jan 24, 2026	Invesco Discovery Fund	4.9%	16.5%	AVAV, BTSG, CRS, CVLT, CW, EHC, ESAB, FIVE, FN, FROG, GH, HLNE, LITE, LRN, MTSI, RKLB, RMBS, SITM, STEP, TSEM	AI, compounders, growth, industrials, innovation, semiconductors, small caps, technology	AI-related innovation and infrastructure build-out has remained robust, providing substantial opportunities. The fund benefits from AI ecosystem exposure through companies like Lumentum, which supplies lasers to AI data centers and hyperscale facilities. Strong demand for AI infrastructure stocks continues to drive performance. The fund maintains significant exposure to semiconductor companies including Tower Semiconductor, SiTime Corp, and MACOM Technology Solutions. Tower Semiconductor reported strong results in optical semiconductor business, leading management to accelerate long-term goal timelines. Memory subsystem demand remains strong with companies like Rambus benefiting from DRAM demand. Industrial renewal provides abundant investment opportunities with the fund maintaining its largest overweight in the industrials sector. The portfolio includes aerospace and defense companies like Curtiss-Wright Corp and Carpenter Technology Corp, reflecting the ongoing industrial transformation and infrastructure build-out themes.	EHC GH	View
2025 Q4	Jan 21, 2026	Renaissance Investment Management – International Small Cap Equity	0.0%	0.0%	0696.HK, 4536.T, ARIS.TO, DCBO, EFXT, ERO, GLNG, IMOS, KLBN4.SA, NOMD.L, PSFE, PTXKY, RDWR, TMVWY, TSEM, TTVSY	AI, China, Copper, gold, international, Mining, semiconductors, small cap	Gold rose 64% in 2025, its best year since 1979, driven by concerns over Federal Reserve independence, U.S. government deficit, geopolitical tensions, and central banks diversifying from U.S. dollar-based assets. Precious metals are viewed as dollar and inflation hedges. Copper had a strong year as supply disruptions at major mines continued. Demand is expected to rise in 2026 as copper is a key component in electrification push, maintaining imbalanced supply/demand and upward price pressure. Chinese technology companies with AI exposure performed well during the year. Tower Semiconductor benefited from accelerating AI demand, with strong momentum in RF infrastructure and silicon photonics businesses where customer demand far outpaces current supply. Chinese stocks performed well, particularly technology companies with AI exposure. However, hopes for economic growth acceleration failed to materialize as meaningful stimulus follow-through did not occur. Government officials have signaled further stimulus in 2026 with more proactive fiscal policy.	ARIS CN PSFE TSEM	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 24, 2026	Fund Letters	Michael E. Schroer	Tower Semiconductor Ltd.	Information Technology	Semiconductors	Bull	NASDAQ	AI, Capacity, Margins, Photonics, Rf, semiconductors	View Pitch
Nov 29, 2025	Fund Letters	Michael E. Schroer	Tower Semiconductor Ltd.	Information Technology	Semiconductors	Bull	NASDAQ	AI, data centers, diversification, Foundry, growth, Photonics, semiconductors	View Pitch
Nov 28, 2025	Fund Letters	Michael E. Schroer	Tower Semiconductor Ltd.	Information Technology	Semiconductors	Bull	NASDAQ	AI, data centers, diversification, Foundry, growth, Photonics, semiconductors	View Pitch

BSD Shareholders of TSEM

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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