What this guide covers

This guide explains how to research whether a university holds investments in Israeli companies or funds, what those investments typically look like, and where to find the actual documents that show what a school owns. It does not tell you whether those investments are good or bad — that is a question each person answers for themselves. It tells you how to get the facts.

Universities disclose their investment holdings, but the information is scattered across different documents and websites. Knowing where to look and what to ask for saves you time and gets you clearer answers than general statements from the university's communications office.

Key Takeaways

  • Universities file detailed investment reports with their board of trustees, usually once or twice per year, and these documents are often public.
  • The endowment (long-term investment fund) is separate from the operating budget, and a university may disclose one but not the other in detail.
  • Divestment campaigns and shareholder resolutions sometimes force universities to publish lists of holdings they previously kept private.
  • You can request specific investment documents directly from the university's investor relations office or board secretary, and many schools are required by law to provide them.
  • Third-party organizations tracking university investments in Israel publish their own databases, though these reflect their own research methods and may not match what the university officially reports.

Where universities publish investment information

Most universities file annual or semi-annual investment reports with their board of trustees. These reports list major holdings by fund or asset class (stocks, bonds, real estate, private equity) and sometimes name specific companies. The level of detail varies widely: some schools name every holding over a certain dollar amount; others group investments by category and disclose only totals.

Check the university's website under "Board of Trustees," "Investor Relations," or "Endowment." Look for meeting minutes, investment committee reports, or annual financial statements. Public universities are often required by state law to make these documents available; private universities may post them voluntarily or only upon request. If you cannot find them online, contact the board secretary or investor relations office directly and ask for the most recent investment report or endowment holdings list.

Some universities also publish a sustainability report or corporate responsibility report that touches on investment policy, though these often describe the policy rather than list the actual holdings. These reports may mention divestment commitments or screening criteria (for example, "we do not invest in weapons manufacturers") but usually do not name specific Israeli companies or funds.

What "investment in Israel" actually means

A university can hold Israeli investments in several ways. The most direct is owning stock in an Israeli company — for example, shares of a tech firm headquartered in Tel Aviv. The second is owning a mutual fund or exchange-traded fund (ETF) that holds Israeli stocks as part of a broader portfolio. The third is investing in a private equity or venture capital fund that has Israeli companies in its portfolio. The fourth is owning bonds issued by the Israeli government or Israeli corporations.

When someone says a university is "invested in Israel," they usually mean one of the first two: direct stock holdings or broad index funds that include Israeli companies. A university that owns a global tech fund may own Israeli tech companies without having chosen them individually. This distinction matters if you are trying to understand whether the investment was a deliberate choice or an incidental part of a diversified portfolio.

Divestment campaigns typically target direct holdings and funds specifically screened to include Israeli companies. They usually do not target broad global index funds, because removing those would require the university to abandon diversification entirely.

How to request investment documents directly

If you cannot find investment reports online, you can request them. Start by contacting the university's investor relations office or the office of the board secretary. Tell them you want to see the most recent endowment holdings report, investment committee minutes, or a list of companies held in the endowment portfolio. Be specific about the time period — for example, "the endowment holdings as of June 30, 2024."

Public universities must respond to public records requests, usually within 10 to 20 business days depending on state law. Private universities have no legal obligation to disclose, but many do when asked directly. If the university refuses, ask why — some schools cite competitive concerns or claim that detailed holdings lists are proprietary to their investment managers. You can then decide whether to pursue the request further or look for alternative sources.

When you receive the documents, look for a section labeled "Israel," "Middle East," or "Geographic Breakdown." If the report lists holdings by country or region, Israeli companies will appear there. If it lists holdings by sector (technology, finance, real estate), you may need to cross-reference company names against a list of Israeli firms to identify them.

Third-party databases and divestment tracking

Several organizations maintain databases of university investments in Israel based on their own research. These include groups focused on Palestinian rights, Jewish groups, and academic researchers. Each database reflects the organization's own methods: some track only direct stock holdings, others include mutual funds, and some include private equity investments that are harder to verify.

These databases can be useful starting points, but they are not official university records. A university may dispute the findings or argue that a particular fund was sold or that a company was misidentified. Use third-party databases to identify specific companies or funds to ask the university about, rather than as a final answer. Then cross-check against the university's own disclosures.

Divestment campaigns sometimes force universities to publish investment lists they previously kept private. If a campaign has targeted your university, search for the campaign's website or reports — they often include detailed holdings lists compiled through research or obtained through public records requests.

Understanding endowment versus operating budget

Universities have two main pools of money: the endowment (a long-term investment fund meant to generate income in perpetuity) and the operating budget (money spent on day-to-day expenses). The endowment is invested in stocks, bonds, real estate, and other assets; the operating budget typically sits in bank accounts and short-term investments.

When people ask whether a university is invested in Israel, they almost always mean the endowment. The operating budget is usually too small and too liquid to hold individual stocks. However, a university's pension fund (if it has one) is a third pool that may also hold investments. Ask specifically about the endowment if you want to know about long-term holdings, and ask about the pension fund if the university manages one for employees.

Some universities disclose endowment holdings in detail but keep operating budget and pension fund investments private. If you find detailed endowment reports but no mention of Israeli investments, that does not mean the university has no Israeli holdings — it may mean they are in a fund or asset class the university does not break down by country.

What to do if you find conflicting information

You may find that a third-party database lists an Israeli investment that does not appear in the university's official report, or vice versa. This can happen for several reasons: the investment may have been sold between the time the third-party research was done and the time the university report was published; the company may have been misidentified; or the university may not have disclosed the holding.

When you find a discrepancy, contact the university's investor relations office with the specific company name, fund name, or holding amount and ask whether it is currently in the endowment. Provide the source where you found the information. The university can then clarify whether the holding exists, when it was purchased or sold, or whether there was an error in the third-party research.

Keep in mind that investment reports are usually published several months after the reporting date. A report dated June 30 may not be published until September or October. Holdings listed in a report from a year ago may no longer be current.

Frequently Asked Questions

How often do universities update their investment reports?

Most universities publish endowment reports once per year, usually in the fall or winter after the fiscal year ends (often June 30). Some publish semi-annual reports. Check the university's investor relations website or board meeting schedule to find out how often your school reports. The most recent report available online may be 6 to 12 months old.

Can I find out what percentage of a university's endowment is invested in Israel?

Rarely. Most universities do not break down endowment holdings by country or region in their public reports. You can add up individual Israeli holdings if the university names them, but this requires access to detailed holdings lists that many schools do not publish. Third-party organizations sometimes calculate this, but their methods vary and may not match the university's own accounting.

What if the university says it does not track investments by country?

Some universities argue that their investment managers do not organize holdings by geography, only by asset class or fund. This is technically possible but unusual for large endowments. If a university claims this, ask whether it screens investments by other criteria (environmental, labor, weapons) — if it does, it has the ability to screen by country too. You can then ask why it chooses not to.

Do private universities have to disclose their investments?

No. Private universities are not required by law to disclose investment holdings. However, many do so voluntarily, especially if they face public pressure or divestment campaigns. If a private university refuses to disclose, you have no legal recourse, but you can ask the university's board of trustees or major donors why transparency is not a priority.

How do I know if a company is actually Israeli?

A company is Israeli if it is incorporated in Israel or if its headquarters and primary operations are in Israel. Some companies are incorporated in Israel but traded on foreign exchanges; others are foreign companies with Israeli subsidiaries. If you are unsure, search the company name plus "Israel" or check the company's official website for its country of incorporation. Business databases like Bloomberg or S&P Capital IQ can also confirm a company's country of origin.