How to learn about a university has investments in Israel

Most universities do not publish a complete list of every company their endowment owns. Instead, you can find pieces of this information through three main routes: the university's own sustainability or investment responsibility reports, filings they submit to the U.S. Securities and Exchange Commission (SEC), and third-party research organizations that track university investments.

Start with the university's website. Search for "endowment report," "investment policy," or "responsible investing." Many universities publish annual or periodic reports that name specific holdings or investment themes. These reports vary widely — some name individual stocks, others only describe investment categories or regions.

If the university is large enough to manage over $25 million in assets, it files Form 13F with the SEC four times per year. This form lists every stock position above a certain size. You can search for these filings on the SEC's EDGAR database using the university's name or the name of its endowment fund. The filings show what the endowment owned on a specific date, not what it owns today, because there is a 45-day reporting delay.

Organizations like Divestment Monitor, MSRB (Municipal Securities Rulemaking Board) records, and university-specific tracking projects maintain searchable databases of university investments. Some focus specifically on Israel-related holdings. These databases are maintained by advocacy groups, so check whether the source is transparent about its methods and funding.

Key Takeaways

  • Universities rarely publish a complete investment list, but many post endowment reports that describe holdings by category or name specific companies.
  • Large university endowments file Form 13F with the SEC four times per year, showing stock positions but with a 45-day delay in reporting.
  • The SEC's EDGAR database lets you search these filings by endowment name to see what stocks were held on a specific date.
  • Third-party tracking organizations maintain searchable databases of university investments, though you should verify their methodology and funding source.
  • Investment holdings change frequently, so a report from last year may not reflect current positions.

What "invested in Israel" actually means

When people ask whether a university is "invested in Israel," they usually mean one of three things, and the answer differs for each.

The first is whether the endowment owns stock in Israeli companies. This is straightforward to track — you look for companies incorporated in Israel or listed on the Tel Aviv Stock Exchange. The second is whether the endowment owns stock in companies that do business in Israel or have Israeli operations. This is harder to track because thousands of multinational companies have some Israeli presence. The third is whether the endowment owns stock in companies that sell weapons, surveillance technology, or other goods to the Israeli government or military. This requires knowing both what each company sells and who it sells to, which is not always public.

Most university investment reports do not distinguish between these categories. If you find a holding in a company like Intel or Hewlett-Packard, you know the university owns that stock, but the report will not tell you whether it is because of Israeli operations, because of sales to Israel, or straightforward because the fund owns a broad index that includes those companies.

Why universities hold these investments

University endowments are managed to generate returns for the institution's long-term operations. Most endowments use a diversified strategy that includes broad stock market index funds, which automatically own thousands of companies regardless of where they operate or what they sell.

If an endowment owns the S&P 500 index fund, it owns every company in that index — including those with Israeli operations — without making a deliberate choice about each one. Some endowments also hold international index funds, emerging market funds, or technology sector funds that may include Israeli companies or companies with Israeli ties.

A smaller number of endowments make deliberate choices to own or avoid certain companies based on environmental, social, or governance criteria — sometimes called ESG investing. These endowments may have policies about weapons manufacturers, labor practices, or environmental impact, but policies about Israel-related investments are less common and vary widely by institution.

How to read an endowment report

University endowment reports come in different formats. Some name specific holdings. Others describe investments only by asset class — "40% U.S. stocks, 20% international stocks, 15% bonds, 25% alternatives" — without naming which companies or countries.

When a report does name holdings, look for the date. Endowment positions change constantly, so a report from 2022 does not tell you what the endowment owns in 2024. Check whether the report covers 100% of the endowment or only a portion. Some universities report on their main endowment but not on restricted funds, donor-advised funds, or other pools of money they manage.

If the report mentions "responsible investing" or "divestment," read the policy carefully. Some universities have committed to divesting from specific industries (like fossil fuels or weapons manufacturers) but not from Israel-related investments. Others have policies that could affect Israeli holdings but do not name Israel specifically.

SEC filings and how to use them

Form 13F is a quarterly filing that large investment managers must submit to the SEC. If a university's endowment manages over $25 million, it likely files Form 13F. The form lists every stock position above 10,000 shares or $200,000 in value, depending on which threshold is met first.

To find these filings, go to the SEC's EDGAR database at sec.gov/cgi-bin/browse-edgar. Search for the endowment's name or the university's name. You will see a list of filings. Look for Form 13F. Click on the filing to see the full document, which lists holdings in a table format.

The filing shows what the endowment owned on a specific date — usually the last day of the quarter. Because there is a 45-day delay in reporting, the most recent filing you can see is always at least 45 days old. If you see a Form 13F from March 31, it was filed in mid-May. The endowment's holdings have changed since then.

Form 13F does not tell you why the endowment owns a stock. It does not distinguish between a deliberate choice and a holding that came with an index fund. It also does not cover bonds, real estate, private equity, or other non-stock investments, which may make up a large portion of the endowment.

What third-party databases track

Several organizations maintain searchable databases of university investments. These include Divestment Monitor, which tracks divestment campaigns and commitments; university-specific projects that focus on particular institutions; and advocacy organizations that track investments related to specific issues like Israel, fossil fuels, or weapons manufacturing.

These databases are useful because they often connect company names to specific issues — for example, noting that a company manufactures surveillance technology used in the West Bank, or that it is incorporated in Israel. They also track changes over time and note when universities have made divestment commitments.

The limitation is that these databases are maintained by organizations with a point of view. A database focused on divestment from Israel will include different companies and different information than a database focused on fossil fuel divestment. Before relying on a database, check who maintains it, how they define their terms, and whether they explain their methodology. A transparent source will tell you which companies they track, how they categorize them, and how they know what universities own.

Contacting the university directly

If you cannot find the information you need through public reports or SEC filings, you can contact the university's endowment office or investor relations department directly. Many universities have staff who handle questions about investment policy and holdings.

When you contact them, be specific about what you want to know. "Does the endowment invest in Israel?" is too broad. Instead, ask: "Does the endowment hold stock in Israeli companies?" or "What is the endowment's policy on investments in companies that sell weapons to Israel?" or "Can you provide a list of the endowment's holdings as of [specific date]?"

Some universities will provide detailed answers. Others will direct you to their published reports or decline to discuss specific holdings. There is no legal requirement for universities to disclose their complete investment list to the public, so the answer depends on the institution's policy.

Understanding divestment campaigns and commitments

Some universities have made public commitments to divest from certain categories of investments. These commitments are usually announced in response to student or faculty campaigns and are often documented in university statements or board minutes.

A divestment commitment might say the university will not invest in companies that manufacture weapons used in certain conflicts, or that the university will divest from fossil fuels, or that it will not invest in companies that violate labor standards. Some universities have made commitments specific to Israel-related investments, though these are less common than commitments on other issues.

If a university has made a divestment commitment, check when it was made and what it covers. Some commitments are binding and enforced. Others are aspirational or explore only to new investments going forward. A commitment made in 2015 may not reflect current holdings if the endowment has not yet sold the affected positions.

Frequently Asked Questions

Can I find out exactly what my university's endowment owns right now?

Not completely. You can see Form 13F filings, which show stock holdings from 45 days ago, and you can read published endowment reports, which may be from the previous year. But universities do not publish real-time, complete lists of every investment. Contacting the endowment office directly is your best option for current information.

If a university owns an index fund, does that count as investing in Israel?

Technically yes — the university owns stock in every company in that index, including those with Israeli operations. But it is different from a deliberate choice to own a specific Israeli company. Most endowments use index funds because they are low-cost and diversified, not because of a decision about any particular country.

What is the difference between divestment and not investing in the first place?

Divestment means selling investments you already own. Not investing means choosing not to buy them. A university that divests from a category of companies is making a public statement about why it is selling. A university that straightforward does not buy those companies may not have a stated policy at all.

Do university endowments have to disclose their investments to the public?

No. Universities are not required to publish a complete list of endowment holdings. They must file Form 13F with the SEC if they manage over $25 million, but that form is public only because of SEC rules, not because of university policy. Many universities choose to publish endowment reports, but the detail and frequency vary widely.

How do I know if a company has Israeli operations or sells to Israel?

Company websites and annual reports sometimes describe operations by country. News articles and research reports from organizations focused on Israel-related investments often provide this information. If you cannot find it, you can contact the company directly or search for reports from advocacy organizations that track specific industries.