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Alpha Israel Fund

An Israeli equity fund investing in cutting edge technologies

LATEST REPORT:
March Report
Overview Performance Portfolio The Team Fund Facts Reports & Resources

The Pengana Alpha Israel Fund invests principally in listed Israeli companies that produce cutting edge – both high and low tech – technologies. These Israeli companies have developed solid intellectual property coupled with strong global distribution.

The Fund offers Australian Wholesale investors diversification into a unique and promising market that is very much skewed to industries and technology sectors which are either limited, or do not exist, in the Australian market place, such as the semiconductor industry, solar and water treatment technology, aerospace and electronic defence industries, and cybersecurity technologies.

The Pengana Israel Alpha Fund is managed by Alpha LTI, a boutique Israel manager established in 2005 with an impressive track record.

Alpha typically focuses on

high-growth Israeli industries that have competitive technological, product or market advantages

mature and profitable companies

companies that are under the radar with low analyst coverage

companies that have best-in-class management

companies that place a fundamental emphasis on free cash flow – enabling consistent dividend payouts

Private IPOs with lucrative growth potential

THE ISRAEL OPPORTUNITY

A GLOBAL LEADER IN INNOVATION & TECHNOLOGY

  • Israel ranks #1 in the world in expenditure on research and development as a percentage of GDP.
  • Israel contains the largest number of NASDAQ-listed companies in the world outside of the US and China, despite having a population of less than 9 million people.
  • Largest number of start-ups per capita in the world – around 1 start-up for every 1400 people.
  • 450+ Listed Equity Companies, 64 cross-listed abroad
  • 9 Universities, 12 Nobel Laureates
  • More than 270 multinational corporations (MNCs) have established more than 320 advanced R&D facilities throughout the country to take advantage of Israeli innovation. The list includes the likes of: Google, Apple, Facebook, Microsoft, Intel, Yahoo!, Motorola, HP, Siemens, GE, GM, IBM and Cisco.
  • A number of high-profile exits in recent years – Waze (sold to Google for $13 billion), Mobileye (sold to Intel for $15.3bn), SodaStream (sold to PepsiCo for $3.4bn), etc.
  • Knowledge based economy with highest concentration of PhD’s, engineers & patents filled per capita

The Pengana Alpha Israel Fund is uniquely positioned to capture the investment opportunities in some of Israel’s most attractive sectors with a locally based investment team in possession of an established reputation and deep industry ties.

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PERFORMANCE

  • CHART
  • TABLE
  • UNIT PRICES

Fund performance is calculated after all fees and expenses, and assumes reinvestment of distributions. No allowance has been made for buy/sell spreads. Please refer to the PDS for information regarding risks. Past performance is not a reliable indication of future performance, the value of investments can go up or down. Index returns shown are in ILS (Israeli Shekel).

Inception date: 1 January 2018

Alpha Israel Fund Class A (AUD)

PERFORMANCE AT 31 Mar 2024
HD-PENALP-Class A-31/03/2024
1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. SINCE INCEPTION P.A.
Alpha Israel Fund Class A 2.1% 21.7% 1.7% 4.3% 7.8%
Tel Aviv Stock Exchange 125 Index 2.6% 17.8% -1.5% 6.9% 6.6%

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Alpha Israel Fund Class B (USD)

PERFORMANCE AT 31 Mar 2024
HD-PENALP-Class B-31/03/2024
1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. SINCE INCEPTION P.A.
Alpha Israel Fund Class B 2.1% 24.8% 3.2% 5.5% 9%
Tel Aviv Stock Exchange 125 Index 2.6% 17.8% -1.5% 6.9% 6.6%

Swipe horizontally to see all columns

Fund performance is calculated after all fees and expenses, and assumes reinvestment of distributions. No allowance has been made for buy/sell spreads. Please refer to the PDS for information regarding risks. Past performance is not a reliable indication of future performance, the value of investments can go up or down. Index returns shown are in ILS (Israeli Shekel).

Inception date: 1 January 2018

Class A (AUD)
DATE APPLICATION REDEMPTION DISTRIBUTIONS
31/03/2024 1.1236 1.1180 –
29/02/2024 1.1003 1.0949 –
31/01/2024 1.0459 1.0407 –
31/12/2023 1.0464 1.0412 –
30/11/2023 0.9938 0.9888 –
31/10/2023 0.9466 0.9418 –
30/09/2023 1.0362 1.0310 –
31/08/2023 1.0425 1.0373 –
31/07/2023 1.0524 1.0472 –
30/06/2023 1.0056 1.0006 0.0155
31/05/2023 0.9731 0.9683 –
30/04/2023 0.9721 0.9673 –
31/03/2023 0.9380 0.9334 –
28/02/2023 0.9296 0.9250 –
31/01/2023 0.9729 0.9681 –
31/12/2022 0.9535 0.9487 –
30/11/2022 1.0089 1.0039 –
31/10/2022 1.0161 1.0111 –
30/09/2022 1.0050 1.0000 –
31/08/2022 1.0720 1.0666 –
31/07/2022 1.0419 1.0367 –
30/06/2022 1.1651 1.1593 0.1599
31/05/2022 1.1999 1.1939 –
30/04/2022 1.2628 1.2566 –
31/03/2022 1.2788 1.2724 –
28/02/2022 1.2634 1.2570 –
31/01/2022 1.2453 1.2391 –
31/12/2021 1.2316 1.2254 –
30/11/2021 1.1747 1.1689 –
31/10/2021 1.1653 1.1595 –
30/09/2021 1.1388 1.1332 –
31/08/2021 1.1116 1.1060 –
31/07/2021 1.1316 1.1260 –
30/06/2021 1.3079 1.3013 0.1216
31/05/2021 1.3488 1.3420 –
30/04/2021 1.3489 1.3421 –
31/03/2021 1.2859 1.2795 –
28/02/2021 1.2971 1.2907 –
31/01/2021 1.3092 1.3026 –
31/12/2020 1.2859 1.2795 –
30/11/2020 1.2224 1.2164 –
31/10/2020 1.1630 1.1572 –
30/09/2020 1.1584 1.1526 –
31/08/2020 1.1564 1.1506 –
31/07/2020 1.0835 1.0781 –
30/06/2020 1.1534 1.1476 0.1016
31/05/2020 1.1905 1.1845 –
30/04/2020 1.1902 1.1842 –
31/03/2020 1.1331 1.1275 –
29/02/2020 1.2892 1.2828 –
31/01/2020 1.3111 1.3045 –
31/12/2019 1.2556 1.2494 –
30/11/2019 1.2542 1.2480 –
31/10/2019 1.2324 1.2262 –
30/09/2019 1.2123 1.2063 –
31/08/2019 1.1729 1.1671 –
31/07/2019 1.1345 1.1289 –
30/06/2019 1.1205 1.1149 –
31/05/2019 1.0940 1.0886 –
30/04/2019 1.1128 1.1072 –
31/03/2019 1.0725 1.0671 –
28/02/2019 1.0648 1.0594 –
31/01/2019 1.0245 1.0193 –
31/12/2018 0.9882 0.9832 –
30/11/2018 1.0175 1.0125 –
31/10/2018 1.0202 1.0152 –
30/09/2018 1.0437 1.0385 –
31/08/2018 1.0490 1.0438 –
31/07/2018 1.0069 1.0019 –
30/06/2018 1.0015 0.9965 –
31/05/2018 1.0033 0.9983 –
30/04/2018 0.9890 0.9840 –
31/03/2018 0.9887 0.9837 –
28/02/2018 1.0021 0.9971 –
31/01/2018 0.9967 0.9917 –
31/12/2017 1.0000 0.9975 –
18/12/2017 1.0000 0.0000 –

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Download Unit Prices
Class B (USD)
DATE APPLICATION REDEMPTION DISTRIBUTIONS
31/03/2024 1.1132 1.1076 –
29/02/2024 1.0898 1.0844 –
31/01/2024 1.0356 1.0304 –
31/12/2023 1.0348 1.0296 –
30/11/2023 0.9825 0.9776 –
31/10/2023 0.9330 0.9284 –
30/09/2023 1.0192 1.0142 –
31/08/2023 1.0255 1.0203 –
31/07/2023 1.0277 1.0225 –
30/06/2023 1.0325 1.0273 0.0674
31/05/2023 1.0025 0.9975 –
30/04/2023 0.9906 0.9856 –
31/03/2023 0.9544 0.9496 –
28/02/2023 0.9447 0.9399 –
31/01/2023 0.9865 0.9815 –
31/12/2022 0.9687 0.9639 –
30/11/2022 1.0243 1.0191 –
31/10/2022 1.0328 1.0276 –
30/09/2022 1.0221 1.0171 –
31/08/2022 1.0866 1.0812 –
31/07/2022 1.0571 1.0519 –
30/06/2022 1.3219 1.3153 0.2977
31/05/2022 1.3572 1.3504 –
30/04/2022 1.4293 1.4221 –
31/03/2022 1.4469 1.4397 –
28/02/2022 1.4310 1.4238 –
31/01/2022 1.4107 1.4037 –
31/12/2021 1.3960 1.3890 –
30/11/2021 1.3321 1.3255 –
31/10/2021 1.3159 1.3093 –
30/09/2021 1.2845 1.2781 –
31/08/2021 1.2544 1.2482 –
31/07/2021 1.2770 1.2706 –
30/06/2021 1.3650 1.3582 0.0280
31/05/2021 1.4052 1.3982 –
30/04/2021 1.4051 1.3981 –
31/03/2021 1.3388 1.3322 –
28/02/2021 1.3507 1.3439 –
31/01/2021 1.3641 1.3573 –
31/12/2020 1.3356 1.3290 –
30/11/2020 1.2661 1.2597 –
31/10/2020 1.2008 1.1948 –
30/09/2020 1.1948 1.1888 –
31/08/2020 1.2014 1.1954 –
31/07/2020 1.1197 1.1141 –
30/06/2020 1.1520 1.1462 0.0952
31/05/2020 1.1860 1.1800 –
30/04/2020 1.1860 1.1800 –
31/03/2020 1.1364 1.1308 –
29/02/2020 1.2642 1.2578 –
31/01/2020 1.2830 1.2766 –
31/12/2019 1.2335 1.2273 –
30/11/2019 1.2319 1.2257 –
31/10/2019 1.2118 1.2058 –
30/09/2019 1.1936 1.1876 –
31/08/2019 1.1584 1.1526 –
31/07/2019 1.1245 1.1189 –
30/06/2019 1.1120 1.1064 –
31/05/2019 1.0879 1.0825 –
30/04/2019 1.1046 1.0990 –
31/03/2019 1.0678 1.0624 –
28/02/2019 1.0607 1.0555 –
31/01/2019 1.0234 1.0182 –
31/12/2018 0.9894 0.9844 –
30/11/2018 1.0160 1.0110 –
31/10/2018 1.0186 1.0136 –
30/09/2018 1.0403 1.0351 –
31/08/2018 1.0451 1.0399 –
31/07/2018 1.0064 1.0014 –
30/06/2018 1.0013 0.9963 –
31/05/2018 1.0031 0.9981 –
30/04/2018 0.9891 0.9841 –
31/03/2018 0.9886 0.9836 –
28/02/2018 1.0018 0.9968 –
31/01/2018 0.9966 0.9916 –
31/12/2017 1.0000 0.9975 –
18/12/2017 1.0000 0.0000 –

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Download Unit Prices
Where a distribution is shown, the price for that date is prior to the payment of the distribution. The following day's price will exclude that distribution payment amount.
HD-PENALP-Class B-31/03/2024

PORTFOLIO

Total portfolio holdings as at 31 Mar 2024: 27.0000

  • TOP HOLDINGS (alphabetically)
  • Portfolio breakdown
Argo Properties NV
Netherlands
Real Estate Operating Companies
ARGO Properties N.V. operates as a real estate company. The Company focuses on multi-family and commercial properties.
Azrieli Group Ltd
Israel
Real Estate Operating Companies
Azrieli Group Ltd. is a property company. The Company owns a portfolio of shopping centres, offices, and has an adjacent business in senior assisted housing. Azrieli is both a developer of new buildings, and an owner and manager of its existing assets. Azrieli Group's activities are in Israel with emerging activity in data centers platform in the United States and Europe.
Bank Hapoalim BM
Israel
Diversified Banks
Bank Hapoalim B.M. attracts deposits and offers personal, corporate and institutional banking services. The Bank offers corporate finance, cash management, foreign exchange, investment advice, loans, securities brokerage, custody services, investment banking, foreign trade financing, and treasury services. Bank Hapoalim operats in Israel, the Americas, and Europe.
Bank Leumi LE IS
Israel
Diversified Banks
Bank Leumi Le-Israel attracts deposits and offers banking and financial services. The Bank offers consumer loans, mortgages, lease financing, insurance, mutual funds, and merchant banking services. Bank Leumi holds significant equity stakes in a number of non-financial corporations in Israel.
Nice Ltd
Israel
Application Software
NICE Ltd provides solutions that manage and analyze multimedia content and transactional data, such as telephony, web, radio and video communications. The Company's solutions include integrated, multimedia recording platforms, software applications and related professional services.
HD-PENALP-Class B-31/03/2024

THE TEAM

Gabi Dishi

Gabi Dishi

Founder & CEO

Read full profile >
Michael Weiss

Michael Weiss

Founder & Managing Partner

Read full profile >
Aviran Revivo

Aviran Revivo

Managing Partner

Read full profile >
Sagi Ben-Yosef

Sagi Ben-Yosef

Managing Partner

Read full profile >

Fund Facts

Investment Objective

The goal of the Fund is to achieve long-term capital growth by investing in Israeli and Israeli-related companies, generating returns that consistently outperform the relevant benchmarks. Returns are not guaranteed.

Who Can Invest?

Wholesale clients as defined in the Corporations Act

Minimum Investment Amount

A$250,000

(Pengana, as trustee of the fund, reserves the right to accept lower investment amounts)

Fee Structure*

Management fee – 1.5% per annum paid monthly in arrears

Performance fee – 20% above the Hurdle with a high water mark, paid semi-annually in arrears

Hurdle

4%

Buy/Sell Spread

0.25% / 0.25%

Applications and Redemptions

Monthly

Distribution Frequency

The Fund aims to pay distributions annually

Recommended Investment Term

5+ years

*Fees are stated inclusive of GST and net of RITC. For more information, refer to the Fund’s product disclosure statement available under the Reports & Resources section.

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REPORTS AND RESOURCES

  • Monthly Reports
  • IM
INVEST NOW

NEWS AND INSIGHTS

Alpha Israel Fund

Special Investor Presentation – Pengana Alpha Israel Fund

During the Fund's latest update, Fund managers Gabi Dishi and Sagi Ben Yosef discuss the Fund's current portfolio holdings, the...

November, 2023
Read More
Alpha Israel Fund

Israeli Tech Companies

Fund Managers Sagi Ben Yosef and Gabi Dishi provide a portfolio update and insights from the reporting season. CPD points...

October, 2022
Read More

0.5 CPD

Alpha Israel Fund

The value/growth dynamic

The last year has been characterised by volatile markets, driven initially by the onset of Covid in developed economies. A...

August, 2021
Read More
Pengana Capital Group