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 Fund invests predominantly in publicly listed Israeli securities, however it may also invest in unlisted Pre-IPO securities that are expected to be listed within 6 months. Up to 20% of the Fund can be invested in Pre-IPO opportunities.

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

Net performance figures are shown after all fees and expenses, and assume reinvestment of distributions. Performance figures are calculated using net asset values after all fees and expenses, and assume reinvestment of distributions.  No allowance has been made for buy/sell spreads.  Past performance is not a reliable indicator of future performance, the value of investments can go up and down.

Alpha Israel Fund Class A (AUD)

PERFORMANCE AT 30 Sep 2021
1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. SINCE INCEPTION P.A.
Alpha Israel Fund Class A 2.5% 8.4% 6.6% 9.7% 8.8%
Tel Aviv Stock Exchange 125 Index 2.3% 38.2% 10.1% 7.8% 8.6%
Tel Aviv Stock Exchange Small And Medium Cap 60 Index 4.2% 42.9% 19.8% 7.6% 4.1%

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Alpha Israel Fund Class B (USD)

PERFORMANCE AT 30 Sep 2021
1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. SINCE INCEPTION P.A.
Alpha Israel Fund Class B 2.4% 9.8% 9.4% 11.2% 9.9%
Tel Aviv Stock Exchange 125 Index 2.3% 38.2% 10.1% 7.8% 8.6%
Tel Aviv Stock Exchange Small And Medium Cap 60 Index 4.2% 42.9% 19.8% 7.6% 4.1%

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Net performance figures are shown after all fees and expenses, and assume reinvestment of distributions. Performance figures are calculated using net asset values after all fees and expenses, and assume reinvestment of distributions.  No allowance has been made for buy/sell spreads.  Past performance is not a reliable indicator of future performance, the value of investments can go up and down.

Class A (AUD)
DATE APPLICATION REDEMPTION DISTRIBUTIONS
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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Class B (USD)
DATE APPLICATION REDEMPTION DISTRIBUTIONS
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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PORTFOLIO

  • TOP HOLDINGS (alphabetically)
  • Portfolio breakdown
Airport City Ltd
Israel
Diversified Real Estate Activities
Ilex Medical
Israel
Health Care Distributors
Migdal Insurance & Financial
Israel
Multi-line Insurance
Priortech Ltd
Israel
Electronic Components
Telsys
Israel
Technology Distributors

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.

NEWS AND INSIGHTS

The value/growth dynamic

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

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The demand for tech innovation and disruption

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

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Three great Israeli innovation investments in recent years

Alpha LTI fund shares three of their recent best backings  Gabi Dishi, Alpha LTI There’s a lot to like about...

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