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
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. Index returns shown are in ILS (Israeli Shekel). 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 31 Dec 2021
| 1 MTH | 1 YEAR | 2 YEARS P.A. | 3 YEARS P.A. | SINCE INCEPTION P.A. | |
|---|---|---|---|---|---|
| Alpha Israel Fund Class A | 4.8% | 5.6% | 8.9% | 14.7% | 10.4% |
| Tel Aviv Stock Exchange 125 Index | 5.2% | 31.1% | 12.8% | 15.5% | 10.8% |
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Alpha Israel Fund Class B (USD)
PERFORMANCE AT 31 Dec 2021
| 1 MTH | 1 YEAR | 2 YEARS P.A. | 3 YEARS P.A. | SINCE INCEPTION P.A. | |
|---|---|---|---|---|---|
| Alpha Israel Fund Class B | 4.8% | 6.7% | 12.2% | 16.2% | 11.6% |
| Tel Aviv Stock Exchange 125 Index | 5.2% | 31.1% | 12.8% | 15.5% | 10.8% |
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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. Index returns shown are in ILS (Israeli Shekel). 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 |
|---|---|---|---|
| 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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Class B (USD)
| DATE | APPLICATION | REDEMPTION | DISTRIBUTIONS |
|---|---|---|---|
| 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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PORTFOLIO
- TOP HOLDINGS (alphabetically)
- Portfolio breakdown
THE TEAM
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.
REPORTS AND RESOURCES
- Monthly Reports
- IM
- December 2021 - Year in review
- November 2021 - Covid continues to exert influence
- October 2021 - Booster shots reduce Israel's Covid-19 illness rates
- September 2021 - A strong month for Priortech and Ilex Medical
- August 2021 - August is one of the most complex months in the Israeli capital markets.
- July 2021 - From growth, to value, and back again
- June 2021 - The value/growth dynamic
- May 2021 - Israel is now "COVID free"
- April 2021 - The economy opens
- March 2021 - SEEKING COMPANIES WITH LONG-TERM GROWTH PROSPECTS
- February 2021 - A bounce-back in the value sector, with profit-taking in growth
- January 2021 - Divergence in the market
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...
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...
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...