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 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.
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 30 Jun 2024
| 1 MTH | 1 YEAR | 2 YEARS P.A. | 3 YEARS P.A. | SINCE INCEPTION P.A. | |
|---|---|---|---|---|---|
| Alpha Israel Fund Class A | -4% | 4.5% | 2.3% | 0.9% | 6.1% |
| Tel Aviv Stock Exchange 125 Index | -2% | 10% | 1.8% | 3.5% | 5.7% |
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Alpha Israel Fund Class B (USD)
PERFORMANCE AT 30 Jun 2024
| 1 MTH | 1 YEAR | 2 YEARS P.A. | 3 YEARS P.A. | SINCE INCEPTION P.A. | |
|---|---|---|---|---|---|
| Alpha Israel Fund Class B | -3.9% | 6.2% | 3.6% | 2% | 7.3% |
| Tel Aviv Stock Exchange 125 Index | -2% | 10% | 1.8% | 3.5% | 5.7% |
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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 |
|---|---|---|---|
| 30/06/2024 | 1.0346 | 1.0294 | 0.0464 |
| 31/05/2024 | 1.0776 | 1.0722 | - |
| 30/04/2024 | 1.0849 | 1.0795 | - |
| 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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Class B (USD)
| DATE | APPLICATION | REDEMPTION | DISTRIBUTIONS |
|---|---|---|---|
| 30/06/2024 | 1.0250 | 1.0198 | 0.0061 |
| 31/05/2024 | 1.0670 | 1.0616 | - |
| 30/04/2024 | 1.0755 | 1.0701 | - |
| 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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PORTFOLIO
Total portfolio holdings as at 30 Jun 2024: 24.0000
- 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
- June 2024 - June Report
- May 2024 - May Report
- April 2024 - April Report
- March 2024 - March Report
- February 2024 - February report
- January 2024 - January Report
- December 2023 - December report
- November 2023 - Israeli equities bounced back strongly
- October 2023 - October Report
- September 2023 - September Report and Special update
- August 2023 - August Report
- July 2023 - July Report
- June 2023 - June report
- May 2023 - May Report
- April 2023 - April Report
- March 2023 - March Report
- February 2023 - February report
- January 2023 - January report
NEWS AND INSIGHTS
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...
Israeli Tech Companies
Fund Managers Sagi Ben Yosef and Gabi Dishi provide a portfolio update and insights from the reporting season.
The value/growth dynamic
The last year has been characterised by volatile markets, driven initially by the onset of Covid in developed economies. A...