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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

  • TABLE
  • CHART
  • UNIT PRICES

* Performance for periods greater than 12 months are annualised. Net performance figures are shown 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.

1. Inception date 1 January 2018. Performance shown is the continuous performance of both the current and previous strategies.

2. Prior to February 2025 performance has been simulated by Pengana from the monthly gross returns of the Alpha Long Equities Fund denominated in ILS. The simulation was done by: hedging currency exposure of the underlying strategy to the base currency of the stated class using three month forward rates; and, applying the fee structure of the stated class. From February 2025 inclusive, performance is of the Pengana Alpha Israel Fund.

3. Index returns shown are in ILS (Israeli Shekel).

Alpha Israel Fund Class A (AUD)

PERFORMANCE AT 31 Mar 2025
HD-PENALP-Class A-31/03/2025
1M 1Y 2Y 3Y
Since Strategy
Inception
March 20212
 5Y
Since Fund
Inception
January 2018
Alpha Israel Fund Class A1 -4.6% 13.9% 17.7% 5.6% 6.6% 10.0% 8.6%
Current Strategy (Partial Simulation)2 -4.6% 17.2% 21.3% 7.2% 9.7%
Tel Aviv Stock Exchange 125 Index3 -3.8% 20.3% 19.0% 5.3% 10.1% 13.9% 8.4%

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Alpha Israel Fund Class B (USD)

PERFORMANCE AT 31 Mar 2025
HD-PENALP-Class B-31/03/2025
1M 1Y 2Y 3Y
Since Strategy
Inception
March 20212
 5Y
Since Fund
Inception
January 2018
Alpha Israel Fund Class B1 -4.7% 13.8% 19.2% 6.6% 7.5% 11.4% 9.6%
Current Strategy (Partial Simulation)2 -4.7% 16.6% 20.4% 6.4% 9.0%
Tel Aviv Stock Exchange 125 Index3 -3.8% 20.3% 19.0% 5.3% 10.1% 13.9% 8.4%

Swipe horizontally to see all columns

* Performance for periods greater than 12 months are annualised. Net performance figures are shown 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.

1. Inception date 1 January 2018. Performance shown is the continuous performance of both the current and previous strategies.

2. Prior to February 2025 performance has been simulated by Pengana from the monthly gross returns of the Alpha Long Equities Fund denominated in ILS. The simulation was done by: hedging currency exposure of the underlying strategy to the base currency of the stated class using three month forward rates; and, applying the fee structure of the stated class. From February 2025 inclusive, performance is of the Pengana Alpha Israel Fund.

3. Index returns shown are in ILS (Israeli Shekel).

Class A (AUD)
DATE APPLICATION REDEMPTION DISTRIBUTIONS
31/03/20251.22251.2165-
28/02/20251.28201.2756-
31/01/20251.25921.2530-
31/12/20241.22501.2188-
30/11/20241.17001.1642-
31/10/20241.12511.1195-
30/09/20241.07811.0727-
31/08/20241.05791.0527-
31/07/20241.01311.0081-
30/06/20241.03461.02940.0464
31/05/20241.07761.0722-
30/04/20241.08491.0795-
31/03/20241.12361.1180-
29/02/20241.10031.0949-
31/01/20241.04591.0407-
31/12/20231.04641.0412-
30/11/20230.99380.9888-
31/10/20230.94660.9418-
30/09/20231.03621.0310-
31/08/20231.04251.0373-
31/07/20231.05241.0472-
30/06/20231.00561.00060.0155
31/05/20230.97310.9683-
30/04/20230.97210.9673-
31/03/20230.93800.9334-
28/02/20230.92960.9250-
31/01/20230.97290.9681-
31/12/20220.95350.9487-
30/11/20221.00891.0039-
31/10/20221.01611.0111-
30/09/20221.00501.0000-
31/08/20221.07201.0666-
31/07/20221.04191.0367-
30/06/20221.16511.15930.1599
31/05/20221.19991.1939-
30/04/20221.26281.2566-
31/03/20221.27881.2724-
28/02/20221.26341.2570-
31/01/20221.24531.2391-
31/12/20211.23161.2254-
30/11/20211.17471.1689-
31/10/20211.16531.1595-
30/09/20211.13881.1332-
31/08/20211.11161.1060-
31/07/20211.13161.1260-
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
31/03/20251.25961.2534-
28/02/20251.32111.3145-
31/01/20251.29571.2893-
31/12/20241.26031.2541-
30/11/20241.20621.2002-
31/10/20241.15381.1480-
30/09/20241.10761.1020-
31/08/20241.08901.0836-
31/07/20241.04551.0403-
30/06/20241.02501.01980.0061
31/05/20241.06701.0616-
30/04/20241.07551.0701-
31/03/20241.11321.1076-
29/02/20241.08981.0844-
31/01/20241.03561.0304-
31/12/20231.03481.0296-
30/11/20230.98250.9776-
31/10/20230.93300.9284-
30/09/20231.01921.0142-
31/08/20231.02551.0203-
31/07/20231.02771.0225-
30/06/20231.03251.02730.0674
31/05/20231.00250.9975-
30/04/20230.99060.9856-
31/03/20230.95440.9496-
28/02/20230.94470.9399-
31/01/20230.98650.9815-
31/12/20220.96870.9639-
30/11/20221.02431.0191-
31/10/20221.03281.0276-
30/09/20221.02211.0171-
31/08/20221.08661.0812-
31/07/20221.05711.0519-
30/06/20221.32191.31530.2977
31/05/20221.35721.3504-
30/04/20221.42931.4221-
31/03/20221.44691.4397-
28/02/20221.43101.4238-
31/01/20221.41071.4037-
31/12/20211.39601.3890-
30/11/20211.33211.3255-
31/10/20211.31591.3093-
30/09/20211.28451.2781-
31/08/20211.25441.2482-
31/07/20211.27701.2706-
30/06/20211.36501.35820.0280
31/05/20211.40521.3982-
30/04/20211.40511.3981-
31/03/20211.33881.3322-
28/02/20211.35071.3439-
31/01/20211.36411.3573-
31/12/20201.33561.3290-
30/11/20201.26611.2597-
31/10/20201.20081.1948-
30/09/20201.19481.1888-
31/08/20201.20141.1954-
31/07/20201.11971.1141-
30/06/20201.15201.14620.0952
31/05/20201.18601.1800-
30/04/20201.18601.1800-
31/03/20201.13641.1308-
29/02/20201.26421.2578-
31/01/20201.28301.2766-
31/12/20191.23351.2273-
30/11/20191.23191.2257-
31/10/20191.21181.2058-
30/09/20191.19361.1876-
31/08/20191.15841.1526-
31/07/20191.12451.1189-
30/06/20191.11201.1064-
31/05/20191.08791.0825-
30/04/20191.10461.0990-
31/03/20191.06781.0624-
28/02/20191.06071.0555-
31/01/20191.02341.0182-
31/12/20180.98940.9844-
30/11/20181.01601.0110-
31/10/20181.01861.0136-
30/09/20181.04031.0351-
31/08/20181.04511.0399-
31/07/20181.00641.0014-
30/06/20181.00130.9963-
31/05/20181.00310.9981-
30/04/20180.98910.9841-
31/03/20180.98860.9836-
28/02/20181.00180.9968-
31/01/20180.99660.9916-
31/12/20171.00000.9975-
18/12/20171.00000.0000-

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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-31/03/2025

PORTFOLIO

Total portfolio holdings as at 31 Mar 2025: 30

  • TOP HOLDINGS (alphabetically)
  • Portfolio breakdown
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-Israel B.M.
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.
Fattal Holdings (1998) Ltd.
Israel
Hotels, Resorts & Cruise Lines
Fattal Holdings (1998) Ltd. engages in the management and operation of hotels in Israel and Europe. It operates through the following geographical segments: Israel, Europe, United Kingdom & Ireland, and Other. The firm managers the hotels Leonardo Plaza Ashdod, Leonardo Palza Jerusalem, Leonardo Palaza Haifa, Leonardo Club Tiberias, Harrods Tel Aviv, Becher House JHotel Tel Aviv, and Harrods Vitalis Eilat. The company was founded by David Fattal in March 4, 1998 and is headquartered in Tel Aviv, Israel.
Isramco Negev 2 Limited Partnership
Israel
Oil & Gas Exploration & Production
Isramco Negev 2 LP engages in exploration and production of oil and gas in Israel. Its products include natural gas and condensate. The company was founded in 1989 and is headquartered in Petach Tikva, Israel.
Phoenix Financial Ltd
Israel
Multi-line Insurance
Phoenix Financial Ltd. engages in the provision of insurance products. It operates through the following business segments: Life Insurance and Savings, Health Insurance, Property and Casualty Insurance, Pension and Provident, Financial Services, Insurance Agencies, and Credit. The Life Insurance and Savings segment includes life insurance products and related coverage, and management of pension and retirement. The Health Insurance segment offers nursing insurance, medical reimbursement insurance, surgeries and transplants, dental insurance, travel insurance, and foreign workers insurance. The Property and Casualty Insurance segment is composed of motor insurance, motor property, other liabilities, and property and other subsegments. The Pension and Provident segment deals with the management of pension funds and provident funds through The Phoenix Pension and Provident. The Financial Services segment is composed of investment management activities, including mutual funds, ETFs, brokerage services, underwriting services, market making in various securities and other services. The Insurance Agencies segment represents the activities of pension arrangement agencies and other insurance agencies in the group. The Credit segment refers to financing against postdated checks, clearing, and management of credit vouchers services, financing against real estate properties, loans and credit, equipment financing and supplier financing. The company was founded by David Hachmi in 1949 and is headquartered in Givatayim, Israel.
HD-PENALP-Class B-31/03/2025

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 Fund’s investment objective is to maximise total returns via the long-term appreciation of its assets through investments and transactions involving securities or financial instruments of, or related to, primarily (but not necessarily exclusively) Israeli and Israel-related public companies.

Who Can Invest?

Wholesale clients as defined in the Corporations Act

Minimum Investment Amount

A$250,000 for the AUD class and the US$ equivalent of A$250,000 for the USD class

(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 TA-125 Index paid semi-annually in arrears. No performance fee is payable if performance for the half year is not positive.

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
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INVEST NOW

NEWS AND INSIGHTS

Alpha Israel Fund

Investing in Resilience

November, 2024
Read More
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.

October, 2022
Read More
Pengana Capital Group