https://data.pengana.com/wp-json/pen/performance?fund_code=PENALP&date=30/09/2024&aggregation_code=Class%20A
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Alpha Israel Fund Class A (AUD)

1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. SINCE INCEPTION P.A.
Alpha Israel Fund Class A 1.9% 8.9% 6.8% 5.3% 7.2%
Tel Aviv Stock Exchange 125 Index 1.8% 13% 6% 4.4% 6.7%

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Alpha Israel Fund Class B (USD)

1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. SINCE INCEPTION P.A.
Alpha Israel Fund Class B 1.7% 9.3% 8% 6.3% 8.3%
Tel Aviv Stock Exchange 125 Index 1.8% 13% 6% 4.4% 6.7%

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[piechart] => Array ( [0] => Array ( [0] => Sector Breakdown [1] => ["Consumer Discretionary", 0.061240954],["Financials", 0.286892792],["Health Care", 0.084328881],["Industrials", 0.091472872],["Information Technology", 0.163955564],["Real Estate", 0.150387283],["Utilities", 0.041201849],["Energy", 0.055880187],["Options", 0.002285876],["Cash", 0.062353742], ) [1] => Array ( [0] => Capitalisation Breakdown [1] => ["Under 100m USD", 0.044971623],["In between 100 - 1bn USD", 0.401396136],["In between 1bn - 5bn USD", 0.186315452],["Above 5bn USD", 0.302677171],["Derivatives", 0.002285876],["Cash", 0.062353742], ) ) [topholdings] => BNNFQG0/Argo Properties NV/Netherlands/Real Estate Operating Companies,B5MN1W0/Azrieli Group Ltd/Israel/Real Estate Operating Companies,6075808/Bank Hapoalim BM/Israel/Diversified Banks,6076425/Bank Leumi LE IS/Israel/Diversified Banks,646648/ISRAMCO NEGEV PAR/Israel/Oil & Gas Exploration & Production, [topholdingsimg] => https://data.pengana.com/wp-content/uploads/argo-properties-nv-600.png,https://data.pengana.com/wp-content/uploads/download-31-e1689228353105.png,https://data.pengana.com/wp-content/uploads/Bank-Hapoalim-B.M.webp,https://data.pengana.com/wp-content/uploads/Leumi_LogoSquare_Color-scaled.jpg,https://data.pengana.com/wp-content/uploads/NASDAQ_ISRL_9d62c4c7123d40e3bf301c8314e11a1e.png, [topholdingsintro] => Array ( [0] => ARGO Properties N.V. operates as a real estate company. The Company focuses on multi-family and commercial properties. [1] => 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. [2] => 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. [3] => 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. [4] => 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. 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font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="297.6015625" y="155">05/2024</text></g></g></g><path data-ac-wrapper-id="52" id="ac_path_19" fill="none" stroke="#CECECE" d="M 48.5 26 L 48.5 138"/><path data-ac-wrapper-id="53" id="ac_path_1a" fill="none" stroke="#CECECE" d="M 48 137.5 L 42 137.5 M 48 109.5 L 42 109.5 M 48 81.5 L 42 81.5 M 48 53.5 L 42 53.5 M 48 26.5 L 42 26.5"/><g data-ac-wrapper-id="54" id="ac_layer_1l"><g data-ac-wrapper-id="55" id="ac_layer_1c"><g data-ac-wrapper-id="56" id="ac_unmanageable-layer_1b"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="12.7451171875" y="139">$75,000</text></g></g><g data-ac-wrapper-id="57" id="ac_layer_1e"><g data-ac-wrapper-id="58" id="ac_unmanageable-layer_1d"><text aria-hidden="true" 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aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="109.6015625" y="155">10/2019</text></g></g><g data-ac-wrapper-id="42" id="ac_layer_z"><g data-ac-wrapper-id="43" id="ac_unmanageable-layer_y"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="147.6015625" y="155">09/2020</text></g></g><g data-ac-wrapper-id="44" id="ac_layer_11"><g data-ac-wrapper-id="45" id="ac_unmanageable-layer_10"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="184.6015625" y="155">08/2021</text></g></g><g data-ac-wrapper-id="46" id="ac_layer_13"><g data-ac-wrapper-id="47" id="ac_unmanageable-layer_12"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="222.6015625" y="155">07/2022</text></g></g><g data-ac-wrapper-id="48" id="ac_layer_15"><g data-ac-wrapper-id="49" id="ac_unmanageable-layer_14"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="260.6015625" y="155">06/2023</text></g></g><g data-ac-wrapper-id="50" id="ac_layer_17"><g data-ac-wrapper-id="51" id="ac_unmanageable-layer_16"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="297.6015625" y="155">05/2024</text></g></g></g><path data-ac-wrapper-id="52" id="ac_path_19" fill="none" stroke="#CECECE" d="M 48.5 26 L 48.5 138"/><path data-ac-wrapper-id="53" id="ac_path_1a" fill="none" stroke="#CECECE" d="M 48 137.5 L 42 137.5 M 48 109.5 L 42 109.5 M 48 81.5 L 42 81.5 M 48 53.5 L 42 53.5 M 48 26.5 L 42 26.5"/><g data-ac-wrapper-id="54" id="ac_layer_1l"><g data-ac-wrapper-id="55" id="ac_layer_1c"><g data-ac-wrapper-id="56" id="ac_unmanageable-layer_1b"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="12.7451171875" y="139">$75,000</text></g></g><g data-ac-wrapper-id="57" id="ac_layer_1e"><g data-ac-wrapper-id="58" id="ac_unmanageable-layer_1d"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="8.9306640625" y="111">$100,000</text></g></g><g data-ac-wrapper-id="59" id="ac_layer_1g"><g data-ac-wrapper-id="60" id="ac_unmanageable-layer_1f"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="8.9306640625" y="84">$125,000</text></g></g><g data-ac-wrapper-id="61" id="ac_layer_1i"><g data-ac-wrapper-id="62" id="ac_unmanageable-layer_1h"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="8.9306640625" y="56">$150,000</text></g></g><g data-ac-wrapper-id="63" id="ac_layer_1k"><g data-ac-wrapper-id="64" id="ac_unmanageable-layer_1j"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="8.9306640625" y="28">$175,000</text></g></g></g><path data-ac-wrapper-id="75" pointer-events="none" id="ac_path_20" fill="none" stroke="#969EA5" d="M 0,0"/><path data-ac-wrapper-id="76" pointer-events="none" id="ac_path_21" fill="none" stroke="none" d="M 0,0"/><g data-ac-wrapper-id="16" transform="matrix(1,0,0,1,95.207763671875,10)" clip-path="url(&quot;#ac_clip_f&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_h"><g data-ac-wrapper-id="17" id="ac_layer_d"><g data-ac-wrapper-id="18" id="ac_layer_8"><text data-ac-wrapper-id="19" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="5" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="10" y="5" aria-hidden="true" id="ac_text_5" style="user-select: none; font-family: Verdana, Helvetica, Arial, sans-serif; opacity: 1; cursor: pointer;"><tspan x="10" dy="0">Fund</tspan></text><path data-ac-wrapper-id="20" transform="matrix(1,0,0,1,0,0.5)" id="ac_path_6" fill="#7ea8df" stroke="#7ea8df" stroke-width="1" d="M 0 0 L 5 0 5 5 0 5 Z" style="cursor: pointer;"/><path data-ac-wrapper-id="21" id="ac_rect_7" fill="#FFFFFF" fill-opacity="0.00001" stroke="none" d="M 0 0 L 23.328125 0 23.328125 6 0 6 0 0 Z" style="cursor: pointer;"/></g><g data-ac-wrapper-id="22" transform="matrix(1,0,0,1,38.328125,0)" id="ac_layer_c"><text data-ac-wrapper-id="23" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="5" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="10" y="5" aria-hidden="true" id="ac_text_9" style="user-select: none; font-family: Verdana, Helvetica, Arial, sans-serif; opacity: 1; cursor: pointer;"><tspan x="10" dy="0">Tel Aviv Stock Exchange 125 Index</tspan></text><path data-ac-wrapper-id="24" transform="matrix(1,0,0,1,0,0.5)" id="ac_path_a" fill="#5f5f5f" stroke="#5f5f5f" stroke-width="1" d="M 0 0 L 5 0 5 5 0 5 Z" style="cursor: pointer;"/><path data-ac-wrapper-id="25" id="ac_rect_b" fill="#FFFFFF" fill-opacity="0.00001" stroke="none" d="M 0 0 L 101.25634765625 0 101.25634765625 6 0 6 0 0 Z" style="cursor: pointer;"/></g></g></g></g></g></svg> [jsonhpid] => 26627 [jsonhpid2] => 26628 ) )
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Alpha Israel Fund

An Israeli equity fund investing in cutting edge technologies

September 2024 - Monthly REPORT

September Report

SUMMARY

  • Israeli equities again delivered a positive return in September, despite a volatile start to the month when share markets initially fell upon fears of a slowdown in the global economy.
  • The local equity market performed well despite growing tensions on the border with Lebanon, rising domestic inflation, and downgrades in the credit rating of Israel’s government debt.
  • The Fund returned +1.9% (Class A, AUD) and +1.7% (Class B, USD), while the TA 125 Index returned +1.8% in September.

Join CIO and Fund Manager Gabi Dishi for an exclusive webinar update. In this insightful session, Gabi will delve into the current portfolio, break down the factors driving recent performance, and share valuable perspectives on the market trends the investment team is closely monitoring for the road ahead. Register here.

PORTFOLIO

Top Holdings (alphabetically)

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.
ISRAMCO NEGEV PAR
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.

Sector Breakdown

Capitalisation Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 30 Sep 2024 1

Alpha Israel Fund Class A (AUD)

1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. SINCE INCEPTION P.A.
Alpha Israel Fund Class A 1.9% 8.9% 6.8% 5.3% 7.2%
Tel Aviv Stock Exchange 125 Index 1.8% 13% 6% 4.4% 6.7%

Swipe horizontally to see all columns

Alpha Israel Fund Class B (USD)

1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. SINCE INCEPTION P.A.
Alpha Israel Fund Class B 1.7% 9.3% 8% 6.3% 8.3%
Tel Aviv Stock Exchange 125 Index 1.8% 13% 6% 4.4% 6.7%

Swipe horizontally to see all columns

Performance Chart

NET PERFORMANCE SINCE INCEPTION 2

COMMENTARY

Market Review

Israeli equities delivered a positive return in September in what proved to be a volatile period for investors. The local market initially moved lower as global equities fell upon signs that the global economy was slowing faster than had been expected and the US economy reported fewer new jobs being created.

However, Israel’s share market bounced back later in the month after the Federal Reserve cut US interest rates by 0.50%, with the European Central Bank also easing monetary policy. The local market was particularly supported by the ongoing strength of its technology sector.

Inflation in Israel increased unexpectedly to 3.6% year-on-year in August from the previous month’s 3.2%. This was driven by services inflation accelerating to 3.8%. The Bank of Israel’s inflation forecast for the next 12 months remains at 3.1%.

The Bank is expected to leave interest rates unchanged at 4.50% despite inflation rising above its 1.0% – 3.0% inflation target range. Were it not for falling interest rates in North America and Europe, an increase in interest rates would likely be seriously considered by the Bank.

Composite State of the Economy index data showed that the domestic economy resumed its expansion over the northern hemisphere summer months. This was supported by stronger services exports, led by the technology sector.

The Bank of Israel reported that its foreign exchange reserves had grown to a new all-time high of US$220.4 billion by end-September. This represents 42.8% of Israeli GDP, which is an exceptionally high level by global standards and provides support to the currency during periods of instability.

September saw rising tension on the country’s northern border as rocket attacks by Hezbollah on Israel intensified, leading to growing expectations of an Israeli ground intervention in Southern Lebanon. Israel approached the first anniversary of the 7 October terrorist attacks in the south of the country in sombre mood, but having demonstrated a high level of resilience. This is reflected in the strength of its economy and especially its technology sector.

The deteriorating security situation led to downgrades in Israel’s sovereign debt by credit rating agencies S&P (one notch from A+ to A with a negative outlook) and Moody’s (two notches from A2 to Baa1). This reflects the agencies’ expectations of a long-term increase in defence spending and little sign of an early end to the conflict. However, S&P highlighted Israel’s economic strength, stable trade balance and history of rebounding quickly from conflicts.

While the downgrades may be negative for investor sentiment, we do not believe they reflect the resilience of Israel’s economy or the ongoing level of economic activity. This was evidenced by several developments during September:

  • Intel launched its new “Lunar Lake” processor, which helps to integrate AI technology into personal computers, and was developed mainly in Israel
  • US-based software group Salesforce acquired the remaining 90% of Israeli data company Own, which develops data protection and data management solutions, for US$1.9 billion in cash
  • Israel’s Tower Semiconductor and India’s Adani Group announced they will invest IDR839.47 billion (US10 billion) in a semiconductor project in India’s western state of Maharashtra
  • Israeli tech companies raised US$2.4 billion during the September quarter, a 40% increase on the same period last year

Portfolio Commentary

The Fund continues to take a positive view of Israel’s economic and share market prospects, despite the ongoing geo-political uncertainty. The Fund’s net equity exposure remained at approximately 85% in September.

The largest contributor to the Fund’s relative return in September was its overweight exposure to the financial sector, with banks rising a further 5%. Holdings in the Tel Aviv Stock Exchange, fintech platform Nayax and industrial group Inrom also contributed to relative returns.

The largest detractor from relative returns in September was the Fund’s holding in the printed circuit board manufacturing company Priortech. The stock underperformed, falling 13% upon continued weakness in the global semiconductor sector. The Fund took the opportunity to increase its exposure from 4% to 5% at an attractive valuation level.

The Fund established a new position in Silcom, which produces components for server farms and communications networks. The stock underperformed when the post-pandemic period of re-stocking began to unwind, falling by 70%, as new orders were cancelled or postponed in light of elevated inventory levels. This fall in sales is likely to prove temporary and its strong balance sheet makes its current market valuation highly attractive.

The Fund took advantage of the rally in the banking sector to reduce its exposure to Bank Leumi and Bank Hapoalim during the month.

The Fund maintains its overweight position in real estate developer and manager Azrieli Group. It has built a very attractive data centre business through a series of acquisitions in North America and Europe, with further deals under negotiation.

PROFILE

FEATURES

  • APIR CODE PCL6469AU (USD Class) CTS0045AU (AUD Class)
  • REDEMPTION PRICEClass A: A$1.0727
    Class B: U$1.1020
  • FEES * Management Fee: 1.50% p.a. 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.
  • Minimum initial investment A$250,000 for the AUD class and the US$ equivalent of A$250,000 for the USD class
  • STRATEGY INCEPTION DATE 1 January 2018
  • BenchmarkThe 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.

Fund Managers

Gabi Dishi

Founder & CEO

Michael Weiss

Founder & Managing Partner

Aviran Revivo

Managing Partner

Sagi Ben Yosef

Managing Partner

Description

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

The Fund offers Australian investors diversification within global equity exposure to a unique and promising market that is very much skewed to industries and technologies that 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 cyber security technologies.

EXPLORE OUR FUNDS

Harding Loevner International Fund
Harding Loevner International Fund
Axiom International Fund
Axiom International Fund
Axiom International Fund (Hedged)
Axiom International Fund (Hedged)
Australian Equities Fund
Australian Equities Fund
High Conviction Property Securities Fund
High Conviction Property Securities Fund
Global Small Companies Fund
Global Small Companies Fund
WHEB Sustainable Impact Fund
WHEB Sustainable Impact Fund
Emerging Companies Fund
Emerging Companies Fund
High Conviction Equities Fund
High Conviction Equities Fund
Pengana International Equities Limited (ASX: PIA)
Pengana International Equities Limited (ASX: PIA)
Private Equity Trust (ASX: PE1)
Private Equity Trust (ASX: PE1)
Pengana Global Private Credit Trust (ASX:PCX)
Pengana Global Private Credit Trust (ASX:PCX)
Pengana Global Private Income Fund
Pengana Global Private Income Fund
Alpha Israel Fund
Alpha Israel Fund
Pengana Diversified Private Credit Fund
Pengana Diversified Private Credit Fund

1.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. Please refer to the PDS for information regarding risks. Past performance is not a reliable indicator of future performance and may not be repeated, the value of investments can go up and down.
2. Inception 1st January 2018.
3. Annualised Standard Deviation since inception
4. Relative to Tel Aviv Stock Exchange 125 Index

Please note: This fund is only open to Wholesale Investors.