https://data.pengana.com/wp-json/pen/performance?fund_code=PENALP&date=30/11/2025&aggregation_code=Class%20A
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Alpha Israel Fund Class A (AUD)

1M 1Y 2Y 3Y
Since Strategy
Inception
March 20212
5Y
Since Fund
Inception
January 2018
Alpha Israel Fund Class A1 1.6% 41.8% 32.2% 20.5% 12.8% 13.0% 12.1%
Current Strategy (Partial Simulation)2 1.6% 41.8% 32.2% 22.5% 14.4%
Tel Aviv Stock Exchange 125 Index3 3.0% 49.8% 38.4% 22.2% 16.8% 17.8% 12.4%

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Alpha Israel Fund Class B (USD)

1M 1Y 2Y 3Y
Since Strategy
Inception
March 20212
5Y
Since Fund
Inception
January 2018
Alpha Israel Fund Class B1 1.7% 42.0% 32.4% 21.6% 13.7% 14% 13.1%
Current Strategy (Partial Simulation)2 1.7% 42.0% 32.4% 22.4% 14.1%
Tel Aviv Stock Exchange 125 Index3 3.0% 49.8% 38.4% 22.2% 16.8% 17.8% 12.4%

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[piechart] => Array ( [0] => Array ( [0] => Sector Breakdown [1] => ["Communication Services", 0.03177064],["Consumer Discretionary", 0.12985637],["Financials", 0.265868961],["Health Care", 0.105873382],["Industrials", 0.081424926],["Information Technology", 0.224439382],["Materials", 0.043983208],["Real Estate", 0.183789552],["Consumer Staples", 0.015244787],["Energy", 0.04081139],["Debt", -0.185801071],["Cash", 0.062738474], ) [1] => Array ( [0] => Capitalisation Breakdown [1] => ["Under 100m USD", 0.02618613],["In between 100 - 1bn USD", 0.394322268],["In between 1bn - 5bn USD", 0.349245785],["Above 5bn USD", 0.353308414],["Debt", -0.185801071],["Cash", 0.062738474], ) ) [topholdings] => 6013154/Alony Hetz Properties & Investments Ltd./Israel/Real Estate Operating Companies,6075808/Bank Hapoalim BM/Israel/Diversified Banks,6076425/Bank Leumi Le-Israel B.M./Israel/Diversified Banks,BG1YKN5/Fattal Holdings (1998) Ltd./Israel/Hotels, Resorts & Cruise Lines,2883878/Teva Pharmaceutical Industries Limited Sponsored A/Israel/Pharmaceuticals, [topholdingsimg] => https://data.pengana.com/wp-content/uploads/6013154.jpg,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/Screenshot-2025-01-14-162403.png,https://data.pengana.com/wp-content/uploads/Teva-Logo-e1768358694472.jpg, [topholdingsintro] => Array ( [0] => Alony Hetz Properties & Investments Ltd. engages in holding of companies operating in the income-producing real estate sectors in Israel and in Western countries. It operates through the Income-Generating Property and Energy segments. The Income-Generating Property segment is involved in the long-term investments in cash-generating real estate companies in Israel and in other western countries, which includes its investments in Amot, Carr, and BE. The Energy segment focuses on the investment in renewable energy, which consists of its investment in Energix. The company was founded by Nathan Zvi Hetz Haitchook on December 20, 1989 and is headquartered in Ramat-Gan, Israel. [1] => 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. [2] => 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. [3] => 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. [4] => Teva Pharmaceutical Industries Ltd. engages in the development, production, and sale of medicines. It operates through the following geographical segments: United States, Europe, and International Markets. The United States segment focuses on therapeutic area of central nervous system (CNS) portfolio, and is involved in the distribution business of generic, biosimilar and medicines, and over-the-counter (OTC) pharmaceutical products from the firm and third-party manufacturers to independent retail pharmacies, pharmacy retail chains, hospitals, and physician offices in the United States. The Europe segment offers OTC portfolio including SUDOCREM, NasenDuo, DICLOX FORTE, OLFEN Max, and FLEGAMINA brands in European Union, the United Kingdom, and certain other European countries. The International Markets segment provides its products to countries such as Canada, Israel, Russia, Latin America, and Japan. The company was founded in 1901 and is headquartered in Tel Aviv, Israel. 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opacity="1" x="114" y="155">07/2022</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="153" y="155">03/2023</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="193" y="155">11/2023</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="232" y="155">07/2024</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="272" y="155">03/2025</text></g></g></g><path data-ac-wrapper-id="50" id="ac_path_17" fill="none" stroke="#CECECE" d="M 49.5 26 L 49.5 138"/><path data-ac-wrapper-id="51" id="ac_path_18" fill="none" stroke="#CECECE" d="M 49 137.5 L 43 137.5 M 49 109.5 L 43 109.5 M 49 81.5 L 43 81.5 M 49 53.5 L 43 53.5 M 49 26.5 L 43 26.5"/><g data-ac-wrapper-id="52" id="ac_layer_1j"><g data-ac-wrapper-id="53" id="ac_layer_1a"><g data-ac-wrapper-id="54" id="ac_unmanageable-layer_19"><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="13" y="139">$80,000</text></g></g><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="9" y="111">$120,000</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="9" y="84">$160,000</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="9" y="56">$200,000</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="9" y="28">$240,000</text></g></g></g><path data-ac-wrapper-id="73" pointer-events="none" id="ac_path_1y" fill="none" stroke="#969EA5" d="M 0,0"/><path data-ac-wrapper-id="74" pointer-events="none" id="ac_path_1z" fill="none" stroke="none" d="M 0,0"/><g data-ac-wrapper-id="16" transform="matrix(1,0,0,1,97,10)" 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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="13" y="139">$80,000</text></g></g><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="9" y="111">$120,000</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="9" y="84">$160,000</text></g></g><g data-ac-wrapper-id="59" 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Alpha Israel Fund

An Israeli equity fund investing in cutting edge technologies

November 2025 - Monthly REPORT

November Report

SUMMARY

The Pengana Alpha team was deeply saddened by the tragic events in Bondi on 14 December. Our thoughts are with the victims, their families, and all those affected. We extend our sincere condolences to the Jewish community and to the broader Australian community during this difficult time.

Summary

  • Israeli equities extended their rally in November, with the TA-125 Index rising over 4%, supported by a busy third-quarter reporting season and a favourable macro backdrop.
  • The Bank of Israel cut interest rates by 25 basis points late in the month, following inflation remaining within the target range, reinforcing expectations of a more accommodative policy path despite ongoing labour market tightness.
  • The Fund returned 1.6% (Class A, AUD) and 1.7% (Class B, USD), with strong gains in Teva, Telsys and Nayax partly offset by weakness in ICL and Camtek, alongside underweight exposure to the banking and real estate sectors.

PORTFOLIO

Top Holdings (alphabetically)

Alony Hetz Properties & Investments Ltd.
Israel
Real Estate Operating Companies
Alony Hetz Properties & Investments Ltd. engages in holding of companies operating in the income-producing real estate sectors in Israel and in Western countries. It operates through the Income-Generating Property and Energy segments. The Income-Generating Property segment is involved in the long-term investments in cash-generating real estate companies in Israel and in other western countries, which includes its investments in Amot, Carr, and BE. The Energy segment focuses on the investment in renewable energy, which consists of its investment in Energix. The company was founded by Nathan Zvi Hetz Haitchook on December 20, 1989 and is headquartered in Ramat-Gan, Israel.
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.
Teva Pharmaceutical Industries Limited Sponsored A
Israel
Pharmaceuticals
Teva Pharmaceutical Industries Ltd. engages in the development, production, and sale of medicines. It operates through the following geographical segments: United States, Europe, and International Markets. The United States segment focuses on therapeutic area of central nervous system (CNS) portfolio, and is involved in the distribution business of generic, biosimilar and medicines, and over-the-counter (OTC) pharmaceutical products from the firm and third-party manufacturers to independent retail pharmacies, pharmacy retail chains, hospitals, and physician offices in the United States. The Europe segment offers OTC portfolio including SUDOCREM, NasenDuo, DICLOX FORTE, OLFEN Max, and FLEGAMINA brands in European Union, the United Kingdom, and certain other European countries. The International Markets segment provides its products to countries such as Canada, Israel, Russia, Latin America, and Japan. The company was founded in 1901 and is headquartered in Tel Aviv, Israel.

Sector Breakdown

Capitalisation Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 30 Nov 2025 i

Alpha Israel Fund Class A (AUD)

1M 1Y 2Y 3Y
Since Strategy
Inception
March 20212
5Y
Since Fund
Inception
January 2018
Alpha Israel Fund Class A1 1.6% 41.8% 32.2% 20.5% 12.8% 13.0% 12.1%
Current Strategy (Partial Simulation)2 1.6% 41.8% 32.2% 22.5% 14.4%
Tel Aviv Stock Exchange 125 Index3 3.0% 49.8% 38.4% 22.2% 16.8% 17.8% 12.4%

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Alpha Israel Fund Class B (USD)

1M 1Y 2Y 3Y
Since Strategy
Inception
March 20212
5Y
Since Fund
Inception
January 2018
Alpha Israel Fund Class B1 1.7% 42.0% 32.4% 21.6% 13.7% 14% 13.1%
Current Strategy (Partial Simulation)2 1.7% 42.0% 32.4% 22.4% 14.1%
Tel Aviv Stock Exchange 125 Index3 3.0% 49.8% 38.4% 22.2% 16.8% 17.8% 12.4%

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Performance Chart

NET PERFORMANCE SINCE INCEPTION ^

COMMENTARY

Market Review

Israeli equities delivered another strong performance in November, despite a busy and volatile month dominated by the third-quarter reporting season. Earnings results were mixed across the market, leading to stock-level divergence, but the broader index finished higher as supportive macro developments outweighed company-specific volatility.

The key event during the month was the Bank of Israel’s decision on 24 November to lower interest rates by 25 basis points to 4.25%, in line with market expectations. The move followed inflation data showing the annual CPI rate unchanged at 2.5%, comfortably within the Bank’s target range. The rate cut was well received by the market and reinforced expectations that monetary policy is beginning to ease.

In its accompanying commentary, the Bank of Israel acknowledged the moderation in inflation, the decline in Israel’s risk premium and the appreciation of the shekel. However, it maintained a cautious tone, highlighting continued tightness in the labour market and rising wage pressures. The Bank also noted that early indicators for the fourth quarter point to strong ongoing economic activity.

Economic data released during the month highlighted the strength of the domestic recovery. Recent indicators from the Bank of Israel point to a sharp rebound in economic activity through the third quarter, reflecting the first sustained period of normalisation following last year’s disruptions. Growth has been supported by broad-based improvements in consumption, including retail sales, employment and household incomes, alongside continued strength in high-tech and defence-related exports. High-tech service exports in particular have remained resilient, supported by global AI investment and the ongoing expansion of Nvidia’s operations in Israel, reinforcing the sector’s contribution to growth.

Portfolio Commentary

The Fund delivered a positive return in November, despite a volatile reporting season and divergent outcomes across individual holdings. Several core positions reported strong earnings and delivered meaningful gains, while others underperformed following weaker-than-expected results or company-specific developments. Sector positioning also detracted, as the Fund’s underweight exposure to banking and real estate weighed on relative performance during a month when both sectors performed strongly.

The largest positive contributors were Teva, Telsys and Nayax. Teva reported strong quarterly results and issued upbeat guidance for revenue and margin growth, with the stock rising to levels not seen since 2018. Most importantly, management reaffirmed its 2027 Austedo targets following the conclusion of price-reduction negotiations with the US government, providing greater clarity and confidence around the company’s long-term earnings profile. Telsys also performed well after delivering a solid earnings report with healthy profitability, while Nayax rebounded strongly following its results, rising more than 15% after pre-earnings concerns proved unwarranted.

The largest detractors during the month were ICL and Camtek. ICL fell sharply following the announcement of a memorandum of understanding with the Israeli government regarding the renewal of the Dead Sea concession in 2030. While the proposed compensation package provides some downside protection should ICL lose the tender, the introduction of significantly higher royalty rates reduces the overall attractiveness of the concession. This undermines the previously favourable risk-reward profile, as upside optionality has diminished while regulatory and competitive uncertainty has increased. The Fund is therefore reassessing its position.

Camtek also underperformed during the month. Elevated expectations heading into the quarter led to profit-taking following earnings that were solid but insufficient to support prior valuations. A weaker short-term outlook, alongside a broader pullback in global AI-related names, added further pressure to the share price.

Overall, the portfolio remains focused on companies with clear earnings visibility, strong balance sheets and exposure to long-term structural growth. While reporting season volatility remains elevated, the Fund is positioned to benefit from improving economic conditions and sustained strength across Israel’s globally relevant technology and healthcare sectors.

PROFILE

FEATURES

  • APIR CODE PCL6469AU (USD Class) CTS0045AU (AUD Class)
  • REDEMPTION PRICEClass A: A$1.5424
    Class B: U$1.5912
  • 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.

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i.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.
^. Inception 1st January 2018.

* 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).

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