The Fund generated a net return of -3.1% in the AUD Class and -2.9% in the USD Class in June, compared to the Israeli Index (Tel Aviv Stock Exchange 125 Index) which returned -5.0%.
During the month, our growing exposure to value companies (which we wrote about in May) continued to weigh on the portfolio as growth companies continued to outperform. It is fundamental to our investment strategy that when opportunities arise we take advantage of them, even if they are against consensus and the current momentum. We believe that these positions will add significant value to our portfolio into the future.
Since inception (January 2018) to 30 June 2020, the Fund delivered a net return of 5.8% p.a. in the AUD class and 5.7% p.a. in the USD class, versus the Israeli Index which was down -1.2% p.a.
||Audiocodes (Dual listed)||Israel||Information Technology|
||Priortech Ltd||Israel||Information Technology|
||Solaredge Technologies||United States||Information Technology|
|1 Month||1 Year||2 Years P.A.||SINCE INCEPTION|
|Fund Class A (AUD)||-3.1%||2.9%||7.3%||5.8%|
|Fund Class B (USD)||-2.9%||3.6%||7.3%||5.7%|
|Tel Aviv Stock
Exchange 125 Index
|Tel Aviv Stock
Exchange Small And
Medium Cap 60 Index
|VOLATILITY3||11%||NUMBER OF STOCKS||36|
|BETA (USING DAILY RETURNS)4||0.56||MAXIMUM DRAW DOWN||-13.6%|
|VOLATILITY3||9.6%||NUMBER OF STOCKS||36|
|BETA (USING DAILY RETURNS)4||0.49||MAXIMUM DRAW DOWN||-11.4%|
Founder & CEO
Founder & Managing Partner
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.
|International Fund||High Conviction Property Securities Fund||Australian Equities Fund||International Ethical Fund|
|Global Small Companies Fund||WHEB Sustainable Impact Fund||Emerging Companies Fund||High Conviction Equities Fund|
|Pengana International Equities Limited (ASX: PIA)||International Fund - Ethical Opportunity||Private Equity Trust (ASX: PE1)||Alpha Israel Fund|
1. Net performance figures are shown after all fees and expenses, and assume reinvestment of distributions. Class A is shown in $AUD, Class B is shown in $USD, Benchmarks 1&2 are $ILS. Past performance is not a reliable indicator of future performance, 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
Benchmark 1: Tel Aviv Stock Exchange 125 Index
Benchmark 2: Tel Aviv Stock Exchange Small And Medium Cap 60 Index
Please note: This fund is only open to Wholesale Investors.