November was characterized by the strong bounce-back of sectors that had significantly underperformed due to the COVID-19 pandemic. The positive news from three pharmaceutical companies, Pfizer, Moderna and AstraZeneca, about the success of clinical trials for the vaccine and its imminent distribution, resulted in a significant rise in stock markets around the world. The rebound in the Israeli market came mainly from value companies in three sectors: Real Estate, Banking and Energy (Gas &Oil).
The Fund’s underperformance, relative to the market, in November was principally due to the significant underweight exposure to the three sectors mentioned above. As at the end of November, the Fund’s exposure to growth stocks was roughly 70% and value stocks 15%. A significant additional factor was the high premium paid for the Fund’s downside protection strategy (insurance) through the use of put options, which subtracted approximately 3% from the Fund’s performance. When equity markets have a strong run, as they did in November, insurance costs rise.
||Alony Hetz Properties||Israel||Real Estate Operating Companies|
||Doral Group Renewable Energy R||Israel||Renewable Electricity|
||Mivne Real Estate KD Ltd||Israel||Real Estate Operating Companies|
||Priortech Ltd||Israel||Electronic Components|
|1 Month||1 Year||2 Years P.A.||SINCE INCEPTION|
|Fund Class A (AUD)||5.1%||7.3%||15.0%||10.6%|
|Fund Class B (USD)||5.4%||12.1%||16.5%||11.6%|
|Tel Aviv Stock
Exchange 125 Index
|Tel Aviv Stock
Exchange Small And
Medium Cap 60 Index
|VOLATILITY3||11.2%||NUMBER OF STOCKS||33|
|BETA (USING DAILY RETURNS)4||0.54||MAXIMUM DRAW DOWN||-13.6%|
|VOLATILITY3||10.6%||NUMBER OF STOCKS||33|
|BETA (USING DAILY RETURNS)4||0.5||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.