The drivers of the Israeli stock market in May were similar to those in March – value sectors such as Banking and Real Estate rallied while more growth sectors, such as Technology, under performed due to profit taking. For example, the Banking Index rose by 8% in May and is up by 30% since the start of the year. By contrast, the Technology sector was down 2% in May and has only risen 2% in 2021. The Fund has very little exposure to the traditional value sectors and is heavily exposed to Technology, and as a result failed to keep up with the strong market performance in May.
The Fund will continue to aim and focus on Technology segments, in which Israel is renowned for its innovation. We have done this successfully since the inception of the Fund and we will continue to exploit and invest in high-tech companies with proven cutting-edge technologies. When we are researching and investing in these fast-growing, young companies we require a high degree of conviction, and we like to see existing sales to leading entities and clear profitability models.
View full commentary here.
We recently hosted a webinar covering the demand for tech innovation and disruption. Financial planners may also complete a short questionnaire available HERE for CPD points.
||Alony Hetz Properties||Israel||Real Estate Operating Companies|
||Altshuler Shaham Provident Fund||Israel||Asset Management & Custody Banks|
||Nice Ltd||Israel||Application Software|
||Peninsula Group||Israel||Specialized Finance|
||Priortech Ltd||Israel||Electronic Components|
|1 Month||1 Year||2 Years P.A.||3 Years P.A.||SINCE INCEPTION||1 Month||SINCE INCEPTION|
|VOLATILITY3||11%||NUMBER OF STOCKS||37|
|BETA (USING DAILY RETURNS)4||0.54||MAXIMUM DRAW DOWN||-13.6%|
|VOLATILITY3||10.4%||NUMBER OF STOCKS||37|
|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.
|Harding Loevner International Fund||Axiom International Ethical Fund||Axiom International Ethical Fund (Hedged)||Australian Equities Fund|
|High Conviction Property Securities Fund||Global Small Companies Fund||WHEB Sustainable Impact Fund||Emerging Companies Fund|
|High Conviction Equities Fund||Pengana International Equities Limited (ASX: PIA)||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. 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.
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.