The Fund returned 2.9% (Class A, AUD) and 2.8% (Class B, USD) in August, underperforming the TA 125 Index which returned 3%. The performance of the Israeli stock market was in contrast to most markets around the world, which were in negative territory.
The main contributors this month were our positions in Telsys, which was up 25% due to excellent second-quarter results and a positive future outlook, and Payton, which was up 27%, also due to Q2 and H1 financial reports. The stock is cheap, with plenty of net cash, and in a lucrative growing sector (see the “Stock in Focus” section below)
The main detractors this month were Kenon, which was down -9% due to a decline in global freight tariffs, and Camtek, which was down -10% due to profit taking after a strong run in the share price following its half year financial results.