The Pengana Alpha Israel Fund invests principally in listed Israeli companies that produce cutting edge – both high and low tech – technologies. These Israeli companies have developed solid intellectual property coupled with strong global distribution.
The Fund offers Australian Wholesale investors diversification into a unique and promising market that is very much skewed to industries and technology sectors which 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 cybersecurity technologies.
The Pengana Israel Alpha Fund is managed by Alpha LTI, a boutique Israel manager established in 2005 with an impressive track record.
Alpha typically focuses on
THE ISRAEL OPPORTUNITY
A GLOBAL LEADER IN INNOVATION & TECHNOLOGY
- Israel ranks #1 in the world in expenditure on research and development as a percentage of GDP.
- Israel contains the largest number of NASDAQ-listed companies in the world outside of the US and China, despite having a population of less than 9 million people.
- Largest number of start-ups per capita in the world – around 1 start-up for every 1400 people.
- 450+ Listed Equity Companies, 64 cross-listed abroad
- 9 Universities, 12 Nobel Laureates
- More than 270 multinational corporations (MNCs) have established more than 320 advanced R&D facilities throughout the country to take advantage of Israeli innovation. The list includes the likes of: Google, Apple, Facebook, Microsoft, Intel, Yahoo!, Motorola, HP, Siemens, GE, GM, IBM and Cisco.
- A number of high-profile exits in recent years – Waze (sold to Google for $13 billion), Mobileye (sold to Intel for $15.3bn), SodaStream (sold to PepsiCo for $3.4bn), etc.
- Knowledge based economy with highest concentration of PhD’s, engineers & patents filled per capita
The Pengana Alpha Israel Fund is uniquely positioned to capture the investment opportunities in some of Israel’s most attractive sectors with a locally based investment team in possession of an established reputation and deep industry ties.
PERFORMANCE
- TABLE
- CHART
- UNIT PRICES
* 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).
Alpha Israel Fund Class A (AUD)
PERFORMANCE AT 30 Jun 2026
| 1M | 1Y | 2Y | 3Y | 5Y |
Since Strategy
Inception March 20212 |
Since Fund
Inception January 2018 |
|
|---|---|---|---|---|---|---|---|
| Alpha Israel Fund Class A1 | -8.5% | 22.2% | 36.3% | 24.8% | 13.8% | 13.5% | 12.6% |
| Current Strategy (Partial Simulation)2 | -8.5% | 22.2% | 37.8% | 27.0% | 15.7% | 16.0% | |
| Tel Aviv Stock Exchange 125 Index3 | -9.5% | 32.7% | 43.5% | 31.2% | 17.8% | 18.2% | 13.5% |
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Alpha Israel Fund Class B (USD)
PERFORMANCE AT 30 Jun 2026
| 1M | 1Y | 2Y | 3Y | 5Y |
Since Strategy
Inception March 20212 |
Since Fund
Inception January 2018 |
|
|---|---|---|---|---|---|---|---|
| Alpha Israel Fund Class B1 | -8.4% | 22.6% | 36.6% | 25.6% | 14.7% | 14.3% | 13.5% |
| Current Strategy (Partial Simulation)2 | -8.4% | 22.6% | 38.1% | 26.7% | 15.2% | 15.5% | |
| Tel Aviv Stock Exchange 125 Index3 | -9.5% | 32.7% | 43.5% | 31.2% | 17.8% | 18.2% | 13.5% |
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* 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).
PORTFOLIO
Total portfolio holdings as at 30 Jun 2026: 38
- TOP HOLDINGS (alphabetically)
- Portfolio breakdown
Allocations may not sum to 100% due to rounding.
THE TEAM
Fund Facts
Investment Objective
The 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.
Who Can Invest?
Wholesale clients as defined in the Corporations Act
Minimum Investment Amount
A$250,000 for the AUD class and the US$ equivalent of A$250,000 for the USD class
(Pengana, as trustee of the fund, reserves the right to accept lower investment amounts)
Fee Structure*
Management fee – 1.5% per annum 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.
Buy/Sell Spread
0.25% / 0.25%
Applications and Redemptions
Monthly
Distribution Frequency
The Fund aims to pay distributions annually
Recommended Investment Term
5+ years
*Fees are stated inclusive of GST and net of RITC. For more information, refer to the Fund’s product disclosure statement available under the Reports & Resources section.
REPORTS AND RESOURCES
- Monthly Reports
- IM
- June 2026 - June Report
- May 2026 - May Report
- April 2026 - April Report
- March 2026 - March Report
- February 2026 - February Report
- January 2026 - January Report
- December 2025 - December Report
- November 2025 - November Report
- October 2025 - October Report
- September 2025 - September Report
- August 2025 - August Report
- July 2025 - July Report
- June 2025 - June Report
- May 2025 - May Report
- April 2025 - April Report
- March 2025 - March Report
- February 2025 - February Report
- January 2025 - January Report
NEWS AND INSIGHTS
Special Investor Presentation – Pengana Alpha Israel Fund
During the Fund's latest update, Fund managers Gabi Dishi and Sagi Ben Yosef discuss the Fund's current portfolio holdings, the...
Israeli Tech Companies
Fund Managers Sagi Ben Yosef and Gabi Dishi provide a portfolio update and insights from the reporting season.