Limited Partnership Fund, FACT SHEET 4Q 2019 IIF | Israel Investment Fund, LP ISRAEL
CONTACT US •~.11.• INVESTMENT n 1.11j1 l!J ii Joseph Friedman CFP 1nnl!J 1 ~~ ADVISORS 303.502.8349 IsraelInvestmentAdvisors.com GROWTH WITH PURPOSE
INCEPTION DATE: 8/1/2010 FUND OBJECTIVE: Seek long-term capital growth by investing in securities of publicly-traded Israeli companies.
Yearly Returns
2019 2018 2017 2016 2015 2014 2013 2012 2011 Israel Investment Fund, LP 33.13% -7.30% 23.03% 18.50% 4.84% -10.21% 39.12% 17.40% -20.32% Tel Aviv-125 31.50% -9.45% 17.80% -1.25% 2.35% -4.77% 24.08% 9.30% -25.62% BlueStar Global Index 27.96% -5.51% 15.73% -4.73% -0.64% 2.02% 27.84% 8.63% -21.88% MSCI EAFE 22.77% -13.32% 25.66% 1.56% -0.26% -4.34% 23.44% 17.97% -11.70% MSCI Emerging Markets 18.63% -14.49% 37.47% 11.23% -14.58% -1.97% -2.26% 18.61% -18.16% Source: Bloomberg L.P. as of 1/6/2020
Top Ten Holdings Key Statistics Shikun & Binui LTD Industrials 5.31% Average Market Cap $2.9 Billion Electra LTD Industrials 4.00% Median Market Cap $1.1 Billion Fox Wizel LTD Consumer Discretionary 3.97% Price/Cash Flow 12.4 Matrix IT LTD Information Technology 3.19% P/E Ratio 20.7 Nova Measuring Instruments LTD Information Technology 3.08% Price/Book Ratio 2.2 Amdocs Limited Information Technology 2.93% Dividend Yield 1.7% Mediterranean Towers LTD Health Care 2.91% FUND FACTS: Airport City LTD Real Estate 2.88% Number of holdings: 44 Perion Network LTD Communication Services 2.88% (as of 12/31/2019) NICE Systems LTD (ADR) Information Technology 2.84% TOP TEN TOTAL 33.99% Annual Turnover: 5.85% Holdings and weights are subject to change
Rolling Returns
IIF Beta to IIF 3YR Alpha IIF 5YR Alpha Since 1 Year 3 Year 5 Year Respective to Respective to Respective Inception Index Index Index IIF 33.13% 14.93% 13.52% 11.09% N/A N/A N/A Tel Aviv-125 31.50% 11.92% 7.22% 5.92% 0.84 5.59% 7.81% BlueStar Global 27.96% 11.87% 5.81% 6.45% 0.84 5.76% 8.80% Index MSCI EAFE 22.77% 10.18% 6.27% 7.01% 0.69 7.56% 8.72% MSCI Emerging 18.63% 11.89% 5.98% 4.08% 0.52 8.80% 10.05% Markets
Source: Bloomberg L.P. as of 1/6/2020
Israel Investment Advisors, LLC |1801 California Street, Suite 2200, Denver, CO 80202 | 303.861.3798 www.israelinvestmentadvisors.com
Cash Communication Real Estate 1% Services 6% Consumer 3% Discretionary 7% Consumer Staples 8% Information Technology Energy 30% 2%
Financials 21%
Industrials Health Care 19% 3%
INVESTMENT PROCESS Impact investment pursuing long-term growth through fundamental analysis
Valuation Financial Operating Economic Technology Legal Analysis Analysis Analysis Analysis Analysis Analysis
Disclosures Israel Investment Fund, L.P. Israel Investment Fund, L.P. (the “Fund”) is a Delaware limited partnership under the Delaware Revised Uniform Limited Partnership Act, as amended, that operates as a private investment partnership. The general partner of the Partnership is Israel Investment Advisors, LLC., a Colorado limited liability company. The Fund’s investment objective is long-term capital growth. The Fund seeks to achieve its investment objective by investing the majority of its assets in securities of publicly-traded Israeli companies with the potential for long-term growth of capital.
Benchmarks Benchmarks are presented as total returns. Total return includes interest, capital gains, dividends and distributions realized over a given period. The Tel-Aviv-125 Index is a capitalization-weighted index of 125 stocks traded on the Tel-Aviv Stock Exchange. The Index was developed with a base value of 100 as of December 31, 1991. On February 9, 2017 the index was expanded to TA-125 from TA-100. *Returns for years 2010 through 2016 are presented with the original TA-100 figures. The Bluestar Israel Global Index is calculated and maintained by Standard & Poor's based on a methodology developed by BlueStar Indexes and the International Securities Exchange in Consultation with Standard & Poor's. The Index tracks the largest and most liquid companies as well as mid-cap and small-cap companies that display sufficient liquidity for global investors in Israeli and Israeli-linked companies. The MSCI EAFE is calculated and maintained by MSCI Barra designed as a benchmark of the performance in major international equity markets as represented by 21 major MSCI indexes from Europe, Australia and Southeast Asia. The MSCI EM is calculated and maintained by MSCI Barra designed to measure equity market performance in global emerging markets. The Emerging Markets Index is a float‐adjusted market capitalization index that consists of indexes in 23 emerging economies. These Indices are benchmarking Indices only and are not available to direct investment. Beta, Sharpe Ratio, and Standard Deviation figures are calculated from inception of the Fund to most recent quarter end. Alpha shown is in comparison to the listed index.
Performance Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Performance data quoted for the fund is shown net of management fees, and gross of performance fees, where applicable. Management fees are incurred in arrears on a quarterly basis, returns shown above are net of management fees incurred through the most recent calendar quarter end. Information on all fees is available in the Fund's Private Placement Memorandum. The performance of individual investors will vary from the data above dependent primarily upon the date of entry into the fund and fees paid.
Risks The Fund's investment activities involve a significant degree of risk. Such factors include a wide range of economic, political, competitive, and other conditions that may affect investments in general or specific industries, companies, or countries. The Fund is not designed to be market-neutral. Specific risks relevant to investment in the fund are discussed in detail in the Fund's Private Placement Memorandum.
Israel Investment Advisors, LLC |1801 California Street, Suite 2200, Denver, CO 80202 | 303.861.3798 www.israelinvestmentadvisors.com