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Bluestar Israel Equity Update First Quarter 2014

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Bluestar Israel Equity Update First Quarter 2014 BlueStar Israel Equity Update First Quarter 2014 Q4 2013 in Review & 2014 Outlook All major global developed market equity benchmarks rose strongly in Q4 2013 despite the announcement of the Federal Reserve’s intentions to reduce the scope of its bond purchase What’s Inside program The BlueStar Israel Global Index rose 10.54% in Q4 2013 on an annualized basis while the TA-100 and MSCI Israel indices were up 7.38% and 6.34%, respectively. The BlueStar 1. Israeli Global benchmark also outperformed the TA-100 and MSCI Israel benchmarks for the full year 2013 by 4 and 15 percentage points, respectively. Equities in Q4 2013 For the second straight quarter the rally in Israeli equities was broad based and in each of the three largest sectors: Information Technology, Financials and Health Care. Additionally a long-awaited recovery in the telecom sector took hold during the quarter. Each of these sectors rose strongly during Q4 2013 indicating strength in the domestic economy and an 2.-6. About the BIGI & acceleration in the growth rates of the economies of Israel’s largest trading partners. BIGTech Indexes, The Israeli government budget deficit continued to shrink bringing on the prospect of lower Rebalance Review, taxes and higher government spending in 2014. The labor force participation rate rose in the and Risk/Return fourth quarter while the unemployment rate remained low. Data The revival in trading volume on the TASE, rise in equity prices in most developed countries, and several relatively large IPOs by Israeli companies during the second half of 2014 resulted in a net addition of 12 companies in the BlueStar Israel Global Index’s December rebalance. Also, foreign investors added to their Israeli equity allocation during the 7-9. Technical Analysis fourth quarter BlueStar Indexes introduced a new benchmark by which investors can track Israel’s Global Technology sector. The benchmark is called the BlueStar Israel Global Technology Index 10. Israeli Sector and can be found under the ticker “BGTH” both on Bloomberg terminals and Spotlight Googlefinance.com. Macroeconomic fundamentals in Israel firmed up in 2013 and net exports, the weakest link to growth in 2013, are expected to rise in 2014 despite a strengthening local currency. 11. Israeli Capital Markets Update BIGI Performance (BlueStar Israel Global Index, Jan. 2010- Dec.2013) 12. Israeli Economic 170 160 Review & Outlook 150 140 130 13. Geopolitical 120 TA-100 Environment 110 S&P 500 100 BIGI 90 80 70 1 © 2014 BlueStar Global Investors, LLC These are not recommendations to buy or sell any security About the BlueStar Israel Global Index The BlueStar Israel Global Index (’BIGI’) provides a benchmark for investors to track the broadest and deepest universe of Israeli public companies. The index is constructed using BlueStar Indexes’ unique methodology and proprietary database of Israeli and Israel-linked companies. BIGI includes the largest and most liquid companies as well as mid and small cap companies that display sufficient liquidity for global investors. The index methodology allows for the inclusion of Israeli companies listed on the Tel Aviv Stock Exchange as well as other exchanges such as the London Stock Exchange, New York Stock Exchange, and NASDAQ. The BlueStar Israel Global Index has been created to provide investors with an investable product allowing them to quickly take advantage of both event-driven news and long-term economic trends as the economy and companies of Israel continue to evolve. Comparative Sector Weights Long- Term Returns* MSCI - FTSE 1yr. Sector BIGI TA-25 TA-100 Q4 ‘13 3yrs. 5yrs. 10yrs. 15yrs. Inception1 EIS Israel (2013) Information Technology 31.1% 6.6% 4.0% 4.8% 8.3% ACWI 7.42% 23.44% 10.33% 15.53% 7.72% 5.09% 8.17% Health Care 28.0% 24.9% 47.3% 23.7% 25.8% EAFE 5.75% 23.29% 8.66% 12.96% 7.39% 4.96% 7.20% Financials 18.9% 35.8% 24.5% 32.9% 31.9% MSCI EM 1.86% -2.27% -1.74% 15.15% 11.52% 11.22% 8.23% Energy 5.7% 5.0% 4.7% 13.8% 11.1% S&P 500 10.51% 32.39% 16.18% 17.94% 7.41% 4.68% 9.22% Materials 5.4% 10.2% 6.8% 9.1% 7.3% MSCI Telecom Services 3.5% 7.9% 6.5% 10.1% 7.2% 6.34% 11.91% -8.00% 4.79% 6.27% 7.10% 5.57% Israel Industrials 2.6% 4.8% 3.3% 2.9% 4.5% TA-100 7.38% 23.75% 0.40% 18.59% 11.05% 11.06% 7.84% Consumer Discretionary 2.6% 0.6% 0.4% 0.0% 0.8% Consumer Staples 1.8% 4.1% 2.5% 2.6% 3.2% TA-25 6.76% 20.53% 0.92% 17.33% 12.77% 11.57% 8.10% Utilities 0.4% 0.0% 0.0% 0.0% 0.0% BlueStar 10.54% 27.84% 2.75% 19.96% 12.73% - - Source: BlueStar Global Investors LLC *Annualized Dec. 31, 2013 1Inception Date: Dec. 1992 Source: BlueStar Global Investors LLC Dec. 31, 2013 Comparative Risk (Standard Deviation of Returns)* Five Year Correlations 1yr. MSCI Q4 ‘13 3yrs. 5yrs. 10yrs. 15yrs. Inception1 ACWI MSCI EM EAFE S&P 500 TA-100 TA-25 (2013) Israel ACWI 4.89% 9.28% 14.12% 17.59% 16.52% 16.47% 15.53% ACWI 1.00 EAFE 4.61% 12.13% 16.44% 19.70% 18.15% 17.60% 16.82% MSCI EM 0.91 1.00 MSCI EM 12.64% 11.86% 19.31% 22.59% 23.86% 23.60% 23.66% EAFE 0.98 0.88 1.00 S&P 500 3.72% 8.48% 12.11% 15.81% 14.62% 15.49% 14.91% S&P 500 0.96 0.81 0.90 1.00 MSCI 12.66% 9.42% 18.69% 19.13% 18.87% 24.21% 23.83% Israel MSCI Israel 0.62 0.68 0.59 0.56 1.00 TA-100 7.59% 11.14% 17.32% 20.18% 21.53% 24.32% 24.39% TA-100 0.79 0.82 0.76 0.72 0.83 1.00 TA-25 10.39% 13.21% 18.14% 20.69% 21.76% 24.55% 24.44% TA-25 0.80 0.83 0.78 0.73 0.82 0.99 1.00 BlueStar 7.20% 8.39% 17.00% 19.54% 20.01% - - BlueStar 0.81 0.83 0.79 0.74 0.85 0.98 0.95 *Annualized Source: BlueStar Global Investors LLC 1Inception Date: Dec. 1992 Dec. 31, 2013 Source: BlueStar Global Investors LLC Dec. 31, 2013 2 © 2014 BlueStar Global Investors, LLC These are not recommendations to buy or sell any security BIGI December Rebalance Overview The BlueStar Israel Global Index (BIGI) changes for the December 2013 rebalance were released on December 13th 2013 and were effective at the open of U.S. stock markets on December 23rd 2013. During the six month period ending December 13th 2013 Israeli equities prices rallied, the Tel Aviv Stock Exchange experienced a resurgence of trading volume and liquidity, and there were several relatively large IPOs by Israeli companies (most notably WIX.com and Plus500). These events resulted in the addition of 18 new index constituents in the December 2013 BIGI rebalance. The BlueStar Index Advisory Committee met in November and recommended the removal of five constituents in the Energy sector due to investibilty concerns and an additional constituent was deleted due to low trading volume which resulted in a net addition of 12 companies to the BlueStar Israel Global Index. The five companies that were removed from the Energy sector are TASE-listed Limited Partnership (LP) units which have the potential for inefficiently distributing income to unit holders; since the tax consequences for U.S. investors of such distributions are unknown, the committee deemed them to be “not investible” thus their continued inclusion would violate the index’s mandate of providing investors with an “investible benchmark” of Global Israeli stocks. Partly compensating for the reduction in the weight of the Energy sector was the addition of Naphtha Israel Petroleum as well as that the cross-holding percent of Oil & Gas LPs held by non-LP constituents were added back to the investible weight factor (IWF) of the holding company. Index Additions and Deletions Index Stats Index Additions Index Deletions Post- December Pre-December Benchmark Naphtha Israel Petroleum Isramco Negev 2 LP Rebalance Rebalance Electra (Israel) Avner Oil & Gas Ltd LP Number of Constituents 104 92 Delta-Galil Industries Protalix Biotherapeutics Inc Plus500 Ltd Delek Drilling LP Concentration Ratio 52.53% 52.72% Mivtach Shamir Hldgs Ratio Oil Exploration L.P. Index Weight on TASE* 54.29% 54.75% Matrix Givot Olam Oil Exploration L.P. Telit Communications Index Weight in the U.S.* 43.38% 43.19% Wix.com Ltd Index Weight on LN* 2.04% 1.73% Alcobra Ltd Elco Hldgs Index Weight on Warsaw* 0.29% 0.33% Perion Network Ltd ADR Data as of Dec. 23, 2013 Al-Rov (Israel) Ltd Sapiens Intl Corp *Companies attributed to any exchange on the table above may be dual-listed, dual-listed stocks comprise approximately 30% of the BlueStar Israel Global Index Property & Building Corp Attunity Ltd. Medgenics Inc FOX WIZEL LTD 3 Clal Biotechnology BIGI Sector Weights Data as of Dec. 23, 2013 © 2014 BlueStar Global Investors, LLC These are not recommendations to buy or sell any security About the BlueStar Israel Global Technology Index The BlueStar Israel Global Technology Index provides a benchmark for investors to track Israeli and Israel-linked technology companies trading worldwide.
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