Mutual Funds

ANNI Shofan Investment Management Ltd. is an external investment manager for Mutual Funds managed by Ayalon Mutual Funds Ltd. and therefore is affiliated with Ayalon Mutual Funds and is also affiliated with financial assets issued or managed by it. Following is a list of assets:

Shofan (2B) 20/80

Fund Manager: Ayalon Mutual Funds Ltd.

איילון קרנות נאמנות

Ayalon Mutual Funds

Fund Trustee: The Trust Company of Union Bank Ltd.

Fund Name: Shofan (2B) 20/80

Security Number: 5127139

Tax Classification: Exempt

Management Fee: 0.75% (1)

External Investment Manager:

ANNI Shofan Investment Management Ltd.

External Investment Manager:
ANNI Shofan Investment Management Ltd.

ANNI Shofan Investment Management Ltd.
Fund Investment Policy

The rate of exposure of a Bond Fund, of any type – deposits and cash shall not be less than 80%.

The rate of exposure of an Equity Fund – will not exceed its absolute value, by more than 20%.

The rate of exposure of a Foreign Exchange Fund will not exceed its absolute value, greater than 30%.

The rate of exposure of a Bond Fund that is not rated under an investment rating (2), plus the rate of exposure to credit risk of banking corporations or brokers that are not included in the first credit risk group (3) shall not exceed 30%, provided that:

  1. The rate of credit risk exposure of all banking corporations and brokers that are not included in the first credit risk group shall not exceed 20%.
  2. The rate of credit risk exposure of a particular banking corporation or broker that is not included in the first credit risk group shall not exceed 10%.

The balance of exposure will be determined at the sole discretion of the Fund manager.

The overall value of foreign securities, units of Foreign Funds, open tracking Mutual Funds, whose tracking asset is a foreign or commodity index, and foreign currency, which will be held by it, plus the exposure to an underlying asset traded abroad through activity in derivatives on foreign exchanges, will not exceed 10% of the net asset value of the Fund.

1) The Fund manager is committed not to increase the rate of his fee in the Fund and not to collect any additional load fee in the Fund, at least until 01.01.2021. For this matter and in the matter of exceptions to said commitment of the Fund Manager, see the Fund Manager’s Immediate Report dated 03/03/2016 (reference number: 2016-03-040243).

2) “Bonds that are not rated under the investment rating” – a corporate bond and/or bonds issued by a state that is not the State of Israel, that is not rated, or that is rated lower than BBB (BBB -) or bearing a corresponding rating. In the event that the bond held by the Fund falls to a rating lower than the investment rating, in such a manner that the Fund’s investments deviated from the Fund’s investment policy as noted above, the Fund Manager will adjust the Fund’s investments to the investment policy by the end of ten trading days.

3) With respect to this section, vis-à-vis the definition of credit risk groups and any deviation from said – see the directive for fund managers and trustees regarding custodial risks and credit risks. A bank that holds cash and deposits (of the Fund’s assets) deposited with it from a risk group that was rated lower than it or ceased to be rated according to the risk groups in the appendix to the directive, in such a manner that the Fund has deviated from said, its investment policy or the provisions of the directive, the continued exposure of said bank shall not be considered a breach of said directive from exception to any investment policy for ten trading days from the date the deviation began.

The Fund’s exposure profile is a combination of two characteristics representing the Fund’s maximum exposure rate to equities (in a scale consisting of the numbers 0 to 6) and to foreign currency (in a scale consisting of the digits 0 and the letters A to F). The higher the number or letter on the scale, the higher the maximum exposure.

2)  Up to 30% exposure to shares at absolute value of B, up to 30% exposure to foreign currency at absolute value.

This publication does not constitute an offer to acquire units in the Fund, any acquisition will be made according to the Fund’s binding Prospectus and changes in any Immediate Reports. That said is not construed as an alternative to advice/investment marketing provided by a holder of a license issued under law, that considers the specifics and requirements of each party. That said is not construed as an offer for the acquisition of participation units of Mutual Funds. The Fund’s past returns are not construed to ensure a similar return in the future.

That said should not be considered a commitment by the Fund manager to achieve any specific return.

In addition, it should be noted that the information published on the company’s website does not constitute a substitute for individual investment advice that considers the client’s needs and should not be construed as any commitment whatsoever by the company to provide any service to the client. In addition, that published on the internet website should not be construed as any recommendation to make investments in the capital markets or any recommendation to invest in any financial assets.

"Shofan (0B) Glatt Bonds Supervised by the Halachic Committee of Grand Rabbi Vozner and Grand Rabbi Karelitz"

Fund Manager: Ayalon Mutual Funds Ltd.

איילון קרנות נאמנות

Fund Name: Shofan (0B) Glatt Bonds, Supervised by the Halachic Committee of Grand Rabbi Vozner and Grand Rabbi Karelitz”

New Fund dated 1.8.19.

Fund Number:  5129382

Fund Classification: Bonds in Israel – General, General Bonds in Israel: without shares.

Tax classification – exempt *

Management Fee: 0.69% (1) of the average annual net worth of the Fund’s assets

External Investment Manager – ANNI Shofan Investment Management Ltd.

Fund Manager – Ayalon Mutual Funds Ltd.

Fund Trustee: The Trust Company of Union Bank Ltd.

External Investment Manager:

ANNI Shofan Investment Management Ltd.

Fund Trustee: The Trust Company of Union Bank Ltd.

ANNI Shofan Investment Management Ltd. Fund Investment Policy

  • The Fund Manager agrees that Fund assets will be exposed only to securities that will be found to be suitable for investment from a halachic point of view (such as securities without any fear of interest, any violation of the  Shabbat and other religious restrictions), said in accordance with the assessment and supervision of the Halachic Committee on Investments and Funds (Glatt Kosher) headed by the Dayanim of the Religious Courts of Grand Rabbi Vozner and Grand Rabbi Karelitz “Committee”).   
  • The Fund’s exposure rate to bonds of any type shall not be less than 75%.
  • The Fund will not create exposure to equities.
  • The exposure rate in the Foreign Exchange Fund will not exceed its absolute value, greater than 20%.
  • The Fund will not create exposure to bonds that are not investment rated (2).
  • The exposure rate to credit risk of all banking corporations and brokers that are not included in the first credit risk group (3), shall not exceed 20%.
  • The exposure rate to credit risk of a particular banking corporation or broker that is not included in the first credit risk group (3) shall not exceed 10%.
  • The balance of exposure will be determined at the sole discretion of the Fund Manager.
  • The overall value of foreign securities, Foreign Fund units, Open-End Mutual Funds, whose tracking asset is a foreign index or commodity, and foreign currency, which will be held in addition to exposure to the underlying asset traded abroad, through activity in derivatives on foreign stock exchanges, shall not exceed 10% of the net asset value of the Fund.

(1) The Fund Manager agrees not to increase the rate of his fee in the Fund and not to charge an additional load, said at least until 01.01.2021. In this respect, and respect of exceptions to said commitment of the Fund Manager, see the Fund Manager’s Immediate Report of 03/03/2016 (reference number: 2016-03-040243).

(2) “Bonds not rated for investment purposes” – a corporate bond and/or a bond issued by a non-Israeli state, which is not rated or is rated low, from BBB (BBB -) or a corresponding rating. If a bond held by the Fund has been downgraded to a rating lower than an investment rating in such a way that the Fund’s investments have deviated from its investment policy, the Fund Manager will adjust the Fund’s investment to the investment policy up to the end of three months after the deviation began.

 

 

(3) With respect to this section, the definition of credit risk groups, and deviations from said – see the directive for Fund managers and trustees regarding custodial and credit risks. A bank that holds cash and deposits of Fund assets deposited with it from the risk group in which it was rated lower than it or ceased to be rated according to the risk groups in the appendix to the directive, in a manner that deviates from the Fund’s name, the continued exposure of said bank shall not be considered a breach of said directive from exception to its investment policy for ten trading days from the date the deviation began.

  • “Fund benchmark asset” – general bond index **

** The Fund’s benchmark asset is an index or asset, which the Fund Manager believes is expected to change in value, or increase in value, and will have the most significant impact on the Fund’s return.

  • 0 = without exposure to shares – up to 30% exposure to foreign currency at absolute value
  • The Fund’s exposure profile is a combination of two characteristics representing the Fund’s maximum exposure rate to equities (on a scale consisting of the numbers from 0 to 6) and to foreign currency (on a scale consisting of the digits 0 and the letters A to F). The higher the number or characteristic on the scale, the higher the maximum exposure.

* Although the Mutual Fund is tax-exempt, it may be liable to a tax on income and gains from securities abroad, said in addition to a tax that the Fund unit holder will pay on the redemption of units he held vis a vis the gain accrued on the units redeemed.