Ayalon (4D) Global Stocks, managed by Ayalon Trust Funds Ltd. on Phoenix Financial Ltd.
Thesis
Phoenix Financial was added in 2025 as an Israeli insurance compounder. The manager was impressed by both its insurance capabilities and its investment operation, matching the fund's preference for insurers that can create value through underwriting and capital allocation. Affinity Partners remains a large shareholder, which the letter notes as part of the ownership context. The shares have doubled since the fund began buying, but the company remains in the portfolio.
“I was impressed by there capabilities both on the insurance side and the investing”