Ayalon Trust Fund (4D) Global Stocks on Phoenix Financial Ltd.
Thesis
Phoenix Financial was added to the portfolio in 2025 as another insurance compounder. The manager was impressed by the company's capabilities both in insurance operations and in investing, fitting the fund's preference for insurers that can compound value through underwriting and investment activities. Affinity Partners remains a large shareholder, which is also noted in the letter. The stock has doubled since the fund began purchasing shares.
“I was impressed by there capabilities both on the insurance side and the investing”