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“Markets are never wrong, opinions often are” Jesse Livermore

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About:

VERTICAL was founded by Gili Anglister and Miko Mor, both of whom possess extensive experience and rich knowledge in investment management, analysis, and risk management. The fund specializes in investments characterized by an asymmetric risk-return profile. The investment strategy at VERTICAL is based on consistency and analytical analysis through the lenses of risk versus reward (macroeconomic or specific), while partially or fully neutralizing market risk and sometimes even issuer risk. This is achieved by utilizing hedging strategies, such as short/long positions, exploiting opportunities arising from market failures, analyzing the financial and business situation of companies, and addressing exceptional issuances and capital movements.

The funds:

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VERTICAL

VERTICAL

The fund specializes mostly in investing in rated bonds traded in Israel, aiming to achieve excess returns without increasing the level of risk (β). The fund’s investments are based on in-depth analytical analysis and the use of various strategies to enhance the risk/reward ratio in different and changing market conditions, while taking advantage of market distortions and opening opportunistic positions accordingly.

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VERTICAL long

The fund is a long hedge fund focusing on the Israeli stock market, aiming to achieve excess returns over its benchmark (TA-125). The fund’s investments are based on fundamental analysis and selective stock picking based on trends, identifying and exploiting opportunities, including the use of relative pricing positions and flexible hedging policy. The fund employs various leverage strategies to enhance the risk/reward ratio with the goal of achieving long-term excess returns.

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VERTICAL BOND

The fund is a long hedge fund focusing on the Israeli bond market, aiming to achieve excess returns relative to the All-Bond index. The fund may have exposure to equities up to a certain extent. The fund’s investments are based on in-depth economic analysis by the fund manager, with the goal of identifying and exploiting opportunities in the capital market. The fund may employ various hedging strategies, depending on the financial market conditions, to enhance its risk/reward ratios.

OUR CORE VALUES:

Everything we do is guided by these values, which define our character, organizational culture, and performance since the establishment of VERTICAL. These qualities are the shared beliefs that we bring to both our professional and personal conduct, serving as the foundational strength of our business.

VERTICAL operates from a perspective of preserving and growing capital for the long term and throughout market cycles. This is based on a consistent focus on optimal investment horizons, identifying market distortions, and exploiting opportunities at the right timing. We emphasize transparency, a dynamic approach, and the ability to respond quickly to market changes, with the goal of achieving consistent market outperformance over time.

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The Team

The investment management and risks are led by the fund managers along with a professional team specializing in analysis, investments, and trading. They possess decades of accumulated experience in the financial markets.

Gili Anglister

Founder, Managing Partner

More than 20 years of experience in investment management roles. Prior to his position at VERTICAL, Gili served as the Chief Investments Officer at the Pension Funds and Trusts of Gaon Capital. Gili founded the bond proprietary activity in PI Financial (Inbar) and later established the Arbitrage Group. Gili holds a BA in Business & Administration from the Interdisciplinary Center Herzliya.

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Miko Mor

Founder, Managing Partner

More than 20  years of experience in investments management roles, analysis and investment banking. Prior to his role at VERTICAL, Miko served as an analyst in the research department of Harel Investment House and as the chief strategist in the investment department of Gaon Capital. Later, Miko served as the issuance manager at Gaon Capital underwriting department, transitioning to vice president to CEO at PI underwriting, and as a manager at the proprietary activity in PI Financial (Inbar). Miko has founded Arbitrage Group. Miko holds a BA in Business Administration with a specialization in finance from the College of Management.

Ohad Dessau

Managing Partner

More than 20  years of experience in investment management, analysis, and investment banking. Prior to his role at VERTICAL, Ohad served as an analyst in the provident funds of Bank Yahav and as the manager of issuances at Excellence underwriting. Additionally, he worked as an investment banker at Lehman Brothers and Barclays, and as a proprietary Manager at Pie Financial (Inbar).

Ohad holds a BA in Economics and Law (qualified as a lawyer) and a certified degree in Management Sciences with a specialization in Finance and Accounting, all from Tel Aviv University. Ohad also holds a MBA from the University of Michigan.

Dean Ben-Ze’ev

Managing Partner

More than 13 years of experience in investment management and analysis. Prior to his role at VERTICAL, Dean served as an analyst in the Research department at Psagot Investment House. Since 2015, Dean has been working as an analyst and proprietary Manager at Arbitrage Group.

Dean holds a BA in Economics and Psychology from the University of Haifa and a Master’s degree in Business Administration from Tel Aviv University.

Ariel Zino

Head of trading

More than 20 years of experience in investment management and trading roles. Prior to his position at VERTICAL, Ariel served as the Head of Bonds Desk at Mabat ETF- Index, and as a proprietary Manager at Clal Finance. In addition, he worked as a proprietary Manager at Barak Capital and Orcom Strategies.

Ariel holds a BA in Business Administration and an MBA with a specialization in finance, from Ono Academic College.

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Tzipi Dayan

Chief Operating Officer

More than 12 years of managerial experience in operational roles in the field of capital markets. Before her role at VERTICAL, Tzipi led operational departments in companies operating in the capital market.

Tzipi holds a BA in Economics with a specialization in Human Resources.

Omer Baruch

Head of Research & Analysis Department

More than 10 years of experience in various analysis roles. Prior to his role at VERTICAL, Omer served as a credit analyst in the large corporations department at Bank Discount.

Omer holds a BA in Economics and Management, and an MBA in Business Administration with a specialization in finance, both from the College of Management.

Evyatar Ben David

Chief Economist & Strategist

More than 10  years of experience in analysis roles in the capital market and the academy. Prior to his position at VERTICAL, Evyatar served as a senior economist in the research department at Psagot Investment House and as a macro analyst in the research department at Excellence Nessuah.

Evyatar holds a Master’s degree in Economics from the joint program of Tel Aviv University and The Hebrew University, and a BA in Economics and Management from the Academic College of Emek Yezreel.

CONTACT

Menachem Begin st, 144, 23rd floor Tel Aviv 036344961

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