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“The information presented herein is provided strictly for informational purposes and is not intended and does not constitute a distribution, an offer to sell or the solicitation of an offer to buy any securities or other financial instruments (hereinafter: “Financial Instruments”) in any jurisdiction. The information presented herein is not intended to provide a basis for any evaluation of Financial Instruments discussed hereon, or to constitute investment, legal, tax or accounting advice, and should be regarded as indicative, preliminary and for illustrative purposes only. Subscription for any Financial Instruments referred to in this email will only be made on the basis of a legally binding offering documents including a Subscription Agreement, Partnership Agreement, and various relevant Supplements, containing important information regarding risk factors, performance and other material aspects of the applicable investment, and which should be carefully reviewed and considered independently by each prospective investor. Any such offer of Financial Instruments is restricted to only a limited number of investors (35 investors or less during any given 12 month period) selected in a manner determined by the presenting entity managers, and/or those categories of investors, listed in the First Addendum to the Israeli Securities Law, as amended from time to time. The provision of information herein is not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product or transaction. This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to our businesses and operations. Readers are cautioned not to place undue reliance on these forward looking statements. We do not undertake any obligation to publicly release the result of any revisions to these forward looking statements. Past performance is not a guarantee or indication of future results. With respect to the information presented herein, neither the presenting entity nor any of its officers, employees or representatives, makes any warranty or representation, whether express or implied, or assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information so disclosed. Without derogating from the above disclaimer, performance figures contained herein that were received from third party sources believed to be reliable and current (or as estimates, prior to year-end audits). The information, concepts, ideas and analysis contained herein are the presenting entity’s (or other third parties’) proprietary, restricted, privileged and confidential material. Such material may not be reproduced, disseminated or used in whole or in part without the presenting entity’s prior written authorization. All rights reserved.”
“Markets are never wrong, opinions often are” Jesse Livermore
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:
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.
vertical long
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.
vertical BOND
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.
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.
linked inMiko 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.
linked inTzipi 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.
Ronen Roth
Analyst
More than 5 years of experience in various analysis roles. Prior to his position at VERTICAL, Ronen served as equity analyst in the investment department of Ayalon Insurance Company.
Ronen holds a BA in Business Administration with a specialization in Network Science from Reichman University, and an MBA from The Open University, both with distinction.
CONTACT
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