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Aberdeen Israel Fund, Inc. (NYSE AMEX: ISL)
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Daily Data
At close Sep, 02 2010
| NAV | $16.50 |
| Price | $14.87 |
| Premium/Discount | -9.88% |
NAV and prices are provided by Morningstar. This information is unaudited and neither Aberdeen Asset Management PLC, its wholly owned subsidiaries, the Funds, nor any other person guarantees their accuracy.
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Aberdeen Israel Fund, Inc. (NYSE AMEX: ISL)
Investment Objective
The Fund seeks long-term capital appreciation by investing primarily in equity securities of Israeli companies.
Investment Policies
It is the policy of the Fund to invest its assets in Israeli equity securities. For these purposes, “Israeli securities” includes common and preferred stock, warrants, options and debt securities organized under the laws of Israel.
The information contained above provides only a brief summary description of the Fund's investment objective and investment policies.
Fund Managers’ Monthly Report
July 2010
- Israeli stocks fell in June due to fears that harsh austerity measures announced across Europe would stall global growth. Speculation of a possible escalation of tensions with Iran also weighed on investor sentiment.
- The Bank of Israel maintained its benchmark interest rate at 1.5% amid greater uncertainty in the global economy.
- In Fund-related news, Teva Pharmaceutical’s Plan B contraceptive pill is likely to face more competition from Watson Pharmaceuticals’ Ulipristal, which was approved for sale in the U.S. Separately, Teva raised US$2.5 billion via a bond issue to partially finance its acquisition of Germany’s Ratiopharm. Check Point Software acquired U.S.-based Liquid Machines, which will broaden its extensive portfolio. The Israeli government intends to sell its stake in Bank Leumi as part of its privatization efforts. Bank Leumi also sold most of its stake in Paz Oil. Bank Hapoalim intends to raise its core tier 1 capital ratio to between 7.5% and 8%, which should be positive for the company’s risk profile.
- During the month, we added to our positions in IT services provider Nice Systems and real estate management company Shufersal.