About
Sphera Funds Management (“Sphera”) is a global investment firm that was founded in 2004. The firm manages six distinct long/short equity strategies & one real estate private equity fund from its offices in Tel Aviv. Sphera is Israel’s first and leading hedge fund manager. The firm’s investment philosophy is based on a disciplined and repeatable process that is focused on fundamental investing and is overseen by experienced investment teams, currently consisting of over twenty professionals. Sphera’s investment approach is dedicated to pursuing strong, consistent risk-adjusted returns across distinct market cycles and macro events. The investment team is supported by a robust business and operational infrastructure that is led by experienced professionals. The firm has a diverse investor base that includes long-standing relationships with some of Israel’s largest and most prominent pensions, insurance companies, financial institutions and family offices.
Strategies
Sphera strategy
Small Cap
Global Healthcare
Biotech
Sphera Tech Strategy
Global Equities
Park-in (Private Equity)
Sphera strategy
Founded in 2004, Sphera’s strategy aims to generate returns that exceed the relevant indices on a risk-adjusted basis. Utilizing a long/short equity approach to investing, the strategy focuses on securities of large and mid-cap Israeli and Israeli-related companies mainly on the Tel Aviv 125. Over the years, Sphera has built a unique team of analysts with long-standing experience who seek to identify and access the most attractive investment opportunities.
PM & Co-Founder:
Shai Azar
Senior Analyst Real estate, data centers and fintech stocks.
Joshua Lipman
Head of Research Technology sectors: cyber, enterprise software, semiconductors and gaming.
Amir Davidovich
Research Analyst Renewable energy producers and technology developers across the entire value chain (inverters, batteries, smart energy, etc.).
Avishai Fort
Research Analyst IT services, ad-tech and security companies
Or Shoham
Research Analyst Technology sectors: Internet & E-commerce, cyber and cloud infrastructure.
Jonathan Shpigler
Research Analyst Semiconductors.
Ron Hen
Head of Trading
Ron Senator
PM & Co-Founder
Mr. Senator co-founded Sphera Funds Management in 2004 and serves as Portfolio Manager of the Sphera strategy . Prior to establishing Sphera, Mr. Senator served as Head of JPMorgan Chase Israel, and had held various investment banking and advisory roles in SG Cowen and JPMorgan in New York. Mr. Senator holds a B.A. in Economics from Bar-Ilan University and an MBA from Yale University.
Small Cap
A long/short equity strategy, Sphera Small-Cap was founded in October 2011 and focuses on investments in equities of companies traded on the second and third-tier indices on the Tel Aviv Stock Exchange. These companies are often undervalued due to the absence of extensive analytical coverage or in light of lower tradability compared to the leading indices. The long-standing experience of the investment team seeks to provide investors with an edge in identifying and accessing attractive investment opportunities in this particular realm.
Portfolio Manager:
Shai Azar
Senior Analyst Real estate, data centers and fintech stocks.
Joshua Lipman
Head of Research Technology sectors: cyber, enterprise software, semiconductors and gaming
Amir Davidovich
Research Analyst Renewable energy producers and technology developers across the entire value chain (inverters, batteries, smart energy, etc.).
Or Shoham
Research Analyst Technology sectors: Internet & E-commerce, cyber and cloud infrastructure.
Avishai Fort
Research Analyst IT services, ad-tech and security companies
Jonathan Shpigler
Research Analyst Semiconductors.
Ron Hen
Head of Trading
Avishay Hertzanu
Portfolio Manager
Mr. Hertzanu joined Sphera in 2021 as the PM of Sphera Small Cap Strategy. He has more than 15 years of experience in analysis, research, and investment managing in the Israeli Stock Market. Prior to joining Sphera, Mr. Hertzanu served as the C.I.O. at Forte Investment House. Before that, he served as a Portfolio Manager in the 'nostro' department of Harel Insurance & Finance Group. Avishay earned an M.B.A in Business Management from Tel Aviv University and a B.A in economics and management, Cum Laude, from Ben Gurion University.
Global Healthcare
With a focus on investments in the global pharmaceutical and biotechnology sectors, this long/short equity strategy was founded in 2007. Sphera Global Healthcare’s investments are based on comprehensive scientific research conducted by a team of scientists, doctors, and investment experts operating in New York and Tel Aviv. The team of analysts is organized by therapeutic category, allowing deep insights and expertise in treatment modalities.
PM & Co-Founder:
Tel Aviv
Amit Drach, M.D, Senior Analyst
CNS, Orphan, Liver disease, Gene Therapy
Hagai Schor, Ph.D., Scientific Analyst
Oncology and Autoimmune Disease
Geula Schwartz, Analyst
Oncology, Autoimmune Disease
Benzion Amoyav, Ph.D
Doron Breen
PM & Co-Founder
Mr. Breen co-founded Sphera Funds Management in 2004 and Sphera Healthcare in 2007, where he serves as Managing Partner. Before co-founding Sphera, Mr. Breen co-managed the proprietary portfolio for SFK. Mr. Breen holds a BSc degree in Computer Science and a Master’s Degree in Economics, cum laude, from Tel Aviv University.
Biotech
Founded in 2018, Sphera Biotech focuses on highly innovative small and mid-cap companies in the global biotechnology sector. Sphera Biotech’s investments are based on comprehensive scientific research conducted by teams of scientists, doctors, and investment experts operating in Tel Aviv. The team of analysts is organized by therapeutic category, allowing deep insights and expertise into treatment modalities. The investment team’s research process seeks to use this enhanced perspective to detect disruptive technologies at an early stage.
PM & Co-Founder:
Tel Aviv
Amit Drach, M.D, Senior Analyst
CNS, Orphan, Liver disease, Gene Therapy
Hagai Schor, Ph.D., Scientific Analyst
Oncology and Autoimmune Disease
Geula Schwartz, Analyst
Oncology, Autoimmune Disease
Benzion Amoyav, Ph.D
Doron Breen
PM & Co-Founder
Mr. Breen co-founded Sphera Funds Management in 2004 and Sphera Healthcare in 2007, where he serves as Managing Partner. Before co-founding Sphera, Mr. Breen co-managed the proprietary portfolio for SFK. Mr. Breen holds a BSc degree in Computer Science and a Master’s Degree in Economics, cum laude, from Tel Aviv University.
Sphera Tech Strategy
Sphera Tech Fund is a long/short equity strategy, focused on Israeli-related and global publicly-traded technology stocks. The strategy aims to generate long term returns that exceed the relevant equity indices on a risk-adjusted basis. The Tech Fund is managed by Sphera Fund’s investment team, which has a long-term track record of investments in technology stocks over multiple market cycles, and in partnership with an experienced advisory board adding significant industry insight and access.
Portfolio Manager:
Co-Portfolio Manager:
Co-Portfolio Manager:
Joshua Lipman
Head of Research Technology sectors: cyber, enterprise software, semiconductors and gaming.
Amir Davidovich
Research Analyst Renewable energy producers and technology developers across the entire value chain (inverters, batteries, smart energy, etc.).
Avishai Fort
Research Analyst IT services, ad-tech and security companies
Or Shoham
Research Analyst Technology sectors: Internet & E-commerce, cyber and cloud infrastructure.
Jonathan Shpigler
Research Analyst Semiconductors.
Ron Hen
Head of Trading
Ron Senator
Portfolio Manager
Mr. Senator co-founded Sphera Funds Management in 2004 and serves as Portfolio Manager of the Sphera strategy . Prior to establishing Sphera, Mr. Senator served as Head of JPMorgan Chase Israel, and had held various investment banking and advisory roles in SG Cowen and JPMorgan in New York. Mr. Senator holds a B.A. in Economics from Bar-Ilan University and an MBA from Yale University.
Nadav Zeller
Co-Portfolio Manager
Mr. Zeller is a Managing Partner at Sphera Strategy. He joined Sphera in 2013 as an Equity Research Analyst focusing on the Tech, Consumer, and services industries. Prior to joining us, he was the Equity Research Analyst of Camalia Capital Markets in the years 2010-2013. Nadav earned a Bachelor's Degree in Business Administraion and Management from The Open University of Israel, Magna Cum Laude.
Eli Uzan
Co-Portfolio Manager
Eli Started as an entrepreneur and later on in a senior management role at Google Israel. Dealt with all aspects of an international business from product to marketing, business development, sales and more. Led a global center of excellence around Gaming. Winner of several country and region level awards for exceptional work while at Google. Later took part in establishing Facebook's office in Israel as part of Facebook Israel's management leading a multi-vertical business. Covered the majority of the Facebook business activity in Israel managing the business relationship with all major global tech companies in the market. In recent years, an entrepreneur & angel investor, last company founded (Videti) was acquired 2.5 years after inception.
Global Equities
Sphera Global Equities is a long/short equity strategy focused on the fundamental goal of generating alpha on both long and short positions. The strategy aims to generate long-term returns that exceed the relevant equity indices - the S&P 500 and MSCI World. Launched in October 2019, the strategy invests globally, across a variety of industries and across all market capitalizations.
Portfolio Manager:
Co-Portfolio Manager:
Ron Senator
Portfolio Manager
Mr. Lev-Ran has teamed up with Sphera in 2018 to establish Sphera Global Equities Strategy, where he serves as a Portfolio Manager. He is a former senior analyst and partner at Pennant Capital Management - a leading U.S. multi-billion long-short equity hedge strategy, and a former analyst at Moon Capital Management - a leading emerging markets long-short equity hedge strategy. Mr. Lev-Ran holds a Bachelor of Laws and a BA in Economics and Accounting from Tel Aviv University, and an MBA from the University of Chicago Graduate School of Business.
Nadav Zeller
Co-Portfolio Manager
Park-in (Private Equity)
Sphera's private equity strategy, founded in 2021. Sphera Park-In is Israel's first and only strategy acting solely in the parking real estate sector, purchasing and operating parking lots in Israel's central district. The strategy aims to provide returns by acquiring undervalued parking lots based on considerations such as geographic location, transportation analysis (both current and future), possible competitors etc and enhance their management and operations in order to improve revenue.
Park-in's Co-Founder & Manager:
Investment Committee
Amir Levi
Ron Senator
Dror Nagel
Eyal Blecer-Kahn
Hilik Amram
Shai Azar
Avi Ben-Ari
Park-in's Co-Founder & Manager
Mr. Ben-Ari partnered with Sphera to co-found Park-in, Sphera's private equity strategy, in 2021. Prior to joining Sphera, Avi held several positions of CEO & Senior Vice President Sales & Marketing, having a demonstrated history of working in the real estate industry. He holds an MBA focused in marketing and finance from Ono Academic College, and an LLB from the Ramat Gan College of Law & Business.
LEADERSHIP TEAM
Doron Breen
Co-Founder & Managing Partner
Ron Senator
Managing Partner, PM Sphera Strategy
Amir Levi
Managing Partner, CEO
LEADERSHIP TEAM
INVESTMENT TEAM
Doron Breen
Managing Partner, PM Biotech & Healthcare strategies
Ron Senator
Managing Partner, PM Sphera Strategy
Nadav Zeller
Managing Partner, Co-PM Sphera Strategy
Avishay Hertzanu
PM Sphera Small Cap Strategy
INVESTMENT TEAM
MANAGEMENT TEAM
Adi Hanetz
Chief Legal Officer
Eran From
Chief Revenue & Marketing Officer
Oshrat Levi
Chief Financial Officer & Chief Operating Officer
MANAGEMENT TEAM
MARKETING TEAM
Lisa Liberman
Director Head of Private Clients