About
Sphera Funds Management (“Sphera”) is a global investment firm that was founded in 2004. The firm manages five distinct long/short equity strategies from its offices in Tel Aviv and New York and is Israel’s first and largest 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
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:
Managing Partner, Co-PM:
Ron Chen
Head of Trading
Shai Azar
Senior Analyst
Joshua Lipman
Senior Analyst
Amir Davidovich
Research Analyst
Avishai Fort
Research Analyst
Or Shoham
Research Analyst
Roman Rimsha
Research Analyst

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.

Nadav Zeller
Managing Partner, Co-PM
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.
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:
Nir Shefer
Head of Trading
Shai Azar
Senior Analyst
Joshua Lipman
Senior Analyst
Amir Davidovich
Research Analyst
Or Shoham
Research Analyst
Avishai Fort
Research Analyst
Roman Rimsha
Research Analyst

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.
Portfolio Manager:
Managing Partner:
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
New York
Michelle Ross, Portfolio Manager
Peter Stapor, Ph.D., Analyst
Large Cap Biotech and Pharma
Elena Podolyako, M.D, Analyst
Immunology, Endocrinology
Sean Tan
Trader

Michelle Ross
Portfolio Manager
Michelle Ross is the Portfolio Manager at Sphera Healthcare having joined the firm in 2016 and is located in the New York office. Prior to joining Sphera, Michelle spent three years at PointState Capital as Vice President covering the healthcare sector. From 2006 to 2013, Michelle was an analyst at Soros Fund Management where she specialized in global healthcare investments. Michelle completed her undergraduate degree at Stern College and received her Master’s Degree in Biotechnology from Columbia University.

Doron Breen
Managing Partner
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 New York and 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.
Portfolio Manager:
Managing Partner:
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
New York
Michelle Ross, Portfolio Manager
Peter Stapor, Ph.D., Analyst
Elena Podolyako, M.D, Analyst
Sean Tan, Trader

Michelle Ross
Portfolio Manager
Michelle Ross is the Portfolio Manager at Sphera Healthcare having joined the firm in 2016 and is located in the New York office. Prior to joining Sphera, Michelle spent three years at PointState Capital as Vice President covering the healthcare sector. From 2006 to 2013, Michelle was an analyst at Soros Fund Management where she specialized in global healthcare investments. Michelle completed her undergraduate degree at Stern College and received her Master’s Degree in Biotechnology from Columbia University.

Doron Breen
Managing Partner
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.
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:
New York
Lui Sykes

Yaron Lev-Ran
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.
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
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

Israel Mor
Co-Founder & Chairman

Doron Breen
Co-Founder & Managing Partner

Ron Senator
Co-Founder & Managing Partner

Amir Levi
Managing Partner
LEADERSHIP TEAM
INVESTMENT TEAM

Doron Breen
Managing Partner Biotech & Healthcare Strategies

Michelle Ross
PM Biotech & Healthcare Strategies

Yaron Lev-Ran
PM Sphera Global Equity Strategy

Ron Senator
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

Neomi Elpeleg
Chief Financial Officer

Eran From
Chief Revenue & Marketing Officer

Steven Dorfman
COO/CCO Sphera U.S.
MANAGEMENT TEAM
MARKETING

Lisa Liberman
Director Head of Private Clients

Assaf Yaniv
Senior Relationship Manager

Laura Carraway
Director of Business Development & Investor Relations