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
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.
Portfolio Manager:
Head of Research:
Analyst Team
Nir Shefer
Executing Trader
Shai Azar
Real Estate and Infrastructure
Joshua Lipman
Technology, Telecom, Defense
Nadav Zeller
Technology, Industry and Services
Amir Davidovich
Oil & Gas, Renewable Energy, Utilities, Retail & Grocery
Avishai Fort
Or Shoham
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
Head of Research
Mr. Zeller is the Head of Research of the Sphera Strategy and Small Cap 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.
Co Portfolio Manager:
Co Portfolio Manager:
Head of Research:
Analyst Team
Nir Shefer
Executing Trader
Shai Azar
Real Estate
Joshua Lipman
Technology, Defense
Nadav Zeller
Technology, Industry and Services
Amir Davidovich
Oil & gas, Renewable Energy, Utilities, Retail & Grocery
Or Shoham
Avishai Fort
Avishay Hertzanu
Co Portfolio Manager
Mr. Hertzanu joined Sphera in 2021 as the co 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.
Ron Senator
Co 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
Head of Research
Mr. Zeller is the Head of Research of the Sphera Strategy and Small Cap 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.
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:
Director of Research:
Analyst Team
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
Sharon Ofer, Analyst
Analysis Support
New York
Michelle Ross, Director of Research
Peter Stapor, Ph.D., Analyst
Large Cap Biotech and Pharma
Elena Podolyako, M.D, Analyst
Immunology, Endocrinology
Sean Tan
Trader
Doron Breen
Portfolio Manager
Mr. Breen co-founded Sphera Funds Management in 2004 and Sphera Global Healthcare in 2007, where he serves as Portfolio Manager. Prior to 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.
Michelle Ross
Director of Research
Michelle joined Sphera’s New York office in September 2016 and is currently the Director of Research for the Global Healthcare & Biotech Strategies. Prior to joining Sphera, Michelle spent three years at PointState Capital as Vice President covering the healthcare sector. From 2006 to 2013, Michelle spent seven years at Soros Fund Management where she specialized in global healthcare investments. Michelle completed her undergraduate degree at Stern College. She holds a Master’s Degree in Biotechnology from Columbia 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:
Director of Research:
Analyst Team
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
Sharon Ofer, Analyst
Analysis Support
New York
Michelle Ross, Director of Research
Peter Stapor, Ph.D., Analyst
Elena Podolyako, M.D, Analyst
Sean Tan, Trader
Doron Breen
Portfolio Manager
Mr. Breen co-founded Sphera Funds Management in 2004 and Sphera Global Healthcare in 2007, where he serves as Portfolio Manager. Prior to 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.
Michelle Ross
Director of Research
Michelle joined Sphera’s New York office in September 2016 and is currently the Director of Research for the Global Healthcare & Biotech Strategies. Prior to joining Sphera, Michelle spent three years at PointState Capital as Vice President covering the healthcare sector. From 2006 to 2013, Michelle spent seven years at Soros Fund Management where she specialized in global healthcare investments. Michelle completed her undergraduate degree at Stern College. She holds a Master’s Degree in Biotechnology from Columbia 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:
Analyst Team
New York
Lui Sykes
Tel Aviv
Michael Holder
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.
LEADERSHIP TEAM
Israel Mor
Co-Founder & Chairman
Doron Breen
Co-Founder & Managing Partner
Ron Senator
Co-Founder & Managing Partner
Daniel Malek
Chief Executive Officer Sphera U.S.
Ori Goldfarb
Chief Executive Officer
LEADERSHIP TEAM
Israel Mor
Co-Founder & Chairman
Mr. Mor began his career in 1978 at Bank Leumi, where he spent twelve years in various investment advisory positions. Mr. Mor served as Senior Fund Assets Director for Israel’s First International Bank’s Mutual Strategies Division. Before co-founding Sphera Funds Management in 2004, Mr. Mor managed Shrem Fudim (SF) Group’s investment capital between 1996-2003.
Doron Breen
Co-Founder & Managing Partner
Mr. Breen co-founded Sphera Funds Management in 2004 and Sphera Global Healthcare in 2007, where he serves as Portfolio Manager. Before co-founding Sphera, Mr. Breen co-managed the proprietary portfolio for SFK. Mr. Breen holds a B.Sc. degree in Computer Science and a Master’s Degree in Economics, cum laude, from Tel Aviv University.
Ron Senator
Co-Founder & Managing Partner
Mr. Senator co-founded Sphera Funds Management in 2004 and serves as Portfolio Manager of the Sphera strategy. Before 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 M.B.A. from Yale University.
Daniel Malek
Chief Executive Officer Sphera U.S.
Mr. Malek is the C.E.O. of Sphera US since June 2020. Daniel was the C.E.O. and co-founder of Nexthera Capital, a NYC-based long/short equity hedge fund focused on the healthcare sector. From 2015 to 2019, Daniel led the overall business management and strategy for Nexthera and successfully raised assets for three different products, including a UCITS strategy. Daniel was previously part of the investment arm at EJS Investment Management from 2005 until 2014 where he allocated capital to external managers covering a wide range of alternative strategies (hedge funds and private equity). Previously, he was a strategy consultant for Accenture. Daniel earned a bachelor’s degree in economics and a Master’s in Business Information Management from the Free University of Brussels.
Ori Goldfarb
Chief Executive Officer
Mr. Goldfarb joined Sphera Funds Management as C.E.O. in 2015. Between 2010-2014, Mr. Goldfarb served as C.E.O. and Board member of Credit Suisse Israel. Before Credit Suisse, between 2007-2010, Mr. Goldfarb served as Managing Partner at BLSH Value Fund. Between 1998-2007, Mr. Goldfarb held senior positions with Merrill Lynch Private Banking in New York and Tel Aviv. Mr. Goldfarb holds a Bachelor of Laws (LL.B) from Israel’s College of Management and an M.B.A. in Finance and Investments from The City University of New York.
INVESTMENT TEAM
Doron Breen
PM Biotech & HealthCare Strategies
Michelle Ross
Director of Research Biotech & HealthCare Strategies
Yaron Lev-Ran
PM Sphera Global Equity Strategy
Ron Senator
PM Sphera & Small Cap Strategies
Nadav Zeller
Head of Research of Sphera & Small Cap Strategies
INVESTMENT TEAM
Doron Breen
PM Biotech & HealthCare Strategies
Mr. Breen co-founded Sphera Strategies Management in 2004 and Sphera Global Healthcare in 2007, where he serves as Portfolio Manager. 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.
Michelle Ross
Director of Research Biotech & HealthCare Strategies
Michelle joined Sphera’s New York office in September 2016 and is currently the Director of Research of the Global Healthcare & Biotech strategies. Prior to joining Sphera, Michelle spent three years at PointState Capital as Vice President covering the healthcare sector. From 2006 to 2013, Michelle spent seven years at Soros Fund Management where she specialized in global healthcare investments. Michelle completed her undergraduate degree at Stern College. She holds a Master’s Degree in Biotechnology from Columbia University.
Yaron Lev-Ran
PM Sphera Global Equity Strategy
Mr. Lev-Ran has teamed up with Sphera in 2018 to establish Sphera Global Equities strategy and serves since as its Portfolio Manager. He is a former senior analyst and partner at Pennant Capital Management - a leading U.S. multi-billion long-short equity hedge fund, and a former analyst at Moon Capital Management - a leading emerging markets long-short equity hedge fund. 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.
Ron Senator
PM Sphera & Small Cap Strategies
Mr. Senator co-founded Sphera Strategies Management in 2004 and serves as Portfolio Manager of Sphera strategy. Before 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
Head of Research of Sphera & Small Cap Strategies
Mr. Zeller is the Head of Research of Sphera and Small Cap strategies. He joined Sphera in 2013 as an Equity Research Analyst focusing on the Tech, Consumer, and services industries. Before joining Sphera, he was the Equity Research Analyst of Camalia Capital Markets in the years 2010-2013. Nadav earned a Bachelor's Degree in Business Administration and Management from The Open University of Israel, Magna Cum Laude.
MANAGEMENT TEAM
Adi Hanetz
Chief Legal Officer
Liana Kaneti
Chief Operating Officer
Neomi Elpeleg
Chief Financial Officer
Tim Surzyn
COO/CCO Sphera U.S.
MANAGEMENT TEAM
Adi Hanetz
Chief Legal Officer
Mrs. Hanetz joined Sphera as General Counsel and Chief Compliance Officer in 2011. She also serves as a director of Sphera Global Healthcare Management LP and Sphera Healthcare U.S. Inc. Before joining Sphera Fund Management, Ms. Hanetz was a senior associate at Fried, Frank, Harris, Shriver, & Jacobson, LLP in New York, where she counseled hedge funds, private equity firms, funds of funds, and other alternative investment vehicles on securities laws compliance, advised funds on structuring and trading investments products, and participated in fund launch processes. Ms. Hanetz was previously an associate at Williams & Connolly, LLP. Ms. Hanetz began her career as an associate at a law firm in Tel Aviv advising leading Israeli banks regarding regulatory compliance issues. She received her LL.M. with distinction in Securities and Financial Regulation from Georgetown University in 2003 and her LL.B. (Bachelor of Laws) from Tel Aviv University in 1998. She is admitted to practice law in both Israel and New York.
Liana Kaneti
Chief Operating Officer
Mrs. Kaneti joined Sphera in 2012 and has served since as Chief Operating Officer. Liana leads Sphera’s accounting and pre and post-trading strategies operations as well as investor relations operations. Before joining Sphera, Liana was COO of Axiom, a New York-based $1Bn+ hedge fund focused on FX/macro strategies. Before rejoining Axiom fund as a COO in 2009, Liana was an associate in Deutsche Bank's Global principal Finance team, investing the bank's proprietary strategies in illiquid assets and projects. Before that, she was part of the team that sold Arbitrade to Knight Securities in 2000 and founded Axiom in 2001, where she traded FX. Liana received her MBA from the Wharton Business School at the University of Pennsylvania in 2008. Her B.A. in Mathematics and Economics is from Columbia University, in 2003.
Neomi Elpeleg
Chief Financial Officer
Mrs. Elpeleg joined Sphera Funds Management as Chief Financial Officer in 2010. Before joining Sphera, Neomi spent 14 years as CFO for SFK Group, a publicly-traded Israeli investment firm. At SFK, Neomi’s responsibilities included financial reporting, SEC filings, internal/external audit, treasury, tax & budgets. From 1990-1996, she served as an accounts manager for Deloitte Brightman, Israel. Neomi holds a BA in Accounting and Economics from Israel’s College of Management.
Tim Surzyn
COO/CCO Sphera U.S.
Mr. Surzyn joined Sphera Healthcare US as its COO/CCO in June 2020. Before Sphera, Tim helped launch Nexthera Capital, where he was their CFO/COO and Partner from 2015 to 2019. He previously worked as a senior member of the UBS Prime Brokerage Capital Consulting team for over 5 years, working in New York and London with hedge fund start-ups and established strategies. Before UBS, he was the Deputy CFO of Autonomy Capital for three years and he started his career at a compliance consultancy providing outsourced CFO and regulatory services to alternative investment funds. Tim completed his undergraduate degree at King’s College London and received his Master’s degree in Management with Finance from the University of Bath. He is a Chartered Management Accountant (ACMA/CGMA®) and an Investment Adviser Certified Compliance Professional (IACCP®).
