Category: Stock Report

USAP – Universal Stainless & Alloy Products, Inc. (USAP) Q4 2022 Earnings Call Transcript

Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP) Q4 2022 Earnings Conference Call January 25, 2023 10:00 AM ET

Company Participants

June Filingeri – CommPartners, IR

Denny Oates – Chairman, President and CEO

Steve DiTommaso – VP and CFO

Conference Call Participants

Phil Gibbs – KeyBanc

John Deysher – Pinnacle

Douglas Dethy – D.C. Capital


Good day, and thank you for standing by. Welcome to the Universal Stainless Fourth Quarter 2022 Conference Call and Webcast. At this time participants are in a listen-only mode. [Operator Instructions]. Please be advised that today’s conference call is being recorded.

I would now like to hand the conference over to your speaker for today, June Filingeri. Please go ahead.

June Filingeri

Thank you, Lisa. Good morning. This is June Filingeri of Comm-Partners, and I would also like to welcome you to the Universal Stainless conference call. We are here to discuss the company’s fourth quarter 2022 results reported this morning. With us from management are Denny Oates, Chairman, President and Chief Executive Officer; Chris Zimmer, Executive Vice President and Chief Commercial Officer; John Arminas, Vice President and General Counsel; and Steve DiTommaso, Vice President and Chief Financial Officer.

Before I turn the call over to management, let me quickly review procedures. After management has made formal remarks, we will take your questions. Our conference operator, Lisa, will instruct you on procedures at that time. Also, please note that in this morning’s call, management will make forward-looking statements under the Private Securities Litigation Reform Act of 1995. I would like to remind you of the risks related to these statements, which are more fully described in today’s press release and in the company’s filings with the Securities and Exchange Commission.

With these formalities complete, I would now like to turn the call over to Denny Oates. Denny, we

SVRA – Why Shares of Savara Soared This Week

What happened

Shares of Savara (SVRA 2.62%), a clinical-stage biopharmaceutical company that specializes in rare respiratory diseases, were up 31.6% for the week as of Friday afternoon, according to data provided by S&P Global Market Intelligence. The stock closed last week at $2.09, then hit a 52-week high on Thursday at $2.82, and reached that point again on Friday. The stock is up more than 141% over the last year and has a 52-week low of $1.02.

So what

The company didn’t announce anything lately that would drive the stock forward, but its shares have been on a two-week rise. Its lead product candidate, molgramostim, is an inhaled granulocyte-macrophage colony-stimulating factor (GM-CSF) therapy in an IMPALA-2 phase 3 trial to treat  autoimmune pulmonary alveolar proteinosis (aPAP). The rare lung disease affects less than 5,000 people in the United States. The drug has been given Orphan Drug designation by the Food and Drug Administration (FDA) and the European Medicines Agency (EMA), along with Breakthrough Therapy and Fast Track designations by the FDA. The drug fared well in its phase 2 trial.

Savara has said it expects results from the phase 3 trial mid-year in 2024. David Ramsay, a member of Savara’s Board of Directors since 2017, did buy 36,000 shares of the stock on Jan. 3, but the stock’s surge likely has more to do with molgramostim’s progress. The stock has closed higher every day since Jan. 10.

Now what

The company, as of the third quarter, said it had $134 million, enough to fund operations through 2025. A lot is riding on how molgramostim fares in the phase 3 trial, particularly since the company lost $10.4 million in Q3, just slightly less than the $10.5 million it lost in the same period a year ago. Plus, molgramostim is the company’s only therapy in trials. As a long-term play, there’s plenty of risk to Savara stock despite its rise.

Jim Halley has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

FATE – ROSEN, A LEADING LAW FIRM, Encourages Fate Therapeutics, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action – FATE

New York, New York–(Newsfile Corp. – January 27, 2023) – WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Fate Therapeutics, Inc. (NASDAQ: FATE) between April 2, 2020 and January 5, 2023, both dates inclusive (the “Class Period”). A class action has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 22, 2023.

SO WHAT: If you purchased Fate securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Fate class action, go to or call Phillip Kim, Esq. toll-free at 866-767-3653 or email or for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 22, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose, among other things, that: (1) the Janssen Collaboration Agreement was less sustainable than Fate had represented to investors; (2) accordingly, certain of the clinical programs, milestone payments, and royalty payments associated with the Janssen Collaboration Agreement could not be relied upon as future revenue sources; (3) as a result, Fate had overstated the impact of the Janssen Collaboration Agreement’s on Fate’s long-term clinical and commercial profitability; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times. When the truth emerged, the lawsuit claims that investors suffered damages.

To join the Fate class action, go to or call Phillip Kim, Esq. toll-free at 866-767-3653 or email or for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: or on Twitter: or on Facebook:

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors.

Attorney Advertising. Prior results do not guarantee a similar outcome.


Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827

To view the source version of this press release, please visit


YMAB – Y-mAbs Therapeutics, Inc. (YMAB) Investor Alert: Robbins LLP Reminds Shareholders of Class Action Against Y-mAbs Therapeutics, Inc.

SAN DIEGO–()–The Class: Robbins LLP reminds investors that a shareholder filed a class action on behalf of all investors who purchased shares of Y-mAbs Therapeutics, Inc. (NASDAQ: YMAB) common stock between October 6, 2020 and October 28, 2022, for violations of the Securities Exchange Act of 1934. Y-mAbs is a clinical-stage biopharmaceutical company focused on developing antibody therapeutics and medicines for the treatment of cancer patients of all ages. The Company’s lead product candidate is Omburtamab, a murine monoclonal antibody that targets B7-H3, an immune checkpoint molecule that is widely expressed in tumor cells of several cancer types. According to Y-mAbs, “131I-omburtamab, which is omburtamab radiolabeled with Iodine-131, is currently being studied in several clinical trials including pivotal stage development Study 101 and Study 03-133 for the treatment of pediatric patients who have CNS/LM from NB.”

What Now: Similarly situated shareholders may be eligible to participate in the class action against Y-mAbs. Shareholders who want to act as lead plaintiff for the class must file their papers by March 20, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

What is this Case About: Y-mAbs Therapeutics, Inc. (YMAB) Misrepresented the Viability and Efficacy of its Lead Drug Candidate

According to the complaint, Y-mAbs sought FDA approval of omburtamab through a Biologics License Application first in 2020 and again in 2022, based on a comparison between Study 03-133 performed at Memorial Sloan Kettering Cancer Center (“MSKCC”) and an external cohort comprising data from the Central German Childhood Cancer Registry, or CGCCR, database.

The FDA declined marketing approval of omburtamab in a Refusal to File (RTF) letter dated October 2, 2020, informing Y-mAbs that additional data, including evidence of durable response were necessary to provide the level of evidence needed to support an approval.

Y-mAbs disclosed the existence of the RTF letter in a press release dated October 5, 2020, and in an investor conference call the morning of October 6, 2020, but misrepresented the FDA’s willingness to approve omburtamab for marketing based on the existing clinical trials. In fact, during the class period, Y-mAbs misrepresented to investors that, pursuant to a series of meetings and other communications between Y-mAbs and the FDA, progress was being made that would align with the FDA’s requirement to demonstrate substantial evidence of effectiveness, sufficient for approval of omburtamab, through adequate and well-controlled studies.

To the contrary, the FDA had repeatedly advised the defendants that the FDA was unlikely to grant approval for the marketing of omburtamab based on a comparison between Study 03-133 and CGCCR because of substantial differences in the patient populations, and the absence of tumor response data, and that Study 101 was neither sufficiently advanced nor indicative of efficacy to justify approval. The truth was first disclosed to investors on October 26, 2022, when the FDA published its Briefing Document for an October 28, 2022 Advisory Committee Meeting, and again on October 28, 2022, when the Committee voted 16-0 against recommending approval of omburtamab. On this news, Y-mAbs common shares fell $11.56 per share, to close at $3.61 per share on October 31, 2022.

Contact us to learn more:

Aaron Dumas

(800) 350-6003

Shareholder Information Form

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Y-mAbs Therapeutic, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.

GS – Housing Market Alert: Why So Many Americans Are Now Rent-Burdened

A paper cutout of a house is attached to a tag reading

Source: Pixelbliss /

The housing market remains front and center. Is it because of the housing boom during Covid-19 and that now seemingly everyone is looking for the “bust” part of that equation? Or is it because so many Americans have become rent-burdened by increasing costs and higher inflation?

While investors don’t like to talk about it, there’s another element in play: 2008.

Like it or not, the scars from the Great Recession and implosion from the housing market have left investors and homeowners forever worried about the state of the real estate market.

Prior to 2008, real estate had been one of the steadier assets out there. Regardless of what else was going on, the housing market was generally stable. But not in 2008. That’s as worries over a banking crisis began to grow and as the economy entered a prolonged recession.

We’re not in the same boat now, but there are definitely concerns.

A recent report from Goldman Sachs (NYSE:GS) made the bearish case for the housing market. More specifically, though, it laid out which cities are most at risk of a housing bust.

Ultra-low interest rates, flush liquidity and a boom in remote work helped fueled housing prices to new highs. As the economy enters a softer stretch — and as interest rates continue to climb — there are concerns about the housing market going forward.

Will a Fall in the Housing Market Help Rent-Burdened Consumers?

One big aspect to the rise in the housing market has been the implication for renters. Put simply, rent prices have been rising rapidly as well. That has left many consumers trapped, as rising costs have squeezed them into a tough spot.

Along with climbing prices for groceries, transportation and other expenses, rent is on the rise, too. The numbers back this up.

In 1999, Moody’s began tracking the percent of household income that goes toward rent — the rent-to-income ratio. For the first time ever, that figure has crossed 30%. It did so in 2022, which was up from 28.5% in 2021 and 25.7% in 2020.

That alone concludes we have rent-burdened consumers in the United States, as this figure has steadily risen over the years. Martha Galvez, the Executive Director of the Housing Solutions Lab at New York University’s Furman Center, had the following to say about this situation, per The Seattle Times:

“We’ve been moving in this direction for decades […] Since the ’70s, rents have been rising faster than incomes. And among lower-income households, high rent burdens have been the norm for a long time.”

Further, not all consumers are hit the same. That is to say, some are more rent-burdened than others. For instance, the rent-to-income ratio in New York was 68.5% last year. Miami and Fort Lauderdale had the second- and third-highest ratios, at 41.6% and 36.7%, respectively. In Los Angeles, the ratio came to 35.6%.

Some are hoping that a decline in real estate prices and the housing market will help alleviate some of the rent pressure. While a softening economy should help, rent has been proven to be stickier than other consumer costs. That said, it has also come down in recent months.

On the date of publication, Bret Kenwell did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell.

AWK – American Water’s Unmanned Aerial System Program Enters into Partnership with The New Jersey Innovation Institute

CAMDEN, N.J.–()–American Water (NYSE: AWK), the largest publicly traded U.S. water and wastewater utility company, announced today its Unmanned Aerial System (UAS) Program has entered into an agreement with The New Jersey Innovation Institute (NJII), an New Jersey Institute of Technology (NJIT) corporation, to perform research under a NJIT Federal Aviation Administration (FAA) Part 91 Certificate of Authorization (COA). The COA enables research activities to take place both beyond visual line of sight (BVLOS) and up to an altitude of 1,500 feet above ground level.

“American Water is proud to partner with NJII/NJIT, enabling us to jointly perform unmanned aerial systems and payload research flying up to three miles from a UAS pilot at an altitude of 1,500 feet to capture wide area mapping at high resolutions,” said Christopher Kahn, Director of UAS, American Water. “This significant research will enhance monitoring of source water and potential environmental threats to our critical infrastructure water supply.”

Additionally, American Water’s long-range mapping and inspection airframe, the Censys Technologies Sentaero, provides the ability to safely inspect facilities from miles away through high-resolution cameras, while staying in the air for over an hour.

“American Waters partnerships with NJII/NJIT & Censys Technologies is important for advancing the integration of UAS into the national airspace because it is an example of enterprise operation standardization across multiple applications,” said Trevor Perrott, CEO & Co-Founder, Censys Technologies. “Through American Water’s leadership, our country is another step closer to making safe BVLOS drone missions commonplace. The exciting part is the story doesn’t end here.”

American Water is also working closely with several government agencies and partner organizations to enable BVLOS UAS missions during temporary flight restrictions, which are commonly in place after natural disasters.

This press release is an update to an announcement previously distributed by American Water on January 24, 2023.

About American Water

With a history dating back to 1886, American Water (NYSE: AWK) is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 6,400 dedicated professionals who provide regulated and regulated-like drinking water and wastewater services to more than 14 million people in 24 states. American Water provides safe, clean, affordable and reliable water services to our customers to help keep their lives flowing. For more information, visit and Follow American Water on Twitter, Facebook and LinkedIn.


The New Jersey Innovation Institute (NJII), an NJIT corporation, was founded in 2014 and helps turn ideas into workable solutions across four divisions: healthcare, entrepreneurship, defense and homeland security, and professional and corporate education. NJII combines the vast resources of NJIT, strong and far-reaching industry and government relationships, and proven methods for building industry centric ecosystems to help drive innovation and deliver solutions that make a direct impact on the economy and the health and welfare of its participants.

One of the nation’s leading public polytechnic universities, New Jersey Institute of Technology (NJIT) prepares students to be leaders in the technology-dependent economy of the 21st century.

About Censys Technologies

Censys Technologies Corporation builds remote sensing hardware and software solutions for UAS service providers, enterprise organizations and government entities. This includes the Sentaero family of products – which is the UAV performance and value leader in the fields of agriculture, infrastructure monitoring, disaster relief and public safety. Created by three Embry-Riddle Aeronautical University alumni in 2017, Censys Technologies’ priorities are centered on understanding customer needs and delivering technology and products that will perform and grow their business – bringing intelligence to business from beyond the horizon.

KGHG – Improving ESG Raises Valuations: KGHG Invests

There is an increasing link between better ESG transparency and practices and a rise in company valuations, underscoring the outsized impacts that poor ESG practices will likely take in the coming years on companies. The KraneShares Global Carbon Transformation ETF (KGHG) invests along this premise by seeking to capture companies that are actively transitioning their emissions practices and are poised to be industry leaders in the carbon transition.

Recent research from Mercereau, Melin, and Lugo published in the Journal of Asset Management found a direct correlation between better ESG practices within eight key areas and improved shareholder valuation.

Image source: Journal of Asset Management

“Enhancing ESG can unlock significant shareholder value. For example, firms adopting top decile practices across all eight variables would boost their equity valuation by 35% on average. Which ESG improvement(s) can boost share price mostly depends on the firms. More than half the gains come from just one or two ESG variables,” wrote the authors.

Their analysis of over 2,000 companies globally from the MSCI All Country World Index included measuring ESG variables that fall under three key pillars: high corporate materiality, high data availability, and high market relevance. Specifically, they looked at carbon emissions, water usage, and waste generation (E); board gender diversity and the promotion rate of women (S); and board tenure, size, and overboarding (G).

The authors measured the P/E ratio (price to 12-month forward earnings) and the P/B (price-to-book) to determine valuations for companies between 2012-2020.

Capturing the Rising Valuations Potential of Transitioning Companies

For investors wanting to ensure that their portfolios are on the right side of that transition and capture the valuation potential in transitioning companies, the KraneShares Global Carbon Transformation ETF (KGHG) is a fund worthy of consideration. KGHG seeks to capture the true potential within the carbon transition by focusing on companies from within industries that are traditionally some of the highest emission offenders but are on the precipice of transitioning to renewable technologies. It goes beyond relying on just a climate pledge and offers exposure to companies making a meaningful transition to renewable energies and away from heavy carbon-emitting practices.

KraneShares believes that the upside potential of investing in these companies as they transition is enormous. These companies that are set to disrupt their industries would benefit greatly from being leaders in the transition, as the cost of carbon emissions will only become more expensive, cutting into the bottom line as demand decreases for high emissions offenders.

KGHG is an actively managed fund that invests globally across market caps and sectors in carbon emissions reducers that are taking active steps to reduce their carbon footprints and services or the carbon footprints of other companies. This also includes companies within the supply chain of the carbon-reducing companies and companies that are growing their businesses with companies that are materially reducing carbon emissions.

The fund utilizes proprietary, fundamental, bottom-up analysis using information disclosed by companies and third-party data.

KGHG carries an expense ratio of 0.89%.

For more news, information, and analysis, visit the Climate Insights Channel.

IRBA – Look to IRBA for a Profits-Driven ESG ETF

ESG has had a hard last few months, that much is true. It’s gotten politicized in a way that other aspects of the asset management world haven’t, but that doesn’t mean that ESG is going away. Finding an ESG strategy with solid returns is still an important part of advisors’ jobs in modern investing, and strong interest in ESG may merit taking a look at a profits-driven ESG ETF like the iMGP RBA Responsible Global Allocation ETF (IRBA).

Let’s look at ESG right now. As of last month, 81% of U.S.-based institutional investors were planning to increase their allocation to ESG products over the next two years according to a report from PwC — and 83% of their European peers said the same. Climate change and carbon emissions were listed as the top priority for U.S.-based institutional investors and money management firms with sustainability strategies.

Add in the much-vaunted “generational shift” in wealth management, in which younger generations are looking more for ESG than older cohorts, and it becomes apparent why advisors and investors are looking for the right ESG strategies. Still, not all ESG strategies have performed as well as they could have in the broad market selloff last year and in this rising rate environment, with some anticipating ESG strats generally to have some difficulties this year.

That’s why a profits-driven ESG ETF like IRBA can be a strategy to watch for advisors interested in ESG this year. The Richard Bernstein Advisors (RBA) strategies, which include IRBA as well as other ETFs and SMAs, focus on fundamentals with an emphasis on three key factors: profits, liquidity, and sentiment. The RBA approach analyzes corporate profits cycles to help guide its investments, going for defensive areas when profits drop and more cyclical options as profits rise.

The ETF, which is actively managed and charges 69 basis points, doesn’t look at specific stocks but rather uses ETFs to express the RBA investment committee’s views on the market. As a go anywhere ETF, expects to have an allocation of 65% to equities and 35% to fixed income — and crucially, IRBA only uses ESG ETFs.

Combine its emphasis on the profit cycle with its ESG approach and one can see the case for IRBA. The strategy outperformed the ETF Database Category Average and its Factset Segment Average over three months, returning 11.1%. For investors looking for an ESG strategy in such uncertain times, IRBA may be one to watch in the weeks and months ahead.

For more news, information, and analysis, visit the Richard Bernstein Advisors Channel.

TSLA – Tesla stock jumps nearly 12% to best week in a decade

Tesla Inc. stock extended its rally on Friday, pushing weekly gains to nearly 35%, as investors cheered the EV maker’s earnings and top executive Elon Musk’s assurances that demand is not a problem at Tesla.

Tesla shares were on pace for their highest close since Dec. 9, when they closed at $179.05. The stock also extended its winning streak to a sixth day, up 41% in that span.

The weekly gains are on track for the best since the week ended May 10, 2013 when the stock rose 40.7%.

Tesla on Wednesday reported mixed quarterly results, with revenue slightly below Wall Street expectations, but Wall Street has focused on the optimism in Tesla’s production outlook for 2023.

Chief Executive Elon Musk also said he wanted to put the “concern to rest” that Tesla is going through demand problems. January orders are stronger than ever, and demand far outstrips Tesla’s rate of production.

Read also: Tesla stock soars as analysts say latest results may quiet the bears for now

Tesla earlier this month cut prices for its EVs in the U.S. and Europe by as much as 20% depending on region and model, but Musk said that the price cuts would broaden Tesla vehicles’ appeal to buyers.

Other well-received news on Wednesday included the announcement that a “next generation” vehicle platform is in the wings, with details at the Tesla investor day on March 1, and that production of the Cybertruck, Tesla’s electric pickup, is on track for later this year and for volume production in 2024.

Don’t miss: ‘Poker move’ or wake-up call? Wall Street weighs in on Tesla’s price cuts

On Friday, Morgan Stanley’s Adam Jonas added his voice to those thinking the price cuts, far from being a sign of trouble for the EV maker, may have ushered a new era in EVs and a “great deflation.”

“While it’s still early days following the Tesla price cuts, we believe history will reflect upon this time as the moment when changes in design, manufacturing technology, and scale enabled profound deflation in the price of EVs,” Jonas said.

Changes in industry composition and market share may take years to play out, “but we believe the EV forecasts and manufacturing plans of competing EV players (startup and legacy) may potentially need to be fundamentally reconceived,” he said.

Deflation “transformed the automotive competitive landscape,” and prices fell even more sharply after Ford Motor Co. introduced its Model T and revamped its assembly line, Jonas said.

Tesla shares still have to catch up to the broader market, however. The shares are down about 35% in the last 12 months, compared with losses of around 5% for the S&P 500 index.

EIS – EIS: Israeli Equities Offer Strong Returns And Further Upside On Valuation

Jerusalem cityscape panorama

Jonathan Ross/iStock via Getty Images

iShares MSCI Israel ETF (NYSEARCA:EIS) is an exchange-traded fund that provides investors with exposure to Israeli equities. The fund carries an expense ratio of 0.58%, and it was launched on March 26, 2008. The fund remains relatively unpopular, with

EIS Net Fund Flows

EIS Key Sector Exposures


Author’s Calculations

Israel Current Account