FIRST ISRAEL FUND (ISL)

ISRAEL DIGEST"

CLOSING PRICES

Specially compiled by The Jerusalem Post

$13

May 28, 1993

October 22, 1992 (Came out at 15)

$14

October 30, 1992

$12 , 7 4 June 30, 1993

$13X

November 30, 1992

$12X July 30, 1993

$12 , 7 4

December 31. 1992

$12

August 31. 1993

$145

January 29, 1992

$13

September 30, 1993 (hit high of 17S) $17X

February 23, 1993 (low)

$11%

October 29, 1993

$16%

February 26, 1993

$12

November 30, 1993

$1474

March 31, 1993

$12X

December 20, 1993

$15Y4

April 30, 1993

$12X

Source: Prudential Securities, West Bloomfield

investment clubs that specialize in Israel stocks.
Members of the Michigan Israel Investment
Club, the first organized club, believed it was
important to add shares of this mutual fund to
their overall portfolio.
"We just feel this was a decent diversifica-
tion in our portfolio," Rick Rosenhaus said. "It
allows us as a group to be into some things we
otherwise couldn't invest in — like start-up
businesses."
In total, the club owns 700 shares of the First
Israel Fund. Former club president Rosenhaus
estimated the purchases, handled at various
times, of FIF at $9,462. Last week, the club's
estimated total value was at $10,675.
The club has done well. Its current value of
Israeli stocks is $139,000 — a gain of $93,000
since the club's inception in the summer of 1987.
"The First Israel Fund will do fine because
managers have so much international invest-
ing trading experience," Mr. Rosenhaus said.
"But I would not recommend this fund as the
only investment in Israel.
"Israel has been on a tremendous run," he
added. "And with the peace dividend under way,
it may continue the same run." ❑

FIRST ISRAEL FUND

Top 10 Holdings:

1.)Teva Pharmaceuticals

2.) 4th Dimension Software

3.) Tadiran Ltd.

4.) Scitex Corp.

5.) Bezeq

6.) ECI Telecommunications

7.) PEC Israel Economic Corporation

Under the agreement, the
barriers will be lifted except
for telecommunications, which
will remain subject to further
neptiations. However, Israeli
companies will have access to
the telecommunications sec-
for of the major U.S. states.
Israel succeeded in intro-
ducing a provision in the
agreement which will require
a foreign company selling to
the government to offset the
sale with local purchases
worth between 30 percent and
35 percent of the total sale.

Israel will benefit from new ac-
cess to the developed nations'
public sector market under the
recently finalized GAIT trade
agreement, Industry and
Trade Ministry Foreign Trade
Achninistration director Zohar
Peri announced last week.
Until now, local companies
were virtually excluded from
competing for government
contracts abroad. The court-
try's trading partners blocked
access to companies in the en-
ergy, transportation, water
and telecommunications sec-
tors.

Court Denies Request

British pharmaceutical giant
Wellcome's request for a tem-
porary injunction preventing
Teva Pharmaceuticals from
continuing research and de-
velopment into the drug acy-
clavir was turned down by the
Tel Aviv District Court last
week.
Acyclovir, a raw material
used to produce a drug for
fighting the Herpes virus, is
currently under international

.

Domino's At Airport

9.) Elbit Computer

Domino's Pizza has opened a
branch at Ben-Gurion Airport

10.)Geotek Industries

Source: BEA Associates, New York

KIMBERLY LIFTON STAFF WRITER

and had a few children, Mickey
Behrmann decided to join his fa-
ther at the small letterpress shop
that specialized in raised print-
ing.
The Behrmanns say their
business survived and even
thrived during the Depression.
The bank which backed the com-
pany — National Bank of De-
troit — was one that did not
collapse.
Ever since its founding, the
business — which handles an es-
timated 225 accounts at any giv-
en time — has enjoyed steady
growth of nearly 20 percent a
year. Recently, Mickey

for over-the-counter pizza
sales. In contrast to its usu-
al home-delivery specializa-
tion, there will be some
seating facilities.
The airport branch is

patent protection by Wellcome.
Wellcome's lawyers argued
that Teva cannot do any work
on it during the period when
Wellcome is protected by
patent. However, Teva's
lawyer pointed out that Teva
has not sold anything associ-
ated with the research to any
commercial organization and
does not plan to do so as long
as acyclovir is still under
patent protection.

kosher and will operate as a
franchise. Situated on the traf-
fic island between the termi-
nal and the parking lot, it is
the international chain's 14th
pizzeria here. It will remain
open past midnight.

Spanish Store Buys

Behrmann Printing Thrives
After Nearly 70 Years

A

GATT Opens Foreign Contracts

8.) Israel Land Development

oDETROIT
=BUSINESS

s a young boy, Sherwin
"Mickey" Behrmann
spent weekends at his fa-
ther's print shop in De-
troit. He learned well, yet he had
no plans to permanently join his
dad, Jack, who had founded the
company just before the Great
Depression in 1928.
"I wanted to get into adver-
tising," recalls Mickey
Behrmann.
Mr. Behrmann never entered
the world of advertising. He dab-
bled in a few different business
ventures, including construction
and real estate. But shortly af-
ter he and Bunny were married

—$1 EQUALS 2.9780 NIS (shekels) - Close Price 12122/93 —

Behrmann stepped down as
president to make room for the
third generation of Behrmann
printers.
Equal partners today are
brothers Scott, 35, Steven, 38,
and Ivan, 40. Raised printing, or
thermography, still is the
Behrmann specialty, but the
company in the past decade has
added engraving, foil stamping
and embossing to its list of cus-
tomer services.
The sons have divided re-
sponsibilities to create a healthy
working atmosphere. Scott han-
dles personnel and administra-

PRINTING page 24

Spain's largest department
store chain has purchased
some $7 million worth of Is-
raeli goods for its first-ever Is-
rael Week shopping special,
scheduled for the end of Jan-

llary.

Buyers from the El Courte
Ingles network of stores have
been visiting Israel during the
past few months to purchase
goods for the chain.
According to the Israel Ex-
port Institute, 123 firms sold
goods to the Spaniards, in-
cluding 31 companies that had

never exported their goods be-
fore.
El Courte Ingles, with 30
outlets, has been doing busi-
ness with Israel since 1979,
buying mainly textile prod-
ucts.
This time, however, the de-
partment store bought cos-
metics, toys, decorative objects
and jewelry, in addition to
bathing suits, children's
clothes, knitted goods and
household textiles, the insti-
tute reported.

Africa, Israel Sign

Africa Israel Investment Com-
pany, a subsidiary of Bank
Leumi, and Omnium Nord
Africain (ONA), a Moroccan
investment company, last
week signed an agreement to
establish an investment com-
pany.
At the first stage, they will
make an initial investment of
$1 million in the company,
equally divided between the
two firms. The company will
invest in foreign trade,

tourism and industry.
The agreement was signed
between ONA International
manager Robert Asraph and
Africa Israel managing direc-
tor Shlomo Grofman. The de-
cision to establish the
company was initiated during
a visit to Morocco last week by
Grofman and Africa Israel
chairman Moshe Sanbar.
The agreement is subject to
the approval of the relevant
authorities in each country.

