Mutual funds posted an aggregate positive return of 0.4% for May, according to Meitav Group. May was characterized by rising prices for commodities, the shekel's appreciation against the dollar and other currencies, political scandals, and strong gains on the Tel Aviv Stock Exchange (TASE).
Mutual funds that specialize in Israeli stocks posted a return of 2.4%. The best performing fund was Impact Menorah Tel Aviv 75, managed by Menorah Mivtachim Holdings Ltd. (TASE: MORA), with a return of 8.6%.
Flexible mutual funds had a return of 0.4%.
Mutual funds that specialize in foreign stocks posted a negative return of 3.2%, and funds specializing in foreign bonds fell by 3.7%, because of the shekel's appreciation against the dollar. The Halman Aldubi Vietnam & East Asia Mutual Fund, managed by Halman Aldubi Investment House Ltd. fell by 20.4%.
Published by Globes [online], Israel business news - www.globes-online.com - on June 3, 2008
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