The latest ratings published by "Globes" and Standard & Poor's Maalot The Israel Securities Rating Company Ltd. show Altshuler Shaham Provident Funds Ltd., Migdal Provident Fund Management Ltd. and Yelin Lapidot Investment House with an AA rating, the highest available. This reflects the same ratings as June. They are joined by Clal, which now has the same rating.
The rating relates to the period between August 2005 and July 2008, and examines fund managers according to qualitative parameters, and includes provident funds and advanced training funds that have been operating for more than 36 months. The rating is based on S&P-Maalot's methodology and unlike other ratings does not relate purely to returns. The performance component represents only about 20% of the overall grading.
Clal Gemel Ltd., a subsidiary of Clal Insurance Co. Ltd., continues to lead the rankings of the largest provident funds. The firm also saw its rating upgraded from A to AA. Clal Insurance acquired its provident funds from Israel Discount Bank (TASE: DSCT) including the Tamar fund, and its investments are managed for Clal Finance Management Ltd. by Roy Yakir, who also managed them at Israel Discount Bank.
The other large funds ranked according to size were Psagot Gadish Provident Funds Ltd, Dash Provident Fund Management Ltd., and Harel Provident Funds. All received an A rating. Dash climbed from fifth place to third in July, overtaking Harel in fourth and Excellence Nessuah Provident Funds which slipped down to fifth place and has a BBB rating.
The largest medium-sized provident funds in July were Ayalon Provident Funds, Analyst Provident Funds Ltd. and Altshuler Shaham. The small provident funds were led by Migdal and Yelin Lapidot.
The large advanced-training fund rankings were topped by Harel and Dash, both with an A rating. Excellence Nessuah, which in June had headed the list, fell to third place while Clal Insurance was in fourth position.
Published by Globes [online], Israel business news - www.globes-online.com - on September 9, 2008
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