The returns of provident funds tracked by "Globes" for the 12 months November 2008 through October 2009 are wonderful. With September-October 2008 - the two months with the dubious title as the "the worst months ever" - out of the trailing 12-month period, all the provident funds tracked by "Globes", save one, reported double-digit 12-month returns. The exception is a fund formerly owned by Prisma Investment House.
The top two ranked large provident fund (with more than NIS 1 billion in assets under management) are the Gefen and Tamar funds of Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS), although this month Gefen took the number one spot from Tamar. Gefen had a 12-month return of 31.39% and Tamar had 30.24%. All Clal Insurance provident funds are managed by Kanaf.
DS Apex Holdings Ltd. (TASE:DSAP) Gemel Provident Fund is in third place, with a 12-month return of 30.38%, and Psagot Investment House Ltd. Gemel Clali Fund is in fourth place with a return of 26.51%. The consolidation of Psagot's provident funds means that past returns apply to only 15% of assets under management for the Gemel fund.
In 16th, and last, place among the large provident funds is Yesodot of Excellence Investments Ltd. (TASE: EXCE), with a 12-month return of 13.02%.
The top three rankings among the 33 small provident funds (with NIS 300 million-1 billion in assets under management) tracked by "Globes" is as follows: Analyst IMS Investment Management Services Ltd. (TASE:ANLT) Gemel Clali B Fund, with a return of 54.26%, Analyst's Gemel Clali Fund, with a return of 40.87%, and DS Apex's Platina Fund with a return of 38.14%. All three funds invest in high-risk assets.
Published by Globes [online], Israel business news - www.globes-online.com - on November 17, 2009
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