The decline on the Tel Aviv Stock Exchange (TASE) in November resulted in an average negative return of 0.7% by advanced training funds for the month. The average 12-month return was, however, a positive11.8%.
There is little new among the outstanding management companies. Yelin Lapidot Investment House Ltd. and Analyst IMS Investment Management Services Ltd. (TASE:ANLT) again topped the advanced training funds yield rankings. Among large advanced training funds, Yelin Lapidot's 12-month yield was first at 13.84% and in second place for three-year yield at 29.66%. DS Apex's Economist advanced training fund was in first place, with a three-year return of 31.61%.
Yelin Lapidot joint CEOs Dov Yelin and Yair Lapidot achieved these yields by managing just ten provident and advanced training funds, which have a very different investment mix from the industry norm. In retrospect, the mix appears to have been the right one.
Yelin Lapidot's fund holds 12.2% in cash, compared with the industry average of 6.4%. The company's holdings in government bonds are below the industry average, at 17.4%, compared with 30.7%. The company's holdings in stocks are also below the industry average - 18.3% to 26.9%, respectively, but the holdings in corporate bonds are above the industry average - 38.3% to 21.7%, respectively. Yelin Lapidot has no holdings in deposits, mutual funds, or loans.
Analyst's investment mix is also at variance from the industry average. It holds 28.4% in cash, and has no government bonds.
Published by Globes [online], Israel business news - www.globes-online.com - on December 20, 2010
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