The stock-based Kivun mutual funds posted the highest returns in 2003 - 94.5%, according to the "Globes" 10th annual ranking of mutual and provident funds.
The Tel Aviv Stock Exchange (TASE) bull market boosted the funds' results, with stock-based mutual funds posted the highest returns. Among the mutual funds managed by Israel's large banks, First International Bank of Israel's (TASE:FTIN1; FTIN5) Dikla Mutual Fund Management had the highest return - 49.87%. It was followed by Bank Leumi's (TASE:LUMI) Psagot Managers of Mutual Funds, with a 47.86% return and Leumi Pia Trust Management Co., with a 44.25% return.
As in previous years, privately managed mutual funds, which are much smaller than bank funds, posted much higher returns than the banks' funds in 2003. The best-performing brokerages in 2003 were Meitav Mutual Fund Management, with a 71.04% return; Analyst IMS Investment Management Services, with a 67.88% return; and DS Securities & Investments (TASE:DSIN), with a 66.72% return.
Among the bond-based mutual funds, Meitav posted the highest return - 26.2%. Foreign-currency-based mutual funds were battered by the shekel appreciation during the year, with some posting negative returns. Excellence Investment Group's foreign currency-based mutual funds posted the highest returns - 14.68%; while among the banks' mutual funds, Leumi Pia posted the highest return, with 8.15%.
Rising TASE share prices also affected the returns of provident funds, which posted positive returns in real terms, after several hard years. For the second consecutive year, Bank Yahav for Government Employees was ranked top manager for both its three-year and ten-year provident funds, with a 14.49% return and 39.07% return, respective.
Bank Hapoalim's (LSE:BKHD; TASE:POLI) royalties fund was the best performing ten-year provident fund, with a 43.5% return; followed by Bank Hapaolim's severance provident fund, with a 43.43% return; and Bank Leumi's Keshet provident fund, with a 41.7% return.
The best performing ten-year provident funds were Bank Leumi's Otzma fund - 37.95%; Bank Hapoalim's Gadish fund - 32.7%; and Israel Discount Bank's (TASE:DSCT) Tamar fund - 29.84%.
The best performing ten-year provident fund managers were Bank Yahav's, followed by Bank Leumi, with a 35.91% return, and Bank Hapoalim, with a 35.22% return. United Mizrahi Bank's (TASE:MZRH) provident fund managers held the bottom two places, with its funds ranked last among the small and medium-sized provident funds.
The best performing three-year provident fund managers were Bank Yahav's, followed by Bank Otsar Hayahal, and Bank Massad. Among the private brokerages, the best performing three-year provident fund managers were Analyst, with a 25.6% return; DS - 20.21%; and Capital - 13.44%.
Published by Globes [online] - www.globes.co.il - on December 31, 2003