The Gemel Provident Fund of Yelin Lapidot Investment House Ltd. continue to top the charts of large provident funds (more than NIS 1 billion in assets under management), with a 12-month cumulative return of 15.85%, as of September 2010. The fund also had the highest 36-month cumulative return for large provident funds, at 25.8%. It has NIS 1.14 billion in assets.
Yelin Lapidot is a boutique investment house that does not manage dozens of provident funds, and Gemel Provident Fund is not one of many funds, which achieved only tepid or worse returns. Yelin Lapidot manages only five provident funds, of which just one is a general fund.
The Gefen Provident fund of Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) is ranked second among the big provident funds, with a 12-month return of 14.15%, and its Tamar Provident Fund is ranked third, with a 12-month return of 13.43. Gefen has NIS 1.64 billion in assets, and Tamar has 12.12 billion. Tamar had the second highest three-year return and Gefen had the third highest return.
The Tagmulim Provident Fund of Excellence Investments Ltd. (TASE: EXCE), with NIS 1.48 billion in assets, is in fourth place, with a 12-month return of 13.36%, and the Gemel Provident Fund of DS Apex Holdings Ltd. (TASE:DSAP), with NIS 1.7 billion in assets, is in fifth place, with a 12-month return of NIS 13.21%
Excellence's Yesodot Provident Fund of closed the rankings of big funds, in 19th place, with a 12-month return 5.67%. It has NIS 1.15 billion in assets. Only 5.33% of Yesodot's assets are risk assets - stocks or bonds with a BBB or lower rating.
There is little change in the rankings of small provident funds (NIS 500 million-1 billion in assets under management). Two funds owned by Analyst IMS Investment Management Services Ltd. (TASE:ANLT) continue to top the charts: the Gemel Clali B Fund, with a 12-month return of 20.8%, and the Gemel Clali Fund, with a return of 16.47%. Gemel Clali B Fund has NIS 617 million in assets, and Gemel Clali Fund has NIS 801 million.
The Meitar Provident Fund of Menorah Mivtachim Holdings Ltd. (TASE: MORA) is ranked third, with a 12-month return of 13.25%. It has NIS 324 million in assets. Clal Insurance's Tagmulim Provident Fund, with NIS 577 million in assets, is in fourth place with a 12-month return of 13.06%, and the Makefet Provident Fund of Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL), with NIS 363 million in assets, is in fifth place with a 12-month return of 12.96%.
Published by Globes [online], Israel business news - www.globes-online.com - on October 20, 2010
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