The Tel Aviv Stock Exchange's (TASE) Biomed Index, launched last month, will be the basis for a new fund launched by Clal Finance Ltd. (TASE: CLFN), the Clal Biomed Select Fund. The company says that the new fund raised NIS 11 million in its first days of activity.
The fund invests most of its assets in stocks included in the Biomed Index. However, the weight of the various stocks in the fund is not necessarily the same as their weight in the index, because Clal Finance considers the potential value of each company, and adjusts its stock's weight accordingly.
Clal Finance added that some biomedical companies that are not included in the TASE Biomed Index for technical reasons, may be worthwhile investments for the Clal Biomed Select Fund, and Clal Finance Mutual Funds' investment system will review these companies.
Clal Finance Mutual Funds chairman Adi Guberman said, "The biomed market has been emerging and interesting market in recent years. The rise in the standard of living, along with the increase in life expectancy, support further growth of the biomedical industry compared with other industries."
The TASE Biomed Index currently includes 27 companies. Proteologics Ltd. (TASE: PRTL) was the latest company to join the index. Given Imaging Ltd. (Nasdaq; TASE: GIVN), Compugen Ltd. (Nasdaq; TASE: CGEN), and Kamada Ltd. (TASE: KMDA) have the greatest weight in the index.
Published by Globes [online], Israel business news - www.globes-online.com - on April 11, 2010
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