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We checked: These are the outstanding investment houses in Israel

Who is the investment house that excelled in stocks and who in bonds? Who recorded a double return from competitors in the provident funds - and who trusted the American market and reached the top thanks to it? Get the rating you need to know before making decisions on where to invest your money

Walla!

Of money

20/02/2022

Sunday, 20 February 2022, 08:49 Updated: 09:02

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At the height of a global epidemic, the Israeli capital market sums up not a bad year at all.

The leading stock exchange indices in Tel Aviv achieved the highest returns in 2021 compared to other leading indices in the world.

Trading was characterized by price increases and high trading volumes, and several recruitment and investment records were also broken.

Bottom line, the aggregate value of the Tel Aviv stock market crossed the trillion shekel threshold for the first time.

In annual summary, the leading TA-35 index rose by 26% in 2021, the TA-90 index rose by 29% and the TA SME60 rose by 24% and broke an all-time record. For comparison: rate of increase The indices in Tel Aviv are higher than the global MSCI index, which rose "only" by 20% in 2021; in the United States, the S & P500 rose by 25% and the Dow Jones by 17%.

European stock exchanges recorded an average increase of about 17%.

In light of all this, investment houses in Israel boast of their achievements: some claim to be leading in returns, others say they are winning in investments.

So who is right?

The correct answer is,

Investment houses in Israel offer various savings such as provident funds, investment provident funds, study funds, etc.

The new Maariv-Walla index in collaboration with Clarity Capital ranked the leading investment houses in Israel according to their performance in the various tracks in various investment instruments.

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Investment house rating for 2021 (Photo: Walla !, no)

So who is the investment house that has learned to take advantage of the trends and fluctuations in the most cost-effective way for its clients?

Get the ten outstanding investment houses in Israel according to the ranking of investment houses 2021 (in order): Meitav, Moore, Analyst, Clal, Yellin Lapidot, Migdal, Phoenix, Harel, Altshuler-Shaham and Menora.

Compared to data from recent years, it can be said that Meitav has improved its position, Altshuler-Shaham has weakened, and investment houses Moore and Analyst continue to maintain high positions.

Training Funds Rating 2021 (Photo: Walla !, no)

The first three places.

1st place - thanks to the bonds: Meitav Meitav Investment House

excelled in the category with the most weight, "advanced training funds in the general track", and picked up the first place with a return of more than 36% in the last three years. Meitav also won first place in the second largest category , "

60-50

camel", with an annual return of about 16% in 2021 compared to an average of about 13.8% in the industry.

A child in the low-risk track and the study funds in the bond track).

The investment house stands out in its bond-oriented products. Of all the investment houses, Meitav's exposure to bonds in the general tracks is the highest (36%), compared to an average exposure of about 25% in the other investment houses.

In bond-oriented products, several insurance companies stand out, especially Phoenix.

Bond trading in 2021 paid off well: this year ended with price increases in most of the leading indices in the solid market.

The index-linked corporate and government bonds have climbed by 8% -9% in the past year against the background of expectations of a rise in inflation in Israel.

Foreign currency-linked corporate bonds added about 5.5% to their value in 2021, against the background of expectations of a stronger dollar against the shekel

. The long-term bonds (government and corporate) due to the low spreads.

Provident fund rating for 2021 (Photo: Walla !, no)

2nd place - thanks to the technology shares: Moore Investment

House Moore Investment House manages about NIS 32 billion (compared to about NIS 145 billion that Meitav manages; according to Duns100) but managed to reach the second place in the ranking, bypassing larger investment houses.

Moore posted record returns in several sub-categories: for example, a return of about 60% over three years in the "general track advanced training" category, compared to the average of investment houses which stood at about 35%.

In the "provident fund for people aged 60 and over", the investment house showed a return of about 42% in the past three years, compared with an average of 27% at the other investment house.

The high returns are attributed to several factors: the increase in their investments in technology and green energy stocks has improved in recent years, and the Tel Aviv-Upper Index rose by about 4% and the Tel Aviv-Technology Index rose by about 7% in 2021.

Within five years (2017-2021), the Tel Aviv-Elite index jumped by about 107% and Tel Aviv-Technology jumped by about 169%.

Moore has also increased its exposure abroad with successful investments in technology stocks overseas. In addition, compared to competitors, the investment house has low exposure to emerging markets such as India and Brazil, and low exposure to the stock market in China

. High exposure is Yellin Lapidot Investment House, on the other hand, Altshuler-Shaham showed relatively weak results, although its exposure to equities was high.

At the beginning of the month (February 2022), Moore Investment House reported that it had issued its provident fund activity on the Tel Aviv Stock Exchange at a value of NIS 670 million.

According to the report, the volume of assets was about NIS 30 billion, after the volume of mobility to Moore's coffers amounted to almost NIS 13 billion in 2021 - the highest amount in the industry.

The three investment houses that stood out in 2021 (Photo: Walla !, no)

3rd place - thanks to real estate and banks: Analyst Investment

House Analyst Investment House excelled in ranking especially in categories with a large bias in equities (first place in six of the 11 categories) such as the "camel for those aged 50 and under" which recorded a return of more than 45% in three years or "General investment provident fund" with a return of 6.7% in the last six months - first place in terms of returns compared to an average of 5% in the various investment houses

. K100 recorded a return of 22% in 2021 compared to a return of only 5% in the London Potassium 100 index or a return of only 1% in the German Dex.

An analyst also enjoys top-level exposure to equities, especially in the study funds, the real estate and banking sectors. The Tel Aviv Finance Index showed a phenomenal return of 47% in 2021 and the Tel Aviv Real Estate Index strengthened by 46% that year.

In addition, in 2021, Analyst entered the field of imitation funds in various fields such as future transportation, which includes companies for the development of alternative charging, software and car chips.

Analyst shares are traded on the stock exchange at a market value of NIS 450 million, after the stock doubled in value in the past year.

Behind the numbers:

How were the investment houses rated?

The new rating model, led by Clarity Capital's chief strategist Eran Peleg and investment manager Maor Levy

, focuses on changes in investment houses' performance over the medium term.

"The unique insights of the model should be relevant to both the investing public and the investment houses themselves," says Peleg.

"What happened seven or ten years ago is not particularly relevant to current decision-making."

The model examines the changes in the medium-term returns of all the leading investment houses in long-term savings products, such as savings for each child, age-dependent provident funds, investment provident funds and study funds.

The reason, according to Peleg, is that in the medium term the impact of the capabilities of the various investment managers can be measured more significantly.

In most investment houses, in the long run, the investment management team is unstable.

Investment managers take turns and move roles.

The model measures the history and changes in the performance of investment houses and of course does not predict future performance.

Peleg explains: "We have selected 11 main categories of long-term investment products (excluding mutual funds and pension funds) in which most investment houses are represented: general education study funds, three categories of shares and bonds, general investment provident fund and equity investment provident fund, savings for each child In a track at low, medium or increased risk and a camel for those aged 60 and over, 50 to 60 and 50 and under.

The various tracks examined are stocks, bonds and general tracks

.

In order to create a fair basis for comparing products managed by the various investment houses, within each category, investment products were neutralized in which the volume of assets managed is unusually small relative to what is customary in the category and / or whose performance history is short.

"In each category, we examined the returns of the investment houses' leading investment products in time periods of three years (weight 50%), one year (weight 35%) and six months (weight 15%)," Peleg specifies.

"

In addition to the different time frames, the ranking methodology also takes into account the importance of the category itself.

The method is to give relatively large weight to the categories in which many public funds are managed by calculating the percentage of the financial volume of the category out of all the assets managed in all categories.

For example: the largest category in terms of assets under management is the study funds in the general track and therefore has a high weight in the weighting of the final grade.

On the other hand, in the savings category for each child, the volume of assets is low, and it gains lower weight compared to the other categories.

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