Migdal continues to lead mutual funds growth
In the year to the end of March, Israel s mutual funds took in NIS 30 billion; Migdal Capital Markets market share grew by 34%.
Money continued to pour into Israel s mutual funds in the first quarter of 2021. In fact, in the twelve months to the end of March, the market has grown by some NIS 30 billion from the low that followed the outbreak of the coronavirus pandemic. The figure is from the reports by the mutual fund management companies.
In March 2020, redemptions from the mutual funds totaled some NIS 40 billion. The lowest point was recorded on March 22, 2020, when the value of the market totaled NIS 255.3 billion. Since then, the mutual funds market has grown by NIS 96 billion, or 38%, to an aggregate value of NIS 351.3 billion. This is thanks to inflows of over NIS 30 billion and to positive returns on the capital market. The market is just 2.2% below the peak recorded on January 23, 2020, when its aggregate value was NIS 359.3
Mutual funds continue strong comeback
Since the downturn of March 2020, mutual funds in Israel have seen aggregate inflows of NIS 85 billion.
The mutual funds have opened 2021 with a continuation of the momentum of inflows that has prevailed since April last year. From the start of the second quarter last year until the end of the year, the funds saw inflows of NIS a little over NIS 20 billion, and in January this year the positive trend of the return of the public to the capital market through the mutual funds continued, with aggregate inflows of NIS 5.4 billion.
Thus within ten months the mutual funds industry had inflows of NIS 25.5 billion, after redemptions of over NIS 40 billion in March 2020, when the coronavirus pandemic broke out.