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January was a terrific month for investors, despite the serial political scandals rocking the nation.

The TA-25 index gained 2.7%, the TA-100 index rise 4% and the TA-75 index jumped by 5.6%. Nor were smallcaps scorned: The broad market Yeter-150 index gained 4.8%.

A breakdown by sector shows that the Tel Aviv Real Estate-15 index gained 5.6%. Banks however retreated: the Banks index lost 2.9%.

The leaping share prices did well by mutual funds. The Meitav index of all mutual funds gained 1.9% in January 2007, more than a third of the index's gain in all of 2006.

The ten best funds
RankFundInvestment policyReturns
1Helman Aldubi OpportunityFlexible15.9%
2Helman Aldubi Real EstateReal estate stocks14.8%
3Dikla Yeter StocksBroad market stocks11.7%
4Africa Real EstateReal estate stocks11.5%
5Active Real EstateReal estate stocks11.0%
6PKN Plus TA-75 SelectionTA-75 stocks10.9%
7Gaon Yeter FocusBroad market stocks10.4%
8Tamir Fishman YeterBroad market stocks10.3%
9Migdal Yeter x120%Broad market stocks10.1%
10Dikla Real EstateReal estate stocks9.6%

Funds with a flexible investment policy reported returns of 5.1% and mutuals focusing on Israeli stocks gained 4.7%. Funds investing in foreign stocks returned 2.5%. Mutuals specializing in all bonds returned 2% and funds focusing on Israeli got bonds returned 1.4%.

After months of losing money, funds specializing in foreign currencies reversed direction and returned 1.8%. Funds working with fixed-income bonds advanced by 0.6%.

The bottom line is that 96% of all mutual funds posted positive returns in January. A good month indeed.

The ten worst funds
RankFundInvestment policyReturns
1Prisma ChinaForeign stocks (geography)-4.8%
2IBI ChinaForeign stocks (geography)-3.9%
3Apex China IndiaForeign stocks (geography)-3.5%
4Quattro CommoditiesCommodities-2.7%
5Alumot Black GoldForeign stocks (sector)-2.4%
6Excellence-Nessuah BRIC ExposureForeign stocks (geography)-1.9%
7Prisma Emerging MarketsForeign stocks (geography)-1.7%
8Gaon FuturesForeign bonds-1.6%
9Quattro Shekel and CommoditiesCommodities-1.4%
10Emda Europe (Menorah)Foreign stocks (geography)-1.4

Source: Meitav