Who Can Beat the Market Over Time? The Few Investment Managers Who Outperformed the TA-125

A Calcalist investigation reveals that only a handful of flexible mutual fund managers have consistently beaten the TA-125 index over time. Harel Eitan stands out with victories in four out of five measurement points, followed by Mor Investments, Sigma Flexible, and Harel Odem. No fund managed to beat the index in all four of the last years.

A Calcalist investigation examined which flexible mutual funds managed to beat the TA-125 index over time. Flexible funds, which manage only 8 billion shekels out of 838.5 billion shekels in the industry, are considered the best quality test for an investment manager due to the broad leeway they provide. The findings show that only a handful of funds consistently beat the index. Harel Eitan, managed by Harel under Uri Shor, stands out with victories in four out of five measurement points. Following are Mor Investments, Sigma Flexible, and Harel Odem with three measurement points each. Over the last five years, during which the index soared by 136.2%, only Harel Eitan (nearly 190%) and Fortune Flexible (140.6%) managed to beat it. No fund managed to beat the index in all four years 2022-2025. Harel Eitan, which charges 0% management fees, raised over 100 million shekels in the past year. Shai Ezer from Mor Investments explains that the advantage of flexible funds is the ability to adjust the portfolio to changes, unlike a passive ETF.