September Yields Near Zero for Israeli Provident Funds
Translated & summarized from TheMarker by baba
The story in 4 lines · by baba
- Israeli provident funds had near-zero returns in September.
- General and stock tracks saw negative average returns.
- S&P 500 tracking funds performed better with 2% return.
- Market volatility and U.S. bond declines caused the dip.
Israeli provident funds and study funds experienced near-zero returns in September, a month often referred to as "Black September" in financial markets. This downturn follows several successful months, with mixed trends in both Israeli and international stock markets contributing to the performance. The general track for these funds saw an average negative return of 0.1%, while the stock-focused track yielded a negative 0.2%. Funds tracking the S&P 500 performed better, achieving a 2% return.
Avi Berkovitz, Deputy Head of Chief Investment Officer at Meitav Gemel and Pensions, noted that while September is typically volatile, the past month saw significant fluctuations in stock markets due to sharp declines in U.S. government bonds. However, these did not lead to drastic drops in stock prices, resulting in what he described as a "gray month" for provident funds.
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