Israeli Study Funds See Losses in October, Mor Leads in Key Sectors
Translated & summarized from N12 by baba
Most Israeli study funds experienced losses in October, with stock investments seeing widespread declines. Mor was the only fund to achieve a positive return in the general track, while all funds reported losses in their stock portfolios. The Israeli stock market also declined, though the weakening Shekel offered some mitigation. Final performance data for October is anticipated in mid-November.
The story in 5 lines · by baba
- Most Israeli study funds faced losses in October, with stock investments declining across all major providers.
- Mor was the sole fund to achieve a positive return in the general track, posting 0.35%.
- All ten major fund managers are expected to report negative returns in their stock track portfolios.
- The average return for the general track was approximately -0.25%, and -1.15% for the stock track.
- The Israeli stock market indices, TA-35 and TA-125, also saw significant drops in October.
October proved to be a challenging month for Israeli study funds (קרנות השתלמות), with most experiencing declines, particularly in stock investments. Preliminary estimates indicate that in the general track, which manages the majority of the funds' assets, only Mor is expected to finish the month with a positive return of 0.35%. The average return for the general track is estimated at a negative 0.25%. In contrast, all ten major fund managers are projected to report losses in their stock track, with an average decline of approximately 1.15%.
The Israeli stock market also reflected these downturns, with the TA-35 index falling 1.4% and the TA-125 index dropping 1.6%. The TA-60 index for smaller stocks saw a more significant decrease of 7.5%. While the US market showed mixed results, with the S&P 500 gaining 0.9% and the Nasdaq falling 2.5%, the weakening of the Israeli Shekel against the dollar provided a slight buffer, contributing about 0.3% to the funds' returns and softening the overall losses.
Within the general track, Mor's leading position is notable, being the sole entity in positive territory. Other major players like Harel and Altshuler Shaham are at the bottom of the rankings for the stock and general tracks, respectively. Despite October's performance, looking at year-to-date and 12-month returns, companies like Clal still lead in the general track, and Clal and Mor are top performers in the stock track over the longer term.
Three-year cumulative returns show Clal leading the general track, while Mor is at the forefront of the stock track. The final, official figures for October's performance are expected to be released in mid-November.
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