Most Israeli "Study Funds" Lost Money in October, Except for One
Translated & summarized from Calcalist by baba
Most Israeli study funds experienced losses in October, with an average negative return of 0.26%, due to market declines. Only the "Mor" fund achieved a positive return of 0.4%. Despite the monthly dip, year-to-date returns remain positive, averaging 6.55% for the top ten funds. "Klal" leads in year-to-date and three-year cumulative returns.
The story in 5 lines · by baba
- Nine of the ten largest Israeli study funds lost money in October.
- The "Mor" study fund was the only one of the ten largest to achieve a positive return in October.
- Market declines in Israel and abroad caused the negative returns for study funds.
- Despite October losses, the average year-to-date return for the top ten funds is 6.55%.
- "Klal" leads in year-to-date and three-year cumulative returns for study funds.
Israeli "study funds" (Keren Hishtalmut), a primary savings vehicle outside of pension plans, experienced a negative month in October, with most funds reporting losses. This follows a nearly zero return in September. The ten largest funds in the general track, which manages NIS 233 billion in assets, saw an average negative return of 0.26% in October. Nine of these funds ended the month with losses, while only one, the "Mor" fund in the general track, achieved a positive return of 0.4%.
The negative returns are attributed to declines in both Israeli and international stock markets. In October, the Tel Aviv 35 index dropped by approximately 3.45%, the S&P 500 lost 0.93%, and the Nasdaq 100 fell by 5.3%. The bond market also offered little support, with the general government and corporate bond index declining slightly by 0.05%. Study funds typically hold over half their assets in stocks, making them vulnerable to market downturns.
Despite October's poor performance, the year-to-date picture remains positive. The ten largest funds have delivered an average return of 6.55% in the first ten months of 2026. "Klal" leads with a cumulative return of 8.34%, though the gap with "Mor," which is second at 8.02%, has narrowed due to October's results. At the bottom of the year-to-date rankings are "Yelin Lapidot" with 5.17% and "Altshuler Shaham" with 5.52%.
Over a three-year period, "Klal" continues to lead with a cumulative return of 50.74%, compared to the average of 45.86% among the top ten funds. "Phoenix" and "Analyst" follow with 48.54% each. "Altshuler Shaham" and "Harel" are at the bottom of the three-year rankings with 41.03% and 41.74% respectively. In terms of asset size, "Meitav" is the largest fund with NIS 36.6 billion, followed by "Mor" with NIS 28 billion.