Clal Leads Israeli Provident Funds Despite July Losses Amid Dollar Strength

Israeli provident funds experienced declines in July, with the general track falling by an average of 0.48% and the equity track losing 1.01%. These losses were softened by a 3.2% strengthening of the US dollar against the shekel, which increased the shekel value of overseas investments. Despite the dollar's monthly rise, it remains down about 3.7% against the shekel since the start of the year. Clal continues to lead year-to-date performance in both tracks, while Harel finished last in July in both categories. Altshuler Shaham, with significant foreign exposure, led the equity track in July with the smallest loss of 0.28%, benefiting from the dollar's strength and outperforming others for the second consecutive month.

In the general track, Yelin Lapidot posted the smallest decline in July at just 0.01%, though it remains near the bottom in year-to-date returns with 4.23%. Clal leads the year with a 6.82% return, followed by Mor and Harel. Over three years, Analyst leads with a cumulative return of 42.07%, while Altshuler Shaham ranks last at 34.44%. In the equity track, Clal leads year-to-date with an 11.26% return, followed by Mor and Harel, while Altshuler Shaham remains last despite recent monthly gains.

Local stock indices showed mixed results in July, with the Tel Aviv 35 rising 0.7% but the Tel Aviv 90 and other indices declining. US markets fell, with the Nasdaq down 4.2%. Bond markets offered little support, with most government bond indices flat or slightly down. The strengthening dollar helped offset some losses for Israeli investors with foreign exposure. The reported returns exclude the last trading day of July, which will be included in August's figures.