The table does not lie: hibernation in the study funds

The world capital market cooled during November, against the background of inflation.

Eastern and European markets led the declines.

The cooling also passed to the study funds, which gave their colleagues a relatively low average return relative to the other months of the year.

Roast Greenberg

15/12/2021

Wednesday, 15 December 2021, 17:18 Updated: Thursday, 16 December 2021, 08:08

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The grayness of November also penetrated the capital market, which cooled especially towards the end of the month with a cool inflationary wind and the decline of Eastern, European and US markets.

The cooling also cooled the study funds surveyed by Walla! %, lower by -0.93% of the average monthly return so far this year.

both investment houses that stood out positively and took the head of the table, they save and'anlist, their education funds during the month of November married yield of 0.42% and -0.31% respectively.

the table Stamps from below the insurance companies Phoenix and Clal and Altshuler Shaham Investment House, with a third return of 0.01% - achieved this month by Phoenix and 0.01% for the last two institutional bodies mentioned.

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Performance of study funds, November 2021 (Photo: image processing, no)

"Most overseas markets yielded negative returns"

Noam Rokach, VP of Investments at Analyst, explained that "while the domestic stock market rose during November, most foreign markets showed a negative return. In the domestic market, for example, the TA 125 index rose by 1.4% while indices US like the S & P500 rose 0.8%, and the Nasdaq rose 0.3%.

The rest of the world experienced declines such as the German Dex index, which fell by 3.8%, and the emerging markets index fell by 4.1%.

Hence, investment entities that had higher exposure to the Israeli market, along with lower exposure to Eastern markets, for example, peaked at excess returns during the month of November.

Asian markets are suffering mainly due to a slowdown in the real estate market in China, which could hurt high growth, and due to over-regulation by the Chinese government, which affects local technology companies that trade in global markets.

"A positive contribution to the yield of the funds was also made by government bonds, which rose by 1.7% amid estimates that it would take a long time for interest rates in Israel to rise, which sharpened against the shekel and the October index, which was published in mid-November and was lower than forecast."

Noam Rokach, VP of Investments at Analyst (Photo: PR)

"Inflation hampers markets"

Eran Klinsky, VP of investments at Mor Gamel, added that "inflation is clouding the markets, along with the discourse on interest rate rises. The market started to price this, and we were preparing for the matter and it helped us in November as well.

Our concept is the global capital markets today are not cheap, and if we take the NASDAQ example then we find their value and the multiples which are traded companies bothersome, so we chose to be exposed to the field of technology through investments in private technology companies.

We perform this context, cooperation with various parties, and come among others through such deals attractive prices we can find more sensible market trading. so we are exposed to the technology market on the one hand, but conditions and prices that we find more favorable for us.

alongside an increase in the non-tradable investment portfolio, we lowered exposure Penn tradable relative to our competitors, especially in light of the voices and the understanding that Inflation is stable. "

Eran Klinsky, VP of Investments at Moore Gamel (Photo: PR)

"We were not looking for adventure"

Klinsky refers, among other things, to the statement by Jerome Powell, chairman of the Federal Reserve (US Federal Reserve), that the Federal Reserve is examining its steps on the assumption that inflation is not temporary.

"But not only the volume of non-negotiable exposure has affected and will affect the return," Klinsky continues, "but also the quality of the exposure to it. I mentioned, that give a current return alongside revaluations.In

the tradable market we work more in selecting specific stocks and less in investments in sectors, but it can be noted that all investors in real estate stocks and banks benefited in November from contributing to the return of their investment portfolio. But it is not just us.

In addition, we at Moore, have not sought adventure in emerging markets like India and South America, and our exposure to China is relatively low, as well as low exposure to Europe.It also sets us apart a bit from the competition. "

The one that was hit by the decline in Chinese shares is Altshuler Shaham Investment House, which manages about NIS 68.9 billion in the study fund examined in the table, and continues to lead the cumulative return for five years - 45.21%.

The section "The table does not lie" will also be published in Maariv's "Business" supplement, Friday, December 17

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