Deployment of IDF forces in the northern sector / IDF spokesperson
Last January, the American aid to Israel flowed into the education savings as well, with an average positive return of 0.21% in the ten largest Israeli education funds in the general route examined by Walla!
money (see table).
The bulk of the return was achieved thanks to the increase in the leading stock indices in the US led by the American technology giants and the chip companies, and despite the declines suffered by the leading stock indices in the Israeli Stock Exchange. The
training fund that produced the highest yield for that period is that of the Moore Investment House, which outperformed its peers by 0.43% - yield 0.54% higher than the return achieved by the training fund of the Clal insurance company, which was the only one to achieve a negative return of -0.11%.
The returns of training funds in January/screenshot, Walla system!
Eran Kalinsky, Vice President of Investments at Mor Gemal and Pension Company, explained to Walla! Money, that "the Tel Aviv 125 index fell 1.33% during last January, when the most prominent sectors in the decline were the banks with 4.69%, and real estate with 2.15%."
"The leading stock indices in the US, however, showed increases in the same month with an increase of 1.59% in the S&P500 index, of 1.85% in the Nasdaq100 index, and 1.22% in the Dow Jones 30 index. The sectors that stood out positively were expressed in the big indices Tech 30 which rose 3.78%, chip equipment which rose 3.56% and S&P Financial.
It should be noted that not all indices responded with increases and Klinsky points out that "the American industrial real estate and logistics index decreased by 6.67%, the Nasdaq Clean Edge Green Energy EW index decreased by 17.19%, and the S&P Regional Banks index decreased by 5.2 %.
Klinsky adds that "Europe and Japan also showed increases, alongside decreases experienced in China and the emerging markets.
"Bonds also experienced increases against a background of falling yields and narrowing spreads, with the Tel Bond 60 (close) rising 0.2% and the Tel Bond 50 (shekel) rising 0.1 %".
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Eran Kalinsky, Vice President of Investments at Mor Gamel and Pension / Mor Gamel and Pension
And what does the future hold?
According to Klinsky, "Looking ahead to the rest of 2024, we expect continued good performance of the non-tradable channel. In this context, it should be noted that 2023 was an exception in the capital market, with a sharp increase in the stock indices and with an emphasis on the NASDAQ which rose over 40% and the S&P index which increased by over 20%.
"From the point of view of Israel and abroad, we estimate the stock market pricing in Israel to be cheaper, but on the other hand there is uncertainty due to the war, the development of the northern front, etc.
In the scenario of a cessation of hostilities and a political settlement of one kind or another, which will include normalization with Saudi Arabia, the expectation is that the local market will generate significant excess performance.
"Overall, looking ahead, and in light of the high interest rates and yields in the debt channels, we believe it is possible to build a healthy and balanced portfolio with a combination of stocks and debt, with exposure to non-marketable assets."
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