Yellin Lapidot and Harel top the stock market chart for the past 12 months

The year 2022 does not meanwhile restore the highs of 2021, when it comes to capital markets. In the first two months of the year, study funds lost on average more than 2% in the general tracks and more than 4% on average in the equity tracks.

If in January, the downward trend in the markets was due to the outbreak of inflation in the world, fears of rising interest rates and realizations in technology stocks, which rose excessively in previous months – in February the war in Ukraine was added to all of this.

Interestingly, the domestic stock market performed better in February than foreign markets, with a mixed trend in the leading indices, compared to a downward trend in the world. This, for several reasons: The domestic stock market is less exposed to technology stocks, which suffered sharp declines in the first two months of the year, following the gains in the previous year. Another reason that moderated the declines is the estimate that Israel is expected to enter the European MSCI index (an estimate that turned out to be incorrect, but the expectation had a positive effect on the domestic market in February). Both of these parameters helped the study funds and provident funds record an average negative return of “only” 0.7% in February. Another factor that moderated the negative returns in February was the sale of Tower to Intel, which generated significant profits for some of the entities, led by Phoenix, Migdal and Clal.

Long-term advantage to equity tracks

But investing in the capital market is a long-distance run, with ups and downs along the way. Those who are able to “tolerate” the declines and are not in a hurry to leave the market – usually get to see the markets recover, as is already happening in the second half of March.

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Even when considering the returns of study funds and provident funds, it is advisable to focus on medium and long term, rather than a month or two months. Beyond the fact that statistically, investing in the capital market is a medium- and long-term game – in these investment instruments also lies a significant tax benefit, for those who persevere and do not withdraw the money ahead of time.

This month we chose to focus on what the equity tracks of provident funds and study funds have done in the past year. If from the beginning of the year, the funds and funds in the equity tracks yielded lower returns than the general tracks – looking back a year the situation is the opposite. Thus, in 2021, equity tracks averaged 23%, compared to 14% in general tracks.

Two investment houses have been leading the stock tracks in the past year – Yellin Lapidot and Harel. In the provident funds, Yellin Lapidot won the summit with a return of 18.96% in the last 12 months, by a significant margin from Harel, which came in second place, with a return of 17.09%. Followed by

In third place, by a small margin from second place, the Phoenix with 16.74%, an analyst slightly behind it in fourth place and in fifth place Moore, with 15.4%.

In the study funds, Harel Willin Lapidot exchanges places – Harel Rishon with 17.57% Vilin Lapidot with a relatively small gap from Harel, with 17.34% in the last 12 months. By a significant gap after them, in third, fourth and fifth places again screwed the Phoenix, Analyst and Moore.

Omar Degani, VP of Marketing and Sales at Bilin Lapidot“We are conducting in-depth stock research, with a broad team, and it is yielding results over time. In the past year we have focused more on the local market, with good individual choices in the various sectors. Also in terms of analysis.” “Geographical dispersion, we invested less in speculative markets that went down more, like the Chinese market, and we invested a lower component of the industry in ‘dream companies’, which were priced too high.”

He said, “Over time, the stock market and stock markets will yield an average excess return over general tracks. In February, and currently the trend continues in March – we are witnessing rising bond market yields, due to rising inflation and the markets’ appreciation that interest rates will rise faster than expected. Before”.

Omar Degani (Photo: Oded Karni)

Regarding what is expected later this year, Degani estimates that “inflation will continue to be relatively high in recent years, and this will affect the decisions of central banks and capital markets. This is in addition to geopolitical developments that may significantly affect markets in the near future. Local positions are relatively well positioned, both in relation to inflationary risks and in relation to some of the geopolitical effects, so we have increased Israel’s weight in portfolios, relative to abroad. In addition, we still prefer exposure to investing in stocks with a proven business model rather than in dream companies, which are carried on the wings of the imagination.

Top 5 Equity Provident Funds in the Last Year (March 2021-February 2022) *:

Source: Gamel-Net.  The rating refers to provident funds open to deposits for the general public and managers of NIS 100 million or more.  (Photo: Maariv Online)Source: Gamel-Net. The rating refers to provident funds open to deposits for the general public and managers of NIS 100 million or more. (Photo: Maariv Online)

Top 5 Equity Training Funds in the Last Year (March 2021-February 2022):

Source: Gamel-Net.  The rating refers to study funds open to deposits for the general public and managers of NIS 100 million or more.  (Photo: Maariv Online)Source: Gamel-Net. The rating refers to study funds open to deposits for the general public and managers of NIS 100 million or more. (Photo: Maariv Online)

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