The elections erased the positive returns in provident funds in October

The elections erased the positive returns in provident funds in October. The general track recorded an average negative return of 0.4%, and the equity track -1.1%, against the backdrop of declines on the local stock exchange and corporate bonds due to the political impasse.

The declines on the local stock exchange following the elections erased the positive returns in provident funds in October. Funds in the general track recorded an average negative return of 0.4%, and in the equity track a negative return of 1.1%. According to the forecast of Avi Berkovich, deputy chief investment officer at Meitav Gemel and Pension, the range of returns in the general track ranged from a positive 0.1% to a negative 0.7%, and in the equity track between -0.6% and -1.6%. Berkovich notes that the month was very volatile and the results were decided in the last two days, against the backdrop of declines in local stock markets and corporate bonds, mainly due to the political impasse emerging from the election results.