Provident funds and the large general training funds achieved a return of 1.2% in November, following the best month in the world’s stock markets, especially on Wall Street – the Dow rose by 5.7%, the S&P rose by 5.4%, while the Nasdaq rose by 4.4 % (return obtained entirely on the last day of the month).
The strong stock markets brought the provident funds and the equity training funds to a return of 2.7%. From an examination by Avi Berkowitz, Deputy Chief Investment Manager of Meitav Gemel and Pension, the equity instruments achieved a return of between 2% and 3.5% in November.
It is important to note that while markets in the world rose, declines were recorded in Israel. In Europe, a stronger positive trend was recorded than in the USA – the German DAX rose by 8.6%, the French CAC rose by 7.5% and the Eurostoxx 50 rose by 9.6%. The Nikkei index in Japan rose by a moderate rate of 1.4%. The world of emerging markets rose by a very sharp rate of 14.6%.
And with us – the opposite. In the stock market in Israel, prices fell: the Tel Aviv 35 index fell by 4.9%, the Tel Aviv 125 index fell by 3.8%, the Tel Aviv 90 index fell by 1.5%, and the Tel Aviv 60 index fell by about 3.1% Here too, this is a continuation of the underperformance of the local stock market in October after from the beginning of the year until September inclusive it made an excess return compared to the stock markets in the world.
This may be in favor of Altshuler Shaham, who holds a high equity component abroad and low in Israel, although, his returns from the beginning of the year will continue to be weak. Here are the average returns of the funds and funds from the beginning of the year: 
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