Two Ayalon Funds Reportedly Exposed to Brazil’s Stock-Market Sell-Off

Two mutual funds managed by Ayalon and advised by Zevulun Investment House, with combined assets of about NIS 365 million, were reported on October 26 to have substantial Brazilian equity exposure amid a market sell-off. Published end-July holdings put Brazilian shares at about 61% of the dollar-denominated fund and 42% of the shekel fund. The shekel fund also held a twice-leveraged Brazil ETF worth roughly 6.3% of assets. The holdings may since have changed, and the funds’ exact losses could not be determined. Ayalon and Zevulun did not respond.