New Estimate Puts October Training-Fund Losses at 1.4% in General Tracks

A portfolio-based estimate published on October 31 puts Israeli training funds' general-track October return at minus 1.4% after incorporating Friday's trading. The earlier estimate, calculated through Thursday, was minus 0.4%. The revised figures are estimates rather than final results reported by individual fund managers. Equity tracks are estimated to have lost 3.1% in October, compared with the preliminary 1.1% decline. Shekel-denominated S&P 500 tracks remain positive at an estimated 0.9%, down from 2.6%. Estimated January-October returns remain positive across all three: 5.3% for general tracks, 8.4% for equity tracks and 8.5% for S&P 500 tracks. These are nominal returns before management fees. The calculation uses typical portfolio allocations, assuming shares make up roughly 40%-50% of general-track assets and almost all equity-track assets. It assumes about 60%-65% of the equity component is exposed to the United States. General tracks also hold bonds, loans and unlisted assets. The reporting cutoff matters. The calculation's accompanying explanation says many managers exclude Friday's trading because there is no clearing, carrying those losses into November's reporting instead. Final fund-specific figures can also differ because portfolios have different technology exposure, cash holdings and currency hedging. The new estimates therefore do not establish an identical October loss for every saver.