Israeli Global Equities, as measured by BIGI®, staged a strong rebound in October gaining back some -- but not all -- of September’s steep declines. BIGI® rose 4.82% in October, but still remains well-off the all-time highs reached in July. BIGI’s October gain lagged the more than 8% upside move in most developed equity market indexes.
ITEQ™ is the first exchange-traded fund (ETF) to exclusively hold shares of public Israeli and Israel-linked global technology stocks. It tracks the performance of the TASE-BlueStar Israel Global Technology Index™ (“TA-BIGITech™), the first and only benchmark following a broad, deep and complete range of major Israeli tech companies listed on five exchanges worldwide (TASE, NASDAQ, NYSE, London Stock Exchange and the Singapore Exchange).
BlueStar’s third BluePaper illustrating cutting-edge Israeli technology companies are significantly underrepresented in virtually all technology stock benchmarks, and explains the rationale that led to the creation of a new index for investors seeking exposure to a broadly defined universe of Israeli global technology companies – TA-BIGITech™ – and investment products linked to this index.
Like Newton’s apple, Israeli Global Equities, as measured by BIGI®, hit the ground with a resounding thud in September and were unable to materially rally from August’s selloff. BIGI® declined 7.42% in September and is now barely in positive territory for the year. If there is a silver lining it is that Israeli equity markets are one of only a handful around the world that are still up in USD terms in 2015.
Israeli global equities, as measured by BIGI®, proved that even strong and outperforming equity markets like Israel can only buck the tide of deteriorating macroeconomic fundamentals and a global growth scare for so long before succumbing to those forces.
Israeli global equities, as measured by BIGI®, rose to a record high in July propelled by pharmaceutical giant Teva, which also reached an all-time during the month. Israeli equities were the top performer – by a wide margin – among all global developed and emerging market equities in July.
Israeli global equities, as measured by BIGI®, traded sideways for most of June before falling sharply in sympathy with global equities as the Greek crisis reached a crescendo during the last three trading days of the month. Nevertheless, the index outperformed most developed and emerging markets in June.