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§  During the second quarter of 2015 the value of the public's financial assets portfolio declined by about NIS 48 billion (1.5 percent), and reached about NIS 3.28 trillion at the end of June.
 
§  The decline during the second quarter derived mainly from the decline in the value of government bonds and makam (about NIS 47 billion, 5.6 percent) and from a decline in the value of the portfolio traded abroad (about NIS 13.4 billion, 2.8 percent).
 
§  The value of the asset portfolio managed by institutional investors (excluding mutual funds) declined by about NIS 30 billion (2.3 percent) in the second quarter, to about NIS 1.32 trillion at the end of June. Most of the decline was recorded in the value of nontradable government bonds in the old pension funds—a downward revision of the fair value of government assistance funds as a result of an increase in the interest rate vector.
 
§  The trend of net redemptions in the money market funds continued in the second quarter of 2015 (redemptions of about NIS 6.4 billion, 17.2 percent).
 
1. The total assets portfolio
In the second quarter of 2015, the value of the public’s financial assets portfolio declined by about NIS 48 billion, a decline of about 1.5 percent in real terms, reaching about NIS 3.28 trillion at the end of June.
 
The decline in the second quarter was primarily due to the decline in the value of tradable government bonds and makam (about NIS 34 billion, 6.8 percent) and in the value of nontradable government bonds managed by the old pension funds (NIS 13 billion, 3.9 percent). In parallel, the value of shares traded abroad declined (about NIS 9 billion, 3.2 percent), mainly as a result of the strengthening of the shekel vis-a-vis the dollar. The public’s financial assets portfolio relative to GDP declined by about 8.2 percentage points during the second quarter, to about 292 percent at the end of June 2015 (Figures 2 and 3).  This followed an upward trend since the second quarter of 2013.  The decline was a result of the combination of a decline in the value of the assets portfolio and an increase in GDP.

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