Quarterly Israel Equity Review and Outlook Q3 2022

Israeli stocks, as defined by the BlueStar Israel Global Index^® (BIGI^®), declined 19.70% in the second quarter of 2022, underperforming developed international equities by 5.41%, as measured by MSCI EAFE.
Israeli technology stocks, as defined by the BlueStar Israel Global Technology Index™ (BIGITech^®), lost 19.27% in Q2, following in trend but slightly outperforming the Dow Jones US Tech and S&P Global Tech indexes at 22.43% and 20.93%, respectively.
BIGI^® underperformed the TA 125 Index of Israeli listed stocks in the second quarter of 2022 by 2.02%, as the TA 125 does not include many of Israel’s top foreign listed technology companies.
Geopolitical fundamentals continue to improve for Israel in spite of bearish market conditions; Saudi Arabia takes initial steps towards normalized relations.