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Tuesday, September 15, 2009

TIA-CREF Press Release - Sale of Africa-Israel shares unrelated to Israel divestment campaign

http://zionism-israel.com/israel_news/2009/09/tia-cref-press-release-sale-of-africa.html

An Israel Boycott Movement announcement and a Haaretz and other articles based on it claimed that the TIA-CREF retirement fund had divested from Africa-Israel corp. due to their alleged activities in the West Bank. A TIA-CREF press release shows that there is no truth to the report. The shares were sold in June because of poor performance. The press release is below.  TIA-CREF maintains that the fund still has large sums invested in Israel.
 

As of June 30, 2009, TIAA-CREF no longer owned shares in Africa-Israel Investments Ltd.  While a small number of shares of the company were previously held in the CREF Stock Account, they were sold after they fell out of the MSCI Emerging Markets Index.

Some news reports have failed to note that the sale occurred in June, as a routine part of the indexing investing process, in which the Account manager's holdings track the index. The CREF Stock Account invests in a broadly diversified portfolio of domestic and foreign equity securities by using a combination of three strategies: active management, enhanced indexing and pure indexing.

The MSCI Emerging Markets Index, which the CREF Stock Account tracks in part, is a free float-adjusted market capitalization index that is designed to measure equity market performance of 22 emerging markets countries (as of June 2009). 

As of June 30, 2009, TIAA-CREF funds and accounts had investments in companies in Israel and around the world.  For information about specific holdings, please see the semi-annual CREF Schedule of Investments, available here.

For more information on the CREF stock account, click here.


Copyright - Original materials copyright (c) by the authors. Originally posted at http://zionism-israel.com/israel_news/2009/09/tia-cref-press-release-sale-of-africa.html. Please do link to these articles, quote from them and forward them by email to friends with this notice. Other uses require written permission of the author.

1 Comments:

  • It turns out that Israel-Africa's financial struggles may be being used by BDS advocates to create a fake reality whereby the divestment movement (which has been suffering a string of losses this year) is actually "winning" by getting major financial institutions to do their bidding.

    This apparently happened once earlier this summer with the UK investment giant Blackrock. See www.divestthis.com for details.

    By Blogger Site Owner, At September 15, 2009 7:17:00 PM GMT+00:00  

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