Altshuler Shaham Leads Pension Funds in August Amidst Ownership Change

Altshuler Shaham has emerged as the top performer in two key pension fund categories for August, continuing a trend of improved returns after a period of underperformance. The investment house secured first place in pension tracks for individuals up to age 50 and those aged 50-60, with returns of 2.17% and 1.92% respectively. This follows recent successes where Altshuler Shaham also led in provident and investment provident funds for the same month.

Despite Altshuler Shaham's strong monthly performance, the article highlights that other firms, particularly Meitav, led in the pension track for individuals over 60 with a 1.28% return. Meanwhile, More, despite moderate August returns, maintains leadership in year-to-date and three-year cumulative returns across all three age-based pension tracks, indicating a longer-term trend.

The improved performance comes at a significant time for Altshuler Shaham, as its founders, Gilad Altshuler and Kalman Shaham, are selling their controlling stakes. Wisr is acquiring 45% of Altshuler Shaham Finances, with CEO Yair Levinstein increasing his stake, in a deal valuing the company at approximately 1.8 billion shekels. This ownership transition occurs as the firm's performance begins to rebound, raising questions about the timing of the sale.

August's positive market conditions, including gains in the S&P 500 and Nasdaq, contributed to overall strong returns. However, a strengthening shekel against the dollar partially offset gains from overseas investments. The domestic bond market also saw positive returns, benefiting more conservative investment tracks.