Altshuler Shaham Falls to Bottom in Pension Funds Amid Mixed Market Returns

In September, the investment house Altshuler Shaham, which had previously led the provident fund returns for three months, dropped to the bottom of the general track rankings. However, in the stock track, the firm, currently undergoing an ownership change, achieved an average return placing it in the middle of the table. The general track for provident funds saw an almost zero average return in September due to mixed market performance both domestically and internationally. Clal Insurance and Migdal led this track with a positive return of 0.2%, followed by Menora Mivtachim, Harel, and Infinity with 0.1%. Altshuler Shaham recorded a negative return of 0.3% for the month, with Yelin Lapidot, Analyst, and More also showing negative returns. Clal Insurance continues to lead the general track year-to-date with an 8.6% return, followed by More (7.6%) and Migdal, Menora, and Infinity (7.1% each). Altshuler Shaham is currently in the bottom tier for the year with a 6.1% return.

The stock track of provident funds yielded an average return of approximately 0.5% in September. Higher returns were seen in funds tracking the US S&P 500 index, which gained 2.1%, largely due to the shekel's strengthening. Year-to-date, the stock track leads with an average return of about 12%, compared to the S&P 500 track's 7.9%. Harel Insurance and Infinity Investment House topped the stock track for September with a 0.9% return. Yelin Lapidot posted a negative 0.1% return, while Menora Mivtachim and Phoenix showed 0.2% and 0.3% respectively. Clal Insurance also leads the stock track year-to-date with a 14.1% total return over the first nine months, followed by More (13.8%) and Harel (12.9%). Altshuler Shaham is in the lower ranks for the year in this track with an 11% return.

Market performance in September was mixed, with the Tel Aviv 35 index rising 1.6% and the Tel Aviv 125 rising 0.5%, while the Tel Aviv 90 index fell 2.7%. In the US, the Dow Jones fell 4.3%, the S&P 500 dropped 0.5%, and the Nasdaq rose 1.9%.

In pension funds for individuals aged 50 and under, Infinity Investment House led September's returns with 1.1%, followed by Harel (1%) and Phoenix (0.8%). Altshuler Shaham was at the bottom with a 0.2% return. However, year-to-date, More leads this segment with an 11.5% cumulative return, followed by Clal (10.2%) and Harel (9.9%). Altshuler Shaham is also at the bottom for the year in this segment with an 8.1% return. Over a three-year period, More shows the highest return at 56.7%, with Clal (53.5%) and Phoenix (53.3%) following. Harel (48.2%), Altshuler Shaham (49.4%), and Migdal (49.7%) are at the bottom of the three-year ranking.