Altshuler Shaham Surprises by Leading June Performance in Israeli Provident Funds

June proved challenging for Israeli provident fund savers as the Tel Aviv Stock Exchange fell sharply, with the TA-35 index dropping about 8.7%. This volatility affected nearly all funds, causing average declines. However, a roughly 5.9% appreciation of the US dollar against the shekel softened losses for funds with significant foreign market exposure.

Altshuler Shaham stood out in the general investment track as the only fund to finish June with a positive return of 0.04%, while the sector average declined by 0.67%. It also led the equity track with a relatively mild 0.68% loss, outperforming other funds that experienced steeper drops. This outperformance is attributed mainly to its investment mix, particularly higher exposure to US stocks, which offset local market declines.

Looking at year-to-date results, Clal leads the general track with a 7.55% return, whereas Altshuler Shaham, despite its June surge, remains near the bottom with 4.87%. Over a three-year horizon, Phoenix continues to lead with a cumulative return of approximately 47%.