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 decline affected most funds, reflecting widespread market volatility. However, a nearly 6% appreciation of the US dollar against the shekel helped mitigate losses for funds with significant foreign market exposure.

Altshuler Shaham stood out in the general investment track by being the only fund to end June with a positive return of 0.04%, while the industry average showed a 0.67% decline. In the equity track, Altshuler Shaham also led with a relatively mild 0.68% drop, outperforming competitors who experienced steeper losses. This outperformance is attributed mainly to its investment mix, particularly its higher exposure to US equities, which offset local market declines.

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