Altshuler Shaham Tops August Yields as Acquisition and Long-Term Trends Diverge
Altshuler Shaham dominates August pension and investment fund yields, sparking questions over its recent acquisition timing as long-term figures still lag behind competitors like More.
Altshuler Shaham continued to demonstrate strong performance in August, securing top positions not only in advanced training funds (hishtalmut) and investment provident funds, but also leading in two key pension tracks: for members up to age 50 and those aged 50-60. This positive momentum raises questions regarding the timing of the recent deal in which Gilad Altshuler and Kalman Shaham exited control.
Following a period marked by weak yields, capital outflows, and shrinking market share, recent months have shown a distinct turnaround for Altshuler Shaham. The company was recently acquired by Weshare, which purchased 45% of Altshuler Shaham Finance, while CEO Yair Lewinstein increased his stake by an additional 10%. The transaction values Altshuler Shaham Finance at approximately NIS 1.8 billion.
Pension Track Breakdown
In the up-to-50 age track, Altshuler Shaham led August with a yield of 2.17%, significantly outperforming the systemic average of 1.42%. Meitav followed in second place with 1.97%, and Menora ranked third with 1.59%. However, looking at year-to-date and three-year performances, More leads the market with a cumulative yield of 55.06% over three years, while Altshuler Shaham stands at 47.08% compared to a system average of 49.60%.
"August continued to provide signs that something is changing in Altshuler Shaham's performance, yet long-term gaps formed in previous periods remain evident," financial analysts noted.
In the 50-60 age group, Altshuler finished August in first place with a yield of 1.92%, against a systemic average of 1.29%. Meitav took second with 1.75%. Yet, year-to-date, More maintains its lead with a 9.38% yield, while Altshuler records 6.93%, remaining below the systemic average of 7.40%.
Conservative Track and Broader Market Context
For the more conservative track of members aged 60 and above, Meitav took first place in August with a yield of 1.28%, closely followed by Altshuler Shaham at 1.17%. Over the long term, Altshuler lags behind in this bracket with a year-to-date yield of 4.79% and a three-year cumulative return of 28.45%, trailing the systemic average of 32.49%.
The broader market environment in August was largely positive. The S&P 500 rose by 3.3% and the Nasdaq added 5%, whereas the Tel Aviv 35 index increased by 1.1% and the Tel Aviv 125 by 0.9%. Conversely, the shekel strengthened by approximately 2.3% against the dollar, offsetting some foreign investment gains, while the local bond market remained positive.
