Altshuler Shaham leads, Analyst at the bottom: what did the training funds do in August

Training funds in the general track posted an average return of 1.35% in August. Altshuler Shaham led with 1.93%, while Analyst closed at the bottom with 0.63%. The monthly victory comes amid the sale of control of the company to Vishor and CEO Yair Levinstein, in a deal reflecting a value of 1.8 billion shekels. Chief Investment Officer Leah Preminger attributes the performance to exposure to energy, raw materials, and stock selection in technology.

Training funds in the general track ended August with an average positive return of 1.35% among the ten largest entities. Altshuler Shaham led the table with a return of 1.93%, followed by Meitav with 1.69% and More with 1.65%. At the bottom were Harel with 0.98% and Analyst with 0.63%. Altshuler Shaham's monthly victory stands out against the weak years the investment house has experienced. Since the beginning of 2026, it is still at the bottom of the table with a return of 6.45% compared to an average of 6.84%, and over three years the gap is larger: 34.11% compared to an average of 40.51%. Clal leads since the start of the year with 8.41%, followed by More with 7.68%. Over three years, Clal leads with 44.7%, ahead of Phoenix with 43.04% and Analyst with 43.03%. The monthly victory comes amid the peak of the drama surrounding the pension and provident company: this week, Gilad Altshuler and Kalman Shaham agreed on the sale of control of the company to Vishor and CEO Yair Levinstein, in a deal reflecting a value of 1.8 billion shekels. After the deal is completed, the Altshuler Shaham brand is expected to disappear from pension and provident operations. Chief Investment Officer Leah Preminger attributes the performance to exposure to energy, raw materials, and stock selection in technology, as well as exposure to banks in Israel. Guy Manny, Chief Investment Officer at Meitav, noted that the gains came mainly from abroad, with a recovery in the technology sector, but in Israel the picture is weaker due to declines in the TA-35 index and sectors such as real estate and renewable energy. Manny warned of a rise in US bond yields above 5% and an oil price above $100, increasing concerns about inflationary pressures and further interest rate hikes. Preminger added that pricing in the US requires selectivity, but AI is a long-term trend the company believes in.