Altshuler Shaham is the only investment house that recorded a positive return in June
Posted on Jul 18, 2020 by Ifi Reporter - Dan Bielski
Altshuler Shaham is the only investment house that recorded a positive return in June for the study fund in the general track it manages, which stood at 0.41%. The other funds ended June 2020 with a negative return, and together with Altshuler the average was a negative return of 0.44%. The analyst investment house's training fund closed the bottom-of-the-table yields with a negative return of 1.14%.
June's negative returns deepened the declines suffered by the funds in February and March following the corona, and were slightly corrected last May. Thus from the beginning of the year the cumulative return is negative and stands at 5.52%. The losses deepened mainly in light of the continued declines in the Israeli market, while world markets, with an emphasis on the United States, continued a positive trend that rose mainly from the performance of technology companies.
"The domestic market performed poorly in June," Danny Yardeni, VP of investments at Altshuler Shaham, told Calcalist. "The Tel Aviv-125 index fell more than 6%, as did the Tel Aviv-90 index, and all sectors, including banks And the yielding real estate. The declines have several causes and there is not one that can be put a finger on as a direct explanation. "
"On the other hand, the markets abroad, with an emphasis on the United States, actually looked good," Yardeni continued. The Nasdaq 100 rose more than 6%, the Dax rose similarly, the S&P rose, and the Chinese market rose about 7%. The increases were led mainly by technology stocks, which throughout the Corona period performed well and benefited from the move to work from home, and are less dependent on what is happening in the industry.
Altshuler believes that the investments will move in the near future from corporate bonds to the equity channel, out of the need to generate higher returns for colleagues and investors. In the near future, interest rates will not rise - and money is looking for alternatives. Central banks continue on the same line, and the US Federal Reserve supports markets and intervenes aggressively. In addition, the solid part is declining in terms of its attractiveness, because interest rates are not going anywhere and the corporate channel has corrected most of the declines.
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