Not justifying the buzz? Ayalon raises vigorously but again struggles to stand out in returns
After raising another NIS 1.5 billion in September, Ayalon's provident fund performance places it in the middle and even in the lower part of the returns ranking last month • Estimates: Altshuler Shaham again down,…
Assessment
Ayalon keeps pulling in money, another 1.5 billion shekels in September, but the performance of its study funds lands it in the middle or lower part of the return rankings last month. That gap between fundraising strength and returns is the story here. Investors are handing over cash while the funds underdeliver, which raises a question about what is driving inflows. The note that Altshuler Shaham may again be underperforming, despite Wall Street's excess return, suggests the whole sector is struggling to convert market gains into fund returns. Watch whether Ayalon's asset growth starts to slow once investors compare the numbers more carefully.