The Australian median superannuation growth fund returned 2.3 per cent for the month of May on the back of global equities taking the lead in the growth asset class, according to Morningstar.
Morningstar's latest super survey found AustralianSuper Conservative Balanced was the best-performing growth fund for the year to May returning 3.8 per cent. This was followed by Energy Super Balanced (3.7 per cent), Care Super Balanced (3.5 per cent), and REI Super Balanced (3.3 per cent).
Top growth asset performer, global equities returned six per cent, followed by Australian equities (3.1 per cent), Australian listed property (2.6 per cent), and global listed property (1.9 per cent).
Multisector growth super funds' average allocation to equities was 54.2 per cent, with 26.8 per cent for global and 27.4 per cent for Australian.
Defensive assets totalled 24.3 per cent on average, broken into 10.3 per cent for domestic bonds, six per cent international, and eight per cent cash.
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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