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Listed shares drive super funds
The medium growth superannuation fund (61 to 80 per cent growth assets) gained 1.5 per cent over the September quarter thanks to the listed shares market driving growth, according to Chant West.
Chant West’s latest report found that Australian shares provided a 0.8 per cent return for the quarter and international shares four per cent on a hedged basis. However, the appreciation of the Australian dollar to US$0.78 reduced this to 2.5 per cent in unhedged terms.
Chant West director, Warren Chant, said While most of the major listed markets had share prices that moved higher in recent months, Australia had been slower than most in the upward trend. He said the other main laggard was the UK, still beset by Brexit’s uncertain ramifications.
The medium growth fund returned 9.1 per cent over the year to 30 September 2017, 9.7 over five years, and 4.9 per cent over 10 years.
The report also found that industry funds outperformed retail funds in September at one per cent compared to 0.7 per cent.
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Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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