The median superannuation fund made small gains, returning 1 per cent in April, according to the Morningstar Australian Superannuation Survey.
Longer-term annualised median returns were 11.6 per cent over one year, 8.9 per cent over three years, 10.1 per cent over five years, and 6.8 per cent over 10 years to 30 April.
The returns come amidst strong results in growth assets. Australian listed property grew by 5.7 per cent, global listed property grew by 3.6 per cent, Australian shares grew by 1.7 per cent and international shares went up 1 per cent.
International shares shot up 31.5 per cent over the year, followed by Australian shares (10.1 per cent), Australian listed property (2.6 per cent) and global listed property (1.9 per cent).
Among super funds, Legg Mason Growth stood on top over the year to 30 April at 16.3 per cent followed by REST Super Diversified (14.9 per cent), REST Super Core (14.2 per cent) and Legg Mason Balanced (13.5 per cent).
Legg Mason Growth also finished first over five years (13.6 per cent), followed by Legg Mason Balanced (13.3 per cent) and Schroders (11.3 per cent).
REST Super Balanced was the best performer among balanced options (10.9 per cent), followed by AMP Moderate Growth (9.1 per cent) and AMP Moderately Conservative (8.9 per cent).
The Future Fund’s CIO Ben Samild has announced his resignation, with his deputy to assume the role of interim CIO.
The fund has unveiled reforms to streamline death benefit payments, cut processing times, and reduce complexity.
A ratings firm has placed more prominence on governance in its fund ratings, highlighting that it’s not just about how much money a fund makes today, but whether the people running it are trustworthy, disciplined, and able to deliver for members in the future.
AMP has reached an agreement in principle to settle a landmark class action over fees charged to members of its superannuation funds, with $120 million earmarked for affected members.