Spaceship reports ‘stellar’ FY24 results

10 July 2024
| By Rhea Nath |
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Spaceship has announced “stellar” investment performance for the financial year ending June 2024.

Its GrowthX investment option has delivered an annual return of 19.41 per cent while its Global Index investment option returned 16.99 per cent.

These returns, it noted, are net of fees and taxes, but do not include the impact of the administration fees that are deducted from members' account balances.

According to Spaceship, the returns reinforce its position “as a great choice for savvy young investors seeking competitive returns.”

It currently holds more than $1.5 billion in funds under management on behalf of over 200,000 members.

“Spaceship's superannuation investment options and managed funds have all delivered remarkable results, underpinned by our commitment to providing forward-thinking investment strategies and exceptional value to our customers,” it said.

Spaceship CEO, Andrew Moore, added he is “incredibly proud” of the investment performance over the past year.

“We are equally excited about the year ahead and committed to delivering exceptional value for our customers,” he said.

The Spaceship GrowthX option, its flagship investment option, holds a growth portfolio with a focus on global technology companies, allocating almost 30 per cent to information technology.

Last week, research house SuperRatings noted technology exposures helped deliver stronger-than-expected super returns in FY24, with international shares estimated to return 17 per cent as an AI rally, and associated industries, saw a small group of shares hit unprecedented highs.

It pointed out that technology shares in the US, and bank shares in Australia, have “really driven” this year’s outcomes, helping uplift the median balanced option to around 8.8 per cent.

Last week, several other funds, like AMP and CFS, also emphasised the substantial impact of global equities on their performance for the past financial year, with AMP’s chief investment officer, Anna Shelley, pointing to US tech stocks as key drivers of their success.

US shares also bolstered the performance of Cbus, Aware Super, UniSuper and the Australian Retirement Trust.

Meanwhile, Australia’s largest super fund, Australian Super, missed out on part of the US tech stock boom in the first half of the financial year and lagged its counterparts.

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