POWERED BY MOMENTUM MEDIA
Spaceship reports ‘stellar’ FY24 results
Spaceship has announced “stellar” investment performance for the financial year ended 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 said, 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 said 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 AustralianSuper missed out on part of the US tech stock boom in the first half of the financial year and lagged its counterparts.
AUTHOR
Rhea Nath
Rhea L Nath is a journalist on Super Review and InvestorDaily, with a focus on funds management, superannuation, and institutional investment. Previously, she covered small business and entrepreneurship news at Dynamic Business and multicultural issues at Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.
Recommended for you
Mine Super and TWUSUPER have announced the successful completion of the final stage of their merger, officially forming the new entity, Team Super.
Questioned about ROI calculations undertaken before attending the summit in the US, funds largely gave the same response – access to information about developments in the US is essential to acting in the best interests of members.
Following a strong January, volatility has crept back into sharemarkets on the back of weaker US economic data and policy uncertainty, according to Chant West.
The $93 billion fund’s internal global equities team has made its first move on behalf of members, with plans to expand its allocation and expertise over time.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
