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Super funds bounce back in September
Superannuation funds gained ground in the last month, propped up by growth assets and Australian shares, a survey shows.
After a disappointing August, funds grew a median of 1.4 per cent in September and 5.5 per cent in the first quarter of the financial year, according to research from Morningstar.
The majority of growth assets produced positive returns, with global listed property up 4.5 per cent, Australian shares up 2.2 per cent and listed property up 1.1 per cent.
The only negative returns were recorded by international shares, which were down 0.1 per cent.
Top-performing growth superfunds in the year to 30 September 2013 included Legg Mason Growth (28.4 per cent), Legg Mason Balanced (25.3 per cent), and Maple-Brown Abbott (21.1 per cent), while Schroders topped the performance ladder for the last five years with 8 per cent growth.
For balance funds, the best performers of the year were BT Balanced (14.7 per cent), REST Super Balanced (13.7 per cent) and AMP Moderate Growth (13.0 per cent).
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The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
