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Super funds show growth: Morningstar
Australian super funds have started the new financial year on a positive note, with the median growth fund returning 0.8 per cent, according to the Morningstar Australian Superannuation Survey.
Individual results varied from 1.8 per cent to a low of 0.2 per cent.
Longer-term annualised median returns stood at 11.3 per cent (one year), 12 per cent (three years), 8.6 per cent (five years), and 6.8 per cent (10 years to 31 August).
Among growth super funds, Legg Mason Growth came out on top (15.3 per cent), followed by Legg Mason Balanced and Maple-Brown Abbott (both 13.1 per cent), CFS Growth and MLC Growth (both 12.2 per cent).
BT Balanced finished first among balanced (40-60 per cent growth assets) super funds over the year to 31 August at 10.9 per cent, followed by CFS FirstChoice Moderate (10.4 per cent) and AMP Moderate Growth (10.1 per cent).
Defensive assets stood at 23.2 per cent on average (9.5 per cent domestic bonds, 5.9 per cent international, and 7.8 per cent cash).
Multi-sector growth super funds' average allocation to equities at 31 July was 56.3 per cent, with 29.5 per cent Australian and 26.8 per cent global.
Legg Mason Growth had the highest allocation to Australian shares (48.4 per cent), followed by Legg Mason Balanced (42.5 per cent), and State Super Growth (38.1 per cent).
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The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
59.27 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
32.82 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
32.44 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.01 3 y p.a(%)
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