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Super growth funds down in October
Australian superannuation growth funds fell in October, with the median fund returning to -0.7 per cent and individual results ranging from 0.4 to -2.1 per cent, thanks to poor growth asset results, according to Morningstar.
Global equities was the best-performing growth asset class returning -1.4 per cent, followed by Australian equities (-2.2 per cent), global listed property (-5.4 per cent), and Australian listed property (-7.9 per cent).
Morningstar found the median results over the longer term for growth super funds were 6.7 per cent over the three years, 9.5 per cent over five years, and 4.8 per cent over 10 years.
Energy Super Balanced was the best-performing growth fund and recorded returns of 6.2 per cent. It was followed by AustralianSuper Conservative Balanced, Optium Growth, and REI Super Balanced which returned 5.5 per cent, 5.2 per cent, and 4.9 per cent, respectively.
CBUS was the top MySuper performer in October at 6.6 per cent and was followed by Energy Super (6.2 per cent) and AustralianSuper Balanced (5.5 per cent).
Energy Super Capital Managed was the best-performing balanced (40 to 60 per cent growth assets) super fund at 5.9 per cent.
They survey also found defensive assets totalled 25.4 per cent on average and multisector growth super funds' average allocation to equities was 55.9 per cent while, at the same time, property exposure was 9.2 per cent.
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The super fund announced that Gregory has been appointed to its executive leadership team, taking on the fresh role of chief advice officer.
The deputy governor has warned that, as super funds’ overseas assets grow and liquidity risks rise, they will need to expand their FX hedge books to manage currency exposure effectively.
Super funds have built on early financial year momentum, as growth funds deliver strong results driven by equities and resilient bonds.
The super fund has announced that Mark Rider will step down from his position of chief investment officer (CIO) after deciding to “semi-retire” from full-time work.
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