Australian shares continued to perform well in October, with the asset class recording its fourth consecutive month of positive performance.
According to Morningstar Australian Institutional Sector Survey, the S&P/ASX300 index returned 3.9 per cent, lifting the financial year-to-date result to 14.6 per cent.
Financials (5.5 per cent), healthcare (4.5 per cent) and industrials (4.3 per cent) notched up the best performances in October.
Poorer performing areas included energy (0.2 per cent), utilities (1.1 per cent) and industrials (1.9 per cent).
The best-performing Australian share strategies over the year to 31 October were Millinium (45 per cent), Bennelong Concentrated (41.8 per cent) and Hyperion (41 per cent).
The report said international share markets were up strongly in aggregate Australian dollar terms over the past year. The share strategy’s return was 39 per cent over the year and 13.2 per cent per annum over the three years to 31 October.
The best performing strategies over the year was Orbis (59.4 per cent), Bernstein Global Strategic (51.2 per cent) and Wellington Global Growth (48.8 per cent).
The Australian property securities index gained 13.3 per cent over the past year, with Zurich (17.9 per cent), Legg Mason (17 per cent) and BlackRock (16.2 per cent) the best performers.
The property group, owned by industry super fund Aware Super, has announced two new projects with a total construction value of $320 million that will add more than 700 homes to Melbourne’s rental market.
While institutional investors, including super funds, unanimously acknowledge the energy transition as a significant challenge, their perspectives on the extent of their involvement in addressing the substantial capital requirements vary widely.
Despite a period of increased volatility, several considerations suggest that the bull market will remain intact and the trend in shares will remain up, an economist has suggested.
HESTA has slammed Woodside’s climate transition action plan, pointing to “significant” gaps.
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