Only three growth superannuation funds have made a return so far this year as funds have been unable to recoup losses induced by the global sell-off in March due to the COVID-19 pandemic, according to data.
FE Analytics data found its growth – mixed asset superannuation sector average since the start of 2020 to 31 October, 2020, was a loss of 4.09%.
The top-performing funds returned 3.37% which were Suncorp Brighter Super Multi-Manager Growth business and personal funds.
Commonwealth Superbond 2000 Managed Growth followed the two funds at 0.04%.
This was followed by CFS FS WPSup-Colonial First State Wholesale Balanced at a loss of 0.04% and VicSuper Future Saver Growth at a loss of 0.15%.
Top five performing growth superannuation funds v sector average since the start of 2020 to 31 October 2020
Source: FE Analytics
The other end of the scale saw six various AMP Capital Premium Growth funds at the bottom for the same time period with a range of losses from 20.42% and 17.18%.
Over the longer term, Australian Super High Growth Option topped the charts with a return of 47% over the five years to 31 October, 2020.
This was followed by Sunsuper Growth Option at 44.14%, CareSuper Growth at 42.3%, First State Growth Option at 40.08%, and QSuper Aggressive Option at 40%. The sector average of this time period was 22.7%.
Despite strong returns, none of the top five funds for this time period had managed to recoup losses from March.
The AustralianSuper fund was still down 6.03% from its high of 56.43% in mid-February.
Top five performing growth superannuation funds v sector average over the five years to 31 October 2020
Source: FE Analytics
The six AMP Capital Premium Growth funds were again all at the bottom of the charts with only one not making a return – AMP FLAP AMP Capital Premium Growth (-0.64%). The AMP funds’ returns ranged from -0.64% to 6.09% over the five years.
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
Add new comment