Industry funds once again managed to outperform their retail fund counterparts in what represented a lacklustre start to the new calendar year.
According to the latest data from Chant West, industry funds with their generally higher exposures to unlisted investments returned -0.1 per cent in January compared to -0.3 per cent for retail funds.
The Chant West data revealed the median growth fund (61 to 80 per cent growth assets) was down 0.1 per cent albeit the return over the seven months of the financial year to date remained healthy at 5.6 per cent.
Chant West principal, Warren Chant said listed shares were the main drivers of growth fund returns, and the performance of those markets was mixed in January.
Australian shares retreated 0.8 per cent and, while international shares were up 1.3 per cent in hedged terms, the appreciation of the Australian dollar (up from US$0.72 to US$0.76 over the month) turned this into a loss of 2.4 per cent in unhedged terms.
The analysis said listed property was also in negative territory, with Australian and global real estate investment trusts (REITs) down 4.7 per cent and 0.5 per cent, respectively.
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.
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