The medium growth superannuation fund (61 to 80 per cent growth assets) gained 1.5 per cent over the September quarter thanks to the listed shares market driving growth, according to Chant West.
Chant West’s latest report found that Australian shares provided a 0.8 per cent return for the quarter and international shares four per cent on a hedged basis. However, the appreciation of the Australian dollar to US$0.78 reduced this to 2.5 per cent in unhedged terms.
Chant West director, Warren Chant, said While most of the major listed markets had share prices that moved higher in recent months, Australia had been slower than most in the upward trend. He said the other main laggard was the UK, still beset by Brexit’s uncertain ramifications.
The medium growth fund returned 9.1 per cent over the year to 30 September 2017, 9.7 over five years, and 4.9 per cent over 10 years.
The report also found that industry funds outperformed retail funds in September at one per cent compared to 0.7 per cent.
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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