The best performing balanced superannuation funds over the past year have managed to make gains despite the downturn caused by the COVID-19 pandemic but the funds still have some way to go for a full recovery, according to data.
FE Analytics data, within the Australian Superannuation universe, found that the top performing fund was AMP Signature MySuper Macquarie Balanced Growth fund at 6.82% over the year to 31 May, 2020.
Over the year, the fund’s highest performing point was at 10.8% in February just before the market sharply fell due to COVID-19 impacts.
Top performing balanced super funds over the year to 31 May 2020
Source: FE Analytics
AMP SignatureSuper Macquarie Balanced Growth fund followed at 6.4% over the year and its highest point was at 10.5%, AMP FLS and CS Macquarie Balanced Growth fund returned 5.48% from a high of 9.8%, Suncorp Brighter Super Personal Suncorp Multi-Manager Balanced fund returned 5.21% from a high of 10.23%, and Australian Ethical Balanced Accumulation fund returned 3.72% from a high of 12.45%.
The Australian Ethical fund had largest asset allocation towards interest-bearing investments and cash at 30%, followed by Australian and New Zealand shares at 28%, international shares at 22%, and property and alternatives both at 10%.
On the other side of the scale, AMP Flex Lifetime Super and Custom Super Perpetual Ipac Income Generator lost the most at 2.78% over the year to 31 May, 2020.
This was followed by AMP SignatureSuper Ipac Diversified Investment Strategy No 5 at a loss of 2.7%, CFS FC Personal Super First Choice Multi-Index Moderate at a loss of 2.68%, AMP Flexible Super Ipac Income Generator at a loss of 2.32%, and AMP Signature Super Ipac Income Generator at a loss of 2.15%.