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%.
The central bank has announced its latest rate decision amid stubborn inflation and increasing geopolitical tension.
Aware Super has outlined its systematic approach to corporate engagement as institutional investors increasingly assert their influence on company boards and take on an active stewardship role.
The country’s second-largest super fund has completed its fourth SFT this past financial year and welcomes almost 5,000 new members.
The corporate fund has announced it is seeking a suitable merger partner as the number of corporate super funds in Australia continues to dwindle.
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