The median growth superannuation fund (61% to 80% growth assets) started the 2021-22 financial year up 1.1%, according to Chant West.
The research house found in July both Australian shares (1.1%) and international shares were up in hedged terms (1.7%), and were boosted to 4% in unhedged terms because of the Australian dollar depreciation over the month.
However, emerging market shares were down 4.7% during July in unhedged terms led by falls in the Chinese market. The Chinese government’s regulatory crackdown on technology and private education sectors sparked a sell-off.
Bonds during July were up both domestically and globally at 1.8% and 1.3% respectively.
Chant West senior investment research manager, Mano Mohankumar, said: “It’s a solid start, and a continuation of the remarkable bounce-back we’ve seen over the past 16 months.
“The cumulative return since the COVID low point at end-March last year is now about 27%, which is astonishing given the ongoing disruptions caused by the pandemic. Not only have we recovered all the losses incurred in the early COVID period, but we’re now sitting about 12% above the pre-COVID crisis high that was reached at the end of January 2020.”
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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