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Active investment downgrade for legalsuper
Industry super fund legalsuper has expanded its mandate with State Street as a part of its move to downgrade its active manager line-up and enlist a greater proportion of passive managers.
The $160 million mandate for legalsuper's international equity index fund was awarded after the fund questioned the extent to which higher active management fees led to outperformance, legalsuper chief executive Andrew Proebstl said.
Proebstl said the fund was aiming to increase the small passive holding it held within its choice index investment option, as most members were in the default option.
A further $37.5 million was awarded to Goldman Sachs Australian equity wholesale fund following redemptions from other existing Australian equity managers.
Andrew Proebstl said the refined manager line-up had been deployed with the assistance of the fund's investment consultant JANA.
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AustralianSuper has reported a 9.52 per cent return for its Balanced super option for the 2024–25 financial year, as markets delivered another year of strong performance despite the complex investing environment.
The profit-to-member super fund’s MySuper default option has returned 9.85 per cent for the financial year 2024–25.
Colonial First State (CFS) has announced solid double-digit returns for its MySuper balanced and growth equivalent funds during the financial year.
The super fund’s Future Saver High Growth option delivered an 11.9 per cent return for the financial year 2024–25, on the back of a diversified portfolio and actively managed investment strategy.
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