The median growth (61% to 80% in growth assets) superannuation fund grew 2.2% during April, bringing the first 10 months of the financial year to 14.7%, according to Chant West.
Both domestic and international shares were the main drivers of the month’s performance with Australian shares up 3.7%, and international shares up 4.1% in hedged terms, and 3.2% in unhedged terms as the Australian dollar appreciated during the month.
Chant West senior investment research manager, Mano Mohankumar, said: “Should growth funds finish the year at or around the end-April level, it would represent the highest annual return since 2012/13 when they surged 15.6%.
“They’ve shown their resilience – as we saw last financial year when they limited the COVID-induced damage to post a small loss of 0.6% – and now they’ve shown their powers of recovery.
“The cumulative return since the end of March last year is about 22%, which is astonishing given the health concerns, disruptions and economic damage caused by COVID-19. It also means that we’re more than 7% above the pre-COVID crisis high that was reached at the end of January 2020.”
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.