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.”
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.