The median balanced superannuation fund rose 2.7% in April, recovering some losses from February and March, but funds on average have lost 8.1% since the start of 2020, according to SuperRatings.
The research house’s latest data found the rolling one-year return was a loss of 2.5%, the median growth options was down 9.7% since the start of the year and down 3.2% over the past year.
The median capital stable option was down 3.5% since the beginning of 2020 and was flat (0%) over the past year.
The median balanced pension option was down 8.5% since the start of 2020, while the median growth pension option fell 10.3%, and the median capital stable pension option was down 3.7%.
SuperRatings executive director, Kirby Rappell, said: “Markets appeared to show an eerie sense of calm, thanks in part to the fiscal and monetary response from the government and Reserve Bank of Australia, but also due to the success of social distancing and other measures in containing the virus.
“Happily, the conversation has turned to how we can safely reopen key sectors of the economy, but it would be fair to say apprehensiveness remains.”
Rappell noted the firm was having more conversations with funds to determine their level of preparedness should the situation deteriorate, and warned the biggest mistake members could make was to cash out and miss the recovery.
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.