On the back of a flat March quarter, superannuation funds have had a strong April with the median growth fund up 1.7 per cent, according to Chant West’s latest data.
This brought the returns for the first ten months of this financial year to a healthy 7.4 per cent, putting them on track for a ninth straight positive year.
Decent performances from the share markets, which were the main drivers of growth fund performance, helped achieve this result.
Australian shares were up 3.8 per cent for April, while their international equivalents were up 1.9 per cent in hedged terms. In unhedged terms, the slight depreciation of the Australian dollar pushed this figure up slightly to 2.8 per cent.
The central bank has served up a disappointment for punters on Melbourne Cup Day.
The superannuation industry will be judged by its member services rather than how effectively it accumulates wealth, according to Stephen Jones.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.