Outsider usually steers clear of people handing out brochures on the street and, to be fair, those handing out the brochures usually steer clear of Outsider because his portly build and surly demeanour openly suggest he is not going to sign up to a gym any time soon.
Thus, as is his habit, he gave a wide berth to the young women and men handing out brochures which appeared to relate to joining Spaceship Super on the basis that he is closer to decumulation than accumulation when it comes to superannuation and because he remembers Apollo 13 and has concerns that anything relating to a spaceship might also involve stratospheric fees.
Then, too, Outsider remembered that Spaceship had last year come to the notice of the Australian Securities and Investments Commission over misleading claims around its GrowthX option which the regulator found was 79 per cent invested in index-tracking funds.
So, all things considered Outsider figured that even if he was inclined to join a fund called Spaceship it seemed unlikely his balance would reach new heights if the underlying investments simply hugged the index.
But, of course, the young astronauts from Spaceship did not even try to give him a brochure observing that he was clearly not “the right stuff” and so he remained grounded again.
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Along with being painfully poorly written, this article is factually incorrect:
- The flyers are for spaceshipinvest.com.au, Spaceship’s investment product that has some of the lowest fees in the world and is 100% free for balances under $5k. You would have known that if you had any journalistic integrity and did a few minutes of research.
- Spaceship Super, which you’re referring to, returned over 19% last year, making it the best performing super fund in Australia.
I agree the article is full of fluff, however which section is factually incorrect? The only stated fact I could find was the ASIC reference, which appears to be correct.
As for performance, the 19% stated on Spaceship's website is for FY18, not the 8.5 months since. I'd be amazed if this FYTD return is anywhere near 19%pa! Then again, the default investment option is 93% invested in growth assets (>60% international shares), so it better perform incredibly when markets do well (or AUD drops), as losses will probably be steep & painful.
Fees are okay & are ballpark what I'd expect from an industry fund ($78pa +1%), but if they're still investing about 80% into indexes, there's no excuse to charge anything higher.
I moved my super there a year ago and so far it performed extremely well for me. I do find it risky but so far so good.
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