Super funds had a difficult month in August with the median growth fund recording a 3.4 per cent fall, on the back of struggling growth assets, according to a Morningstar report.
All major asset classes generated negative returns with global equities at -3.1 per cent, followed by Australian listed property (-4.1 per cent), global listed property (-5.7 per cent), and Australian shares (-7.7 per cent), over the year to 31 August.
The best-performing growth super funds were AMP Balanced Growth (nine per cent), REST Super Diversified (8.9 per cent), and Legg Mason Growth (8.8 per cent).
BT Balanced Returns took the top spot for best-performing balanced (40-60 per cent growth assets) at 7.3 per cent, followed by REST Super Balanced (7.1 per cent), and Optimum (6.9 per cent).
Multisector growth super funds’ average allocation to equities at 31 July was 56.3 per cent, 28.6 per cent Australian, and 27.7 per cent global, while the average property exposure was 8.9 per cent.
On the institutional side, the median Australian share fund manager recorded a fall of 7.6 per cent over August, slightly ahead of the S&P/ASX 300 index’s drop of 7.7 per cent. Again, a tough month for share managers with results ranging from -3.6 to -10.3 per cent.
The best-performing Australian share strategies over the year to 31 August were Bennelong Concentrated (16.1 per cent), AB Managed Volatility (13 per cent), and Macquarie High Conviction (8.2 per cent).
