Double-digit returns for super

Superannuation funds racked up double-digit returns on average over the 2013/14 financial year despite a dreary June performance.

The median fund in the Morningstar Multisector Growth universe returned 12.9 per cent, while the June return was at a mere 0.1 per cent.

Legg Mason Growth (18.8 per cent) came out on top among growth super funds over the 2013/14, followed by Legg Mason Balanced (15.9 per cent), MLC Growth (14.7 per cent), Maple-Brown Abbott (14.2 per cent), and Perpetual (13.8 per cent).

However June was the highest performing month for median growth fund, which finished at 3.2 per cent.

But it dipped into negative territory in January (-0.1 per cent) and March (-0.4 per cent).

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Among balanced super funds, BT Balanced returned 11.8 per cent, while AMP Moderate Growth returned 10.8 per cent and Energy Super returned 10.7 per cent.

Meanwhile, multi-sector growth super funds' average allocation to equities at 31 May was 56.5 per cent, with 29.9 per cent Australian and 26.6 per cent global.

Defensive assets stood at 24.4 per cent on average, with 10.2 per cent domestic bonds, 6.1 per cent international, and 8.1 per cent cash.

Legg Mason Growth had the highest allocation to Australian shares (48.5 per cent), followed by Legg Mason Balanced (40.8 per cent), and State Super Growth (38.1 per cent).

International shares finished on top (20.4 per cent), with Australian shares at 17.2 per cent, international property at 15.8 per cent and Australian property at 11.1 per cent.