Superannuation funds have had a solid start to the financial year, with the median growth fund growing by 1.1% over the first two months, according to industry research company Chant West.
Chant West Head of Superannuation Investment Research Mano Mohankumar said the healthy return for August was driven by domestic and global share markets, which in aggregate account for about 55% of a typical growth portfolio.
Markets were supported by strong corporate earnings and the tech sector regained momentum after some AI-related companies had been sold down in July.
Mr Mohankumar said Australian shares gained 1.6% over August, falling short of international markets but still a solid result.
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Superannuation funds have had a solid start to the financial year, with the median growth fund growing by 1.1% over the first two months, according to industry research company Chant West.
Chant West said despite concerns around inflation and ongoing geopolitical tensions, superannuation funds gained ground in August with the median growth fund, with 61% to 80% of its funds in growth assets, gaining 0.9%.
Chant West Head of Superannuation Investment Research Mano Mohankumar said the healthy return for August was driven by domestic and global share markets, which in aggregate account for about 55% of a typical growth portfolio.
Despite some volatility towards the latter part of August, over the full month, developed market international shares advanced 2.5% in hedged terms led by the US. Markets were supported by strong corporate earnings and the tech sector regained momentum after some AI-related companies had been sold down in July. The Australian dollar appreciated over the month, which pulled the 2.5% hedged return back to 0.5% in unhedged terms.
Mr Mohankumar said Australian shares gained 1.6% over August, falling short of international markets but still a solid result.
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