Superannuation funds shrug off the pandemic to deliver ‘tremendous’ results
The New Daily
Superannuation funds have shrugged off the pandemic slump that roiled markets back in March, with the average growth or balanced fund returning an unexpectedly healthy 3.7 per cent for the 2020 calendar year. The top performing fund, Suncorp Growth, returned a massive 9.6 per cent. Chant West researcher Mano Mohankumar described the returns as “a tremendous outcome for super fund members and a great story for superannuation given the economic damage wrought by the COVID-19 pandemic”.
Although well below the 14.7 per cent that growth funds achieved in 2019, “it represents the ninth consecutive positive calendar year and the 11th in the past 12 years for growth funds”. “If we take ourselves back to late March, the prospect of finishing the year up 3.7 per cent would’ve been inconceivable,” Mr Mohankumar said. Independent economist Stephen Koukoulas said the strong returns had in part been driven by the economic recovery.
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