With less than two weeks until June 30, a typical super fund is set to fall by 5 per cent so far this financial year | clancyyeates
Superannuation funds will take a hit from the recent turmoil on global financial markets, with the typical fund set to post negative returns in the worst performance since the global financial crisis.
Chant West senior investment research manager Mano Mohankumar said big falls in global sharemarkets during June had hit super returns significantly, while bonds, which are traditionally seen as safer assets, had endured a tough year. This meant that even more conservative funds were also likely to post negative returns, Mohankumar said, as he also urged caution to anyone thinking about switching their super investment option.
Roger Montgomery, chief investment officer at Montgomery Investment Management, also pointed to the poor returns from bonds, with a Bloomberg index of bonds posting its worst annual returns since 1976. Montgomery said that unless there was global recession or some sort of financial crisis, he believed sharemarkets were “close to the bottom.”
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