AustralianSuper has recorded its first negative annual return since the global financial crisis, driven in part by poor-performing technology and consumer investments | SimoneFoxKoob
Australia’s largest superannuation fund has recorded its first negative annual return since the global financial crisis, driven in part by poor-performing technology and consumer investments.
“The worst investments were in that technology and consumer area,” he said. “And international, particularly the US, were the worst part of it, centred really around the NASDAQ-style investments.”Delaney said while there was likely more volatility to come, he urged customers to look at the long term and not to see the 2022 financial year results in isolation, pointing to the 5.59 per cent return during the past three years of the pandemic, and 9.32 per cent return per annum over 10 years.
“It’s not clear that this is the end of the difficult times. And often these difficult times go on for longer than you hope ... I think it could run on for a bit longer and we just need to buckle down, but don’t assume it’s going to run off forever.”
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