{"id":15188,"date":"2020-07-23T09:32:40","date_gmt":"2020-07-22T23:32:40","guid":{"rendered":"https:\/\/www.prosolution.com.au\/?p=15188"},"modified":"2020-11-08T08:54:09","modified_gmt":"2020-11-07T21:54:09","slug":"super-fund-returns-2020","status":"publish","type":"post","link":"https:\/\/wealthcoach.com.au\/stage\/super-fund-returns-2020\/","title":{"rendered":"Which super fund produced the best returns in 2019\/20?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"250\" data-attachment-id=\"15190\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/super-fund-returns-2020\/super-returns-email\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/Super-returns-email.png?fit=1000%2C250&amp;ssl=1\" data-orig-size=\"1000,250\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Super-returns-email\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/Super-returns-email.png?fit=300%2C75&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/Super-returns-email.png?fit=1000%2C250&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/Super-returns-email.png?resize=1000%2C250&#038;ssl=1\" alt=\"industry super funds\" class=\"wp-image-15190\" srcset=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/Super-returns-email.png?w=1000&amp;ssl=1 1000w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/Super-returns-email.png?resize=300%2C75&amp;ssl=1 300w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/Super-returns-email.png?resize=768%2C192&amp;ssl=1 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>Despite the share market volatility as a result of Covid-19, many industry super funds produced positive investment returns last financial year.&nbsp;Whilst that might seem entirely good news, there are some concerns for which industry super fund members should be aware of. <\/p>\n\n\n\n<iframe loading=\"lazy\" src=\"https:\/\/webplayer.whooshkaa.com\/episode\/702743?theme=light&amp;enable-volume=true\" height=\"190\" width=\"100%\" scrolling=\"no\" frameborder=\"0\" allow=\"autoplay\"><\/iframe>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-let-s-start-with-the-good-news-first\">Let\u2019s start with the good news first<\/h3>\n\n\n\n<p>I have compared the largest 8 Australian industry super funds.\nAccording to data collated by our research provider, Lonsec (SuperRatings), Cbus\nproduced the best returns in the 2019\/20 financial year. However, AustralianSuper\nproduced the best long term (10 years) return, although there not a big\ndifference between the top 3 funds (Hostplus, UniSuper and AustralianSuper). I\nhave compared the investment options with similar levels of growth assets \u2013 but\nmore on this below. <\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>\n  <strong>Industry super fund<\/strong>\n  <\/td><td>   <strong>1 Year<\/strong>   <\/td><td>   <strong>3 Years<\/strong>   <\/td><td>   <strong>5 Years<\/strong>   <\/td><td>   <strong>7 Years<\/strong>   <\/td><td>   <strong>10 Years<\/strong>   <\/td><\/tr><tr><td>\n  Cbus &#8211; Conservative Growth\n  <\/td><td>\n  1.93%\n  <\/td><td>\n  5.43%\n  <\/td><td>\n  &#8211;\n  <\/td><td>\n  &#8211;\n  <\/td><td>\n  &#8211;\n  <\/td><\/tr><tr><td>\n  First State Super &#8211; Balanced\n  Growth\n  <\/td><td>\n  1.12%\n  <\/td><td>\n  5.47%\n  <\/td><td>\n  5.77%\n  <\/td><td>\n  6.75%\n  <\/td><td>\n  6.96%\n  <\/td><\/tr><tr><td>\n  UniSuper &#8211; Balanced\n  <\/td><td>\n  0.87%\n  <\/td><td>\n  6.97%\n  <\/td><td>\n  7.28%\n  <\/td><td>\n  8.73%\n  <\/td><td>\n  8.71%\n  <\/td><\/tr><tr><td>\n  AustralianSuper &#8211; Balanced\n  <\/td><td>\n  0.52%\n  <\/td><td>\n  6.65%\n  <\/td><td>\n  7.35%\n  <\/td><td>\n  8.76%\n  <\/td><td>\n  8.77%\n  <\/td><\/tr><tr><td>\n  HESTA Pers &#8211; Core Pool\n  <\/td><td>\n  0.00%\n  <\/td><td>\n  5.84%\n  <\/td><td>\n  6.27%\n  <\/td><td>\n  7.77%\n  <\/td><td>\n  8.01%\n  <\/td><\/tr><tr><td>\n  Rest &#8211; Core Strategy\n  <\/td><td>\n  -1.05%\n  <\/td><td>\n  4.48%\n  <\/td><td>\n  5.22%\n  <\/td><td>\n  6.94%\n  <\/td><td>\n  7.66%\n  <\/td><\/tr><tr><td>\n  Sunsuper &#8211; Balanced\n  <\/td><td>\n  -1.69%\n  <\/td><td>\n  5.71%\n  <\/td><td>\n  6.47%\n  <\/td><td>\n  7.94%\n  <\/td><td>\n  7.97%\n  <\/td><\/tr><tr><td>\n  Hostplus &#8211; Balanced\n  <\/td><td>\n  -1.74%\n  <\/td><td>\n  5.69%\n  <\/td><td>\n  7.01%\n  <\/td><td>\n  8.49%\n  <\/td><td>\n  8.63%\n  <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><a href=\"https:\/\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/Super-Growth.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Click here (opens in a new tab)\">Click here<\/a> for a comparison of growth\/high growth investment options. <\/p>\n\n\n\n<p>Of course, longer term returns are what is most important. It is not always possible or even desirable to produce the best returns each and every year. Sometimes a fund has to take too much risk to do so. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-investment-returns-are-important-for-marketing\">Investment returns are important for marketing <\/h3>\n\n\n\n<p>There is no better marketing than achieving the highest\ninvestment return as it attracts a lot of new superannuation members. <\/p>\n\n\n\n<p>I was very interested to read <a href=\"https:\/\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/Hostplus-reverses-property-write-downs.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">this article in the <em>Australian Financial Review<\/em><\/a> about Hostplus\u2019 balanced option. For the financial year up until May 2020, it had lost 3.5%. However, as timing would have it, on 29 June 2020, the Fund decided to revalue its unlisted property 6.8% higher. This resulted in halving its its Balance options loss to -1.74% for the financial year. How convenient. I discuss my concerns with respect to transparency and accountability below. <\/p>\n\n\n\n<p>There are a number of ways a super fund can window-dress its\nreturns including revaluing unlisted assets and changing the asset allocation\ni.e. being more or less aggressive than the desired allocation of the\ninvestment option. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-fees-vary-substantially-between-funds\">Fees vary substantially between funds<\/h3>\n\n\n\n<p>If your super balance is relatively low, fees (and\ncontributions) matter more than investment returns. However, as your balance\ngrows (and certainly if your balance is above $250,000), investment returns\nbecome the most important factor. <\/p>\n\n\n\n<p>Out of the selected funds, First State Super (FSS) charges\nthe highest fees for its balanced option at 0.95%, whereas UniSuper is much\ncheaper at 0.53%. That is, UniSuper\u2019s fees are nearly half as much as FSS, and\nthat is likely to have a substantial impact on your balance over time. <\/p>\n\n\n\n<p>Importantly, you do not have to pay higher fees in order to\ngenerate higher investment returns. You will note that UniSuper is the most\ninexpensive fund with close to the highest returns while for FSS, the reverse\nis true. The less you pay, the more you receive. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"630\" height=\"358\" data-attachment-id=\"15191\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/super-fund-returns-2020\/fees-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/fees.png?fit=630%2C358&amp;ssl=1\" data-orig-size=\"630,358\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"fees\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/fees.png?fit=300%2C170&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/fees.png?fit=630%2C358&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/fees.png?resize=630%2C358&#038;ssl=1\" alt=\"A screenshot of a cell phone\n\nDescription automatically generated\" class=\"wp-image-15191\" srcset=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/fees.png?w=630&amp;ssl=1 630w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/fees.png?resize=300%2C170&amp;ssl=1 300w\" sizes=\"(max-width: 630px) 100vw, 630px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-concern-1-some-funds-invest-more-aggressively-it-appears\">Concern 1: Some funds invest more aggressively it appears <\/h3>\n\n\n\n<p>Pre-mixed investment options allow you to invest your super\nin a way that is commensurate with your risk appetite. If you are conservative,\nthen you must select a conservative investment option. However, if you are\naggressive, then a \u2018growth\u2019 or \u2018high growth\u2019 investment option might suit you.\nAnd if you are in between, like most people, a \u2018balanced\u2019 investment option is\nthe way to go. <\/p>\n\n\n\n<p>However, most \u2018balanced\u2019 options are not really that\nbalanced. Instead, their asset allocation is closer to growth. The reason for\nthis is they are chasing higher investment returns, to make their fund appear\nmore attractive. <\/p>\n\n\n\n<p>You might be surprised to learn that the assets super funds\ninvest in can vary dramatically. For example, Cbus only invests 31.5% of his \u2018balanced\u2019\noption in shares compared to 60% for UniSuper \u2013 this is what has helped them achive\nthe best returns last financial year. Therefore, don\u2019t be fooled by the\ninvestment option\u2019s name \u2013 you must review its actual asset allocation. The\nchart below illustrates these variations. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"902\" height=\"588\" data-attachment-id=\"15192\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/super-fund-returns-2020\/asset-allocationpng\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/asset-allocationpng.png?fit=902%2C588&amp;ssl=1\" data-orig-size=\"902,588\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"asset-allocationpng\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/asset-allocationpng.png?fit=300%2C196&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/asset-allocationpng.png?fit=902%2C588&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/asset-allocationpng.png?resize=902%2C588&#038;ssl=1\" alt=\"\" class=\"wp-image-15192\" srcset=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/asset-allocationpng.png?w=902&amp;ssl=1 902w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/asset-allocationpng.png?resize=300%2C196&amp;ssl=1 300w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/asset-allocationpng.png?resize=768%2C501&amp;ssl=1 768w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/asset-allocationpng.png?resize=900%2C588&amp;ssl=1 900w\" sizes=\"(max-width: 902px) 100vw, 902px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>Perhaps the most concerning allocation is what is called\n\u201calternatives\u201d because this asset class is very opaque. Alternative investments\ntypically include infrastructure, private equity and credit (i.e. corporate\nbonds), but can include anything really including derivatives, currencies,\ncommodities and so forth. &nbsp;<\/p>\n\n\n\n<p>This lack of disclosure and consistency makes it impossible\nfor investors and their advisors to accurately understand how their money is\ninvested and the associated risk. Furthermore, because most of these\n\u2018alternative\u2019 investments are unlisted, their pricing (valuations) are not\ntransparent. More on this below. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-concern-2-in-house-investment-management\">Concern # 2: in-house investment management<\/h3>\n\n\n\n<p>In the endeavour to reduce investment fees, most of the\nindustry super funds are increasing the amount of investments that are\ninternally managed by their staff, as opposed to using external investment\nmanagers. For example, AustralianSuper currently manages 39% of its \u2018balanced\u2019 investments\nbut aims to increase that to 50% by 2021. <\/p>\n\n\n\n<p>Whilst this might sound like a good idea, its impact on\nfuture investment returns is uncertain. It creates some potential challenges. Firstly,\nit is more difficult to sack an under-performing staff member compared to a\nfund manager. Conversely, retaining a team member that produces above average\ninvestment returns is equally difficult \u2013 as other super funds and money\nmanagers will try to poach them. Finally, staff turnover can also adversely\nimpact investment performance. In short, it\u2019s all about attracting and\nretaining the right people which is an added challenge for these funds.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-concern-3-almost-no-transparency-leads-to-very-little-accountability\">Concern # 3: Almost no transparency leads to very little accountability <\/h3>\n\n\n\n<p>The only way to create a strong level of accountability, is\nto ensure complete transparency. That way, it\u2019s impossible to hide. Everything\nis out in the open for people to see; including risk, performance and fees.\nThis is true for any and all investments, not just super. <\/p>\n\n\n\n<p>There is almost no transparency with respect to industry super fund investments, individual investment performance, risks and so on. It is near on impossible to ascertain what your fund invests in. This was the concern that research provider, <a href=\"https:\/\/www.afr.com\/companies\/financial-services\/australiansuper-gets-embarrassing-downgrade-on-performance-20200513-p54siu\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Lonsec cited when it downgraded AustralainSuper\u2019s rating recently (opens in a new tab)\">Lonsec cited when it downgraded AustralainSuper\u2019s rating recently<\/a>. <\/p>\n\n\n\n<p>The existence of unlisted investments can be a cause for concern\nas prices\/values are not set in an open market. Of course, the funds are\nsubject to financial statement audits and the like, but this still gives rise\nto a large amount of subjectivity. An unlisted investment\u2019s value is inherently\nmore uncertain compared to an asset that trades on the open market. <\/p>\n\n\n\n<p>A recent example of this is Hostplus\u2019 property revaluations\non 29 June 2020 which I referred to above. Whilst these revaluations may well\nbe prudent and accurate, the timing together with an overall lack of\ntransparency, invites scepticism.&nbsp; <\/p>\n\n\n\n<p>By comparison, listed companies have continuous disclosure obligations\nby law. This mean companies must report to the ASX any information that <em>\u201ca\nreasonable person would expect to have a material effect on the price or value\nof the entity&#8217;s securities\u201d.<\/em> This created a very transparent market and\nprovides information for investors to base decisions upon. It is my belief that\nsuper funds should be subject to similar reporting requirements. That is, the\nrequirement to disclose any information that a reasonable person would expect\nto have a material impact on the value or performance of their super balance. This\nwould allow members and their advisors to make more informed decisions. Of\ncourse, most organisations rarely want to invite such transparency and\naccountability for obvious reasons. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-industry-fund-index-options\">Industry fund index options <\/h3>\n\n\n\n<p>Many industry super funds offer 100% index investment options e.g. a balanced fund that is only invested in index funds. Whilst these investment options do provide significantly more transparency, as I <a href=\"https:\/\/wealthcoach.com.au\/stage\/share-market-growth-versus-value\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">wrote about last week<\/a>, I do have concerns with the underlying risk in these portfolios. In addition, their asset allocation is different to their actively managed options which has meant the investment returns have been circa 1% p.a. lower over the past 5 years. It is for these reasons that I\u2019m not a fan of these index options, even though I\u2019m a staunch believer in indexing investing. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-our-super-portfolios-under-performed-last-financial-year\">Our super portfolios under-performed last financial year<\/h3>\n\n\n\n<p>As I <a href=\"https:\/\/wealthcoach.com.au\/stage\/share-market-growth-versus-value\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">wrote in this blog last week<\/a>, some company and sector valuations in the share market appear irrational and very risky. I always construct investment portfolios with the aim of maximising investment returns over the medium to long term. Short term results are largely irrelevant. This is evident by the fact that after a return of 19.48% in the 2019 calendar year, the weighted average return across my clients\u2019 super portfolios for the 2019\/20 financial year was a loss of 3.81%. <\/p>\n\n\n\n<p>Stockbrokers and fund managers typically only advertise returns\nwhen the news is good, for obviously reasons. But I\u2019m happy to be held\naccountable for the returns we produce. I know that it is not always possible\nto achieve the best returns each and every year, particularly if that is not\nyour aim. For the 10 years ended December 2019 our returns were identical to\nAustralianSuper\u2019s \u2013 which means we beat every other industry super fund. <\/p>\n\n\n\n<p>I am very clear on the reasons why we have generated lower\nreturns over the past 12 months. It\u2019s because we have had materially lower exposures\nto over-valued companies, sectors and markets. I see no reason to invest my\nclients\u2019 monies in asset price bubbles. Not only is that high risk, but it\u2019s also\nlikely to impair longer-term investment returns. <\/p>\n\n\n\n<p>Most importantly, my clients and I have full transparency \u2013\nwe know how and where their monies are invested and how each investment has\nperformed compared to its index. This invites a high level of accountability. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-past-returns-are-not-a-reliable-indicator-of-future-returns\">Past returns are not a reliable indicator of future returns <\/h3>\n\n\n\n<p>The most important predictors of medium-term investment returns are (1) how your money is invested i.e. asset allocation and methodology and (2) the investment fees you pay. Past returns can sometimes be a guide but are not always a reliable predictor. Super investors would be well served to consider some of the risks I\u2019ve outlined above. <\/p>\n   ","protected":false},"excerpt":{"rendered":"<p>Despite the share market volatility as a result of Covid-19, many industry super funds produced positive investment returns last financial year.&nbsp;Whilst that might seem entirely good news, there are some&#8230;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"__cvm_playback_settings":[],"__cvm_video_id":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[30],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Which industry super funds produced the best returns in 2019\/20?<\/title>\n<meta name=\"description\" content=\"Which industry super funds produced the best returns in 2019\/20? 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