Majority of super funds take a COVID-19 hit
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About two-thirds of superannuation funds made a loss over the 12 months to June 2020, according to the latest data from the prudential regulator, raising questions about the value of active funds management.
Driven by the coronavirus-induced economic downturn in the later months of the year, more than 100 funds returned negative results in FY 2019-20, ranging from -0.01 per cent through to -58.5 per cent.
The data from the Australian Prudential Regulation Authority is calculated at the fund level and does not include a breakdown of individual product returns; it also does not factor in reasons for outlier results.