Losses mounting in super funds
Superannuation funds are heading for their first annual loss in six years on the back of a 25 per cent fall in the sharemarket since November. SuperRatings says that preliminary figures for February show a 1 per cent drop for balanced funds in February, following a 3.3 per cent fall in January. The falls are far from uniform though, with the difference between the best and worst performing funds becoming more apparent. Shares in the resources sector have only lost 4 per cent since the start of this year while financial stocks are down 30 per cent. Most investors would be unaware of their super fund performance and are not likely to until March-quarter statements are received in May.
Source: The Australian Financial Review