Aussies left in the dark on what’s really inside their super

Forget wrinkles and love-handles, I reckon the best indicator of a person’s age is the level of interest they take in their annual superannuation statement.Working out what’s exactly inside your super fund can be difficult.So, it was with no small degree of excitement I opened my FY 2020-21 super statement.Which was nice to see, until I remembered Aussie shares, including dividends, delivered closer to 30 per cent. Hmm.

Thoroughly unsatisfied, I contacted the Association of Superannuation Funds of Australia, which suggested I check my fund’s annual report. Which I did.Turns out I do own some shopping centres; one in Doncaster, Victoria, one in Castle Hill in Sydney and the resplendent Canberra Centre which, as a native Canberran, I shall feel a renewed sense of pride in when I next visit.

Alex Dunnin, executive director of research at Rainmaker Group, says only about a third of super funds disclose their underlying portfolio holdings, down to specific shares, properties, bonds etc. This inaction leaves Australia with the absolute worst disclosure regime of 26 countries surveyed by Morningstar in its annual Global Investor Experience Study. Like, we’re literally rated “bottom”. South Africa, India and Mexico do better than us.

“Did a fund outperform because they are skilled at choosing the best securities, or were they just more heavily weighted into growth assets and those asset classes that have done best over recent periods?”

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