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Welcome to your October 2014 bulletin

Following the great investment returns for the 30 June 2014 financial year, we’ve seen a much more volatile quarter for September 2014, closing with modest positive investment returns for the first quarter of the financial year. More information about our investment performance is below and on our website.

Michelle Wade,

As always, our experienced Trustee staff are here to help you and can provide you with personal financial advice about your super – please reach out to us if you have any queries about super in general or your AvSuper account in particular.

September 2014 Quarterly Investment Update

The US economy continued to improve despite the US Federal Reserve’s further tapering of its quantitative easing (QE) program. Problems continued in the Eurozone with economic growth stalling and inflation slowing to the lowest rate in almost five years. It was a notable quarter for the VIX (a measure of expected volatility) with a period of near all-time lows followed by a sharp rise as markets became increasingly anxious, particularly about the prospect of Fed rate rises.

The MSCI World ex-Australia Index (hedged into AUD) rose 1.5% over the quarter despite falling away by 0.7% in the month of September.  Across developed markets, the strongest performing country in local currency terms was Japan with the Nikkei up 6.7% in the quarter.  

The S&P/ASX300 Accumulation Index (2.1 %) underperformed hedged overseas equities with a fall of 5.4% in September. This was the largest monthly loss for the S&P/ASX300 since it dropped 6.7% in May 2012.  Small cap stocks performed broadly in-line with large cap stocks.  Property Trusts also performed poorly, while unlisted Australian property posted modest growth.

Australian and international bonds performed poorly. Australian bonds lagged particularly towards quarter-end, following the lead of US Treasuries that started to price in the increasing likelihood of higher US interest rates.  Short duration bonds and inflation linked securities underperformed for the period while global government bonds outperformed global investment grade credit.

Scott Malpass
Investment Officer

The Australian Dollar (AUD) depreciated against most major developed market currencies and this resulted in a stronger return of 5.8% (in AUD) on an unhedged basis. The AUD slightly appreciated against the European Euro, Japanese Yen and the New Zealand Dollar.

Investment Returns (net of investment fees and taxes) to 30 September 2014

Investment Option


Financial year to date

5 years (annualised)

Growth (MySuper)#




Conservative Growth




Stable Growth




High Growth




Australian Shares




International Shares








Past performance may not be an indicator of future performance.
# Your super will be invested in our Growth (MySuper) option if you don't make an investment choice.
* 5 year returns are not yet available, returns are calculated from the date the option commenced.
The investment returns for the quarter and the financial year to date detailed above are real investment returns for the period shown.

AvSuper News

Annual member statements have been issued! If yours hasn’t arrived yet, please let us know so we can resend it (after confirming we have the correct address for you). The statements and accompanying report are important documents about YOUR super and YOUR financial future so we strongly recommend you read them.

After 11 years of service, David Arnott resigned from his Trustee position with AvSuper in August. We thank David for his efforts and wish him well in his future endeavours.

New deeming rules for Government pensions come into effect on 1 January 2015 so if you are thinking about retiring soon, please read our fact sheet or contact us for advice as the new rules may have a large impact on an income stream.


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