The Australian Institutional Sector Survey is designed to enable institutional investors, superannuation trustees, asset consultants, and other market participants to meaningfully compare Australian investment strategies.

Key Findings

Australian share fund managers generally posted poor results in August. The median Australian share manager fell 1.2 percent for the month, but was up 10.8 percent over the year to 31 August 2016, ahead of the S&P/ASX 300 index’s 9.7 percent. Longer-term annualised returns from the median manager were 7.8 percent over three years, 10.9 percent over the five years, and 6.5 percent over the 10 years to 31 August 2016. The best-performing Australian share strategies over the year were Allan Gray (33.2 percent), Bennelong Concentrated (32.4 percent), and Hyperion (28.4 percent).

Global share strategies lagged Australian shares in aggregate over the year to 31 August 2016. The median manager returned 0.8 percent on an unhedged basis, individual results ranging from 11.2 down to -5.1 percent. Longer-term median results were 14.2 percent over the three years, 18.1 percent over the five years and 5.4 percent over the 10 years to 31 August 2016. Orbis (11.2 percent), Antipodes (10.6 percent), and CFS (7.9 percent) were the best-performing global share funds over the year.

The median Australian property securities manager gained 26.5 percent over the year, slightly above the index’s 25.9 percent. Folkestone (30.9 percent), Morningstar Investment Management (28.7 percent), and Ironbark Paladin (28.1 percent) were the best performers.

Growth assets produced mixed results over the month. Global equities was the best-performing growth asset class (1.3 percent), followed by Australian equities (-1.6 percent), global listed property (-2.6 percent), and Australian listed property (-2.8 percent).

Growth Australian share strategies did better than their value counterparts over the year. The S&P Australia BMI Growth Index returned 12.3 percent compared to the S&P Australia BMI Value Index’s 7.6 percent.

Information technology (4.6 percent) was the standout sector of the Australian sharemarket in August 2016, followed by energy (2.4 percent), and consumer staples (1.9 percent). Poorer-performing sectors included telecommunications (-6.5 percent), utilities (-5.7 percent), and industrials (-4.3 percent).

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