AUSTRALIA - The median growth superannuation fund returned 3.2% in August, marking the sixth straight month of gains, said research firm Chant West.
The positive streak marks a reversal from the previous six month, leading industry observers to believe the financial crisis has bottomed out, the company said.
The positive returns reflect the growth in Australian and global equity markets.
Growth funds, which invest between 61% and 80% in growth stocks, returned 7.9% over the past three months while balanced funds, which allocate up to 60% to growth assets, returned 6.5%.
Chant West principal Warren Chant said: "Without getting too carried away, that's fairly strong evidence that sitting tight through the crisis was the right thing to do for most people.
"Those who switched to cash and have held off getting back into growth-type assets may have done nothing more than lock in their losses."
However the median performance for the past year is still negative for the growth and balanced funds, with returns of -7.1% and -4.1%, respectively.
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