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FY24 market performance update

Despite FY24 being challenged by high inflation, high interest rates and ongoing geopolitical tensions, global equity markets experienced impressive gains.

The 2024 financial year was marked by persistently high inflation and interest rates, coupled with ongoing geopolitical tensions. Despite these challenges, global equity markets experienced impressive gains. US shares rose by 24.2%1, largely driven by technology companies and the surge in AI. Global shares increased by 19.9%2, while Australian shares saw a 11.9%3 rise. In contrast, Australian government bonds returned 3.3%4.

Looking to the year ahead, our current view is that returns are expected to be more constrained and volatile due to lower valuations, overbought conditions, and heightened geopolitical risks. Nevertheless, we think that markets are likely to continue rising as disinflation progresses globally and more central banks including the Federal Reserve cut interest rates. In Australia, we think that there is the potential for another interest rate rise before a cut and should this occur, this may keep the Australian share market relatively lower compared to its global peers.

Investment performance table as at 30 June 2024

Externally Managed Investment Options 1 Year5 2 Years5 3 Years5
CASH AND FIXED INTEREST FUNDS
Pendal Short Term Income Securities Fund 3.00% 2.45% 1.41%
Vanguard Australian Fixed Interest Index Fund 1.79% 0.98% -2.15%
BetaShares Australian Investment Grade Corporate Bond ETF 3.80% 3.23% -1.76%
Pimco Global Bond Fund 2.41% 0.81% -2.14%
Pimco Australian Bond Fund 2.34% 1.54% -2.06%
DIVERSIFIED BALANCED FUNDS
Vanguard Diversified Balanced Index Fund 5.50% 5.06% 0.75%
Russell Investments Balanced Fund 6.70% 6.92% 1.84%
MLC Wholesale Horizon 4 Balanced Portfolio 8.17% 6.79% 2.60%
Pendal Sustainable Balanced Fundsustainable 4.74% 4.86% 1.73%
DIVERSIFIED GROWTH FUNDS
BlackRock Diversified ESG Growth Fund sustainable N/A N/A N/A
Vanguard Diversified Growth Index Fund 7.65% 7.52% 2.38%
Vanguard Diversified High Growth Index Fund 7.63% N/A N/A
Russell Investments Growth Fund 7.93% 8.02% 2.57%
MLC Wholesale Horizon 5 Growth Portfolio 10.26% 8.70% 3.59%
Schroder Real Return Fund 5.78% 4.53% 1.35%
AUSTRALIAN SHARE FUNDS
Vanguard Australian Shares Index Fund 8.20% 9.03% 4.30%
AB Managed Volatility Equities Fund 2.92% 4.23% 2.19%
Bennelong Concentrated Australian Equities Fund 8.36% 5.25% -3.03%
Firetrail Australian High Conviction Fund 3.08% 6.09% 2.18%
BetaShares Geared Australian Equity ETF (hedge fund) 13.84% 15.69% 5.65%
Fidelity Future Leaders Fund 11.10% 9.06% 1.22%
Greencape Broadcap Fund 8.19% 9.97% 3.62%
Alphinity Sustainable Share Fund sustainable 8.66% 8.07% 3.17%
INTERNATIONAL SHARE FUNDS
Vanguard International Shares Index Fund 13.30% 13.87% 7.14%
Walter Scott Global Equity Fund (Unhedged) 6.69% 11.35% 5.22%
T.Rowe Price Global Equity Fund 13.67% 12.55% 1.36%
Magellan Global Fund 14.45% 13.51% 5.35%
Vanguard International Small Companies Index Fund 5.44% 7.41% 1.25%
PROPERTY AND INFRASTRUCTURE FUNDS
Vanguard Australian Property Securities Index Fund 14.71% 9.16% 2.91%
Magellan Infrastructure Fund -0.84% -1.35% 0.40%
Boutique Manager Series Funds
DWA CARE Balanced Fund 5.32% 6.27% 2.06%
Providence Investment Fund 4.54% 4.81% 1.67%
DWA CARE Core High Growth Fund 5.17% N/A N/A
DWA CARE ESG High Growth Fund sustainable N/A N/A N/A
CENTURIA MULTI-MANAGER INVESTMENT OPTIONS
Centuria Australian Shares Fund 10.85% 10.10% 2.83%
Centuria Balanced Fund 6.34% 5.34% 1.37%
Centuria Growth Fund 4.95% 4.55% 0.21%
Centuria Capital Stable Fund No.1 3.41% 2.44% N/A
Centuria Capital Stable Fund No.2 3.24% 2.33% N/A

 

  1. S&P 500 total return Index in AUD.
  2. MSCI World ex-Australia (with net dividends reinvested) in AUD Index.
  3. S&P/ASX 300 (with net dividends reinvested) Index.
  4. Bloomberg AusBond Govt 0+ Yr Index.
  5. Performance returns are calculated after fees and taxes have been paid. Past performance is not a reliable indicator of future performance. Returns greater than 1 year are annualised.