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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 Options1 Year52 Years53 Years5
CASH AND FIXED INTEREST FUNDS
Pendal Short Term Income Securities Fund3.00%2.45%1.41%
Vanguard Australian Fixed Interest Index Fund1.79%0.98%-2.15%
BetaShares Australian Investment Grade Corporate Bond ETF3.80%3.23%-1.76%
Pimco Global Bond Fund2.41%0.81%-2.14%
Pimco Australian Bond Fund2.34%1.54%-2.06%
DIVERSIFIED BALANCED FUNDS
Vanguard Diversified Balanced Index Fund5.50%5.06%0.75%
Russell Investments Balanced Fund6.70%6.92%1.84%
MLC Wholesale Horizon 4 Balanced Portfolio8.17%6.79%2.60%
Pendal Sustainable Balanced Fundsustainable4.74%4.86%1.73%
DIVERSIFIED GROWTH FUNDS
BlackRock Diversified ESG Growth Fund sustainableN/AN/AN/A
Vanguard Diversified Growth Index Fund7.65%7.52%2.38%
Vanguard Diversified High Growth Index Fund7.63%N/AN/A
Russell Investments Growth Fund7.93%8.02%2.57%
MLC Wholesale Horizon 5 Growth Portfolio10.26%8.70%3.59%
Schroder Real Return Fund5.78%4.53%1.35%
AUSTRALIAN SHARE FUNDS
Vanguard Australian Shares Index Fund8.20%9.03%4.30%
AB Managed Volatility Equities Fund2.92%4.23%2.19%
Bennelong Concentrated Australian Equities Fund8.36%5.25%-3.03%
Firetrail Australian High Conviction Fund3.08%6.09%2.18%
BetaShares Geared Australian Equity ETF (hedge fund)13.84%15.69%5.65%
Fidelity Future Leaders Fund11.10%9.06%1.22%
Greencape Broadcap Fund8.19%9.97%3.62%
Alphinity Sustainable Share Fund sustainable8.66%8.07%3.17%
INTERNATIONAL SHARE FUNDS
Vanguard International Shares Index Fund13.30%13.87%7.14%
Walter Scott Global Equity Fund (Unhedged)6.69%11.35%5.22%
T.Rowe Price Global Equity Fund13.67%12.55%1.36%
Magellan Global Fund14.45%13.51%5.35%
Vanguard International Small Companies Index Fund5.44%7.41%1.25%
PROPERTY AND INFRASTRUCTURE FUNDS
Vanguard Australian Property Securities Index Fund14.71%9.16%2.91%
Magellan Infrastructure Fund-0.84%-1.35%0.40%
Boutique Manager Series Funds
DWA CARE Balanced Fund5.32%6.27%2.06%
Providence Investment Fund4.54%4.81%1.67%
DWA CARE Core High Growth Fund5.17%N/AN/A
DWA CARE ESG High Growth Fund sustainableN/AN/AN/A
CENTURIA MULTI-MANAGER INVESTMENT OPTIONS
Centuria Australian Shares Fund10.85%10.10%2.83%
Centuria Balanced Fund6.34%5.34%1.37%
Centuria Growth Fund4.95%4.55%0.21%
Centuria Capital Stable Fund No.13.41%2.44%N/A
Centuria Capital Stable Fund No.23.24%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.