Self managed superannuation funds and the bear market of 2007-2008

Article

Phillips, Peter J., Baczynski, Michael P. and Teale, John. 2009. "Self managed superannuation funds and the bear market of 2007-2008." Australasian Accounting Business and Finance Journal. 3 (1), pp. 38-56.
Article Title

Self managed superannuation funds and the bear market of 2007-2008

ERA Journal ID40372
Article CategoryArticle
AuthorsPhillips, Peter J. (Author), Baczynski, Michael P. (Author) and Teale, John (Author)
Journal TitleAustralasian Accounting Business and Finance Journal
Journal Citation3 (1), pp. 38-56
Number of Pages19
Year2009
PublisherUniversity of Wollongong
Place of PublicationWollongong, Australia
ISSN1834-2000
1834-2019
Web Address (URL)http://ro.uow.edu.au/aabfj/vol3/iss1/5/
Abstract

[Abstract]: In this paper, we examine the bear market performance of self managed superannuation funds (SMSFs). Previous studies have highlighted some problems with the portfolio construction of SMSFs. This provides a rationale for examining the performance of SMSFs during the recent bear market. Based on data from two independent samples of a total of 141 self managed superannuation funds, two archetype SMSF portfolios are constructed in order to generate insights into the average performance of the funds in the samples. The performance of these funds is compared with (1) the unmanaged market index; and (2) the average returns generated by retail (balanced) superannuation funds. Interestingly, whilst the SMSFs have generated negative returns and problems with the portfolio construction remain, the relative performance of the overall portfolios vis-à-vis the market index and professionally managed funds is reasonably favourable. However, the equity portions of the SMSF portfolios suffer from under-diversification and could be more efficiently constructed.

Keywordsself managed superannuation funds; performance; market index; retail superannuation funds
ANZSRC Field of Research 2020380107. Financial economics
Public Notes

Copyright c2009 Australasian Accounting Business and Finance Journal and Authors.

Byline AffiliationsSchool of Accounting, Economics and Finance
University of the Sunshine Coast
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