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Print Super, the printing industry superannuation fund, has released encouraging results for the July to November period of the 2003-2004 financial year, giving hope to its customers that they may be able to avoid a third straight year of losses.
For the period of July 1 to October 31 2003, Prime Choice account holders gained 5.1 per cent, Challenge gained 6.1 per cent, Challenge Plus gained 8.3 per cent, Preserver rose two per cent, and Cash climbed 1.8 per cent. Individual members may receive higher or lower returns than these figures depending on the timing of the cash flows and processing of transactions by the administrators.Michael Rooney, Print Super sales and marketing manager, says that it is a case of "so far, so good" for the year, and is hopeful that customers can expect a return around five per cent next year. He also says that his company was happy with last year’s results despite the lack of returns.
"In relation to the market, we were happy, especially considering the market was down. We were hoping that our results wouldn’t follow suit but they did. However, we outperformed all other major institutions in this regard," says Rooney.
Print Super had reported improving conditions for its superannuation members for 2003, however figures still showed that the majority of members were still losing money on their investments.
For the financial year to June 30 2003, Prime Choice account holders lost 1.7 per cent, Challenge lost 3.8 per cent, and Challenge Plus lost seven per cent. The only investment choices that made a positive return was the Preserver account, which gained 3.2 per cent, and Cash, which gained 1.8 per cent since its January 2003 inception.
This is an improvement of the financial year to June 30 2002, where Prime Choice lost 3.7 per cent, Challenge lost 5.9 per cent and Challenge Plus lost 9.3 per cent. Once again, the only account offering a return was Preserver, with a 1.2 per cent return.
