MONTHLY MARKET SNAPSHOT
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1 Your fund. Your wealth. Your future. MONTHLY MARKET SNAPSHOT Commentary on the global economy and performance of the financial markets MONTHLY MARKET SNAPSHOT (KEY INSIGHTS) DECEMBER 2017 The 2017 calendar year was an eventful geopolitical year. US President Trump was regularly the centre of attention: From unsuccessfully repealing the Affordable Care Act to legislating the Tax Reform at year end, and ongoing issues with his administration, including Russian links, staffing changes and controversial statements. There was significant escalation of issues with North Korea and ongoing instability in the Middle East (including in Saudi Arabia, Syria, Yemen, Qatar, Iran, and Trump recognising Jerusalem as the capital of Israel). Britain triggered Article 50, to officially begin the process of negotiation to exit the EU. In October, the 19th National Congress of the Communist Party of China was held, with President Xi consolidating power for his next 5-year term (and perhaps longer). There were also general elections in France, UK and Germany. Economic growth was solid in 2017, across most regions, including the US, Europe, Japan, and emerging markets. Leading indicators, including PMI Surveys, suggest strong growth momentum into The early stages of monetary policy tightening occurred in The US Federal Reserve raised interest rates three times and began reducing its balance sheet in October, while the ECB advised of a slowdown in its Quantitative Easing (QE) programme in The current chair of the US Federal Reserve, Janet Yellen, will step down in February 2018, with Jerome Powell, an existing member of the FOMC to assume the role of Chair. In Australia, the RBA left interest rates unchanged over the year. Despite geopolitical events, financial markets were relatively unaffected, with volatility at low levels. Equities enjoyed strong performance, with global equities hedged returning around 20% over the year, driven by earnings growth. Emerging markets produced particularly strong returns of nearly 30%. Australian equities lagged but still returned more than 10%, with Resources a strong performer as commodity prices increased on improved global growth. A key negative for Australian equities in 2017 was the Telstra share price that declined around 30% on concerns over its future profitability. Listed property struggled in 2017, specifically retail property, facing challenges from online shopping, and produced single digit returns. There was little change in fixed interest yields from the start of 2017 to the end of the year. Therefore, fixed interest returns were moderate and broadly in line with yields. Credit spreads contracted further over the year and provided some additional return premium. Despite the Fed raising interest rates, the USD weakened over The AUD was also supported by increasing commodity prices, although strength in the EUR and, to a lesser extent, the GBP, saw the AUD depreciate against these currencies. Overall, foreign currency exposure detracted around 7% from global equity returns in AUD in In the month of December, equity markets did not respond particularly significantly to the passing of US taxation changes, but did continue to produce solid positive returns. Australian equities performed well over the month driven by Resources. The AUD appreciated against all major currencies also driven by rising commodity prices. Despite the announcement of the takeover of Westfield in December, the Australian listed property index was flat over the month. In December, the US Federal Reserve raised interest rates for the third time in the year. International government bonds produced a small positive return in the month. In Australia, the RBA continued to keep rates on hold, however, government bond yields rose, leading to negative returns from Australian fixed income in December. NGS SUPER DECEMBER 2017 MARKET SNAPSHOT 1
2 Australian equities The S&P/ASX 300 Index closed the month up 1.9%, with the strongest growth from Resources and small caps. International equities ($A) The $A hedged MSCI World Index ex-australia gained 1.1% in December while the unhedged index declined by 1.7%, as the Australian dollar strengthened over the month. Emerging market equities continue to lead developed market equities, gaining 13.7% for the financial year to date. NGS SUPER DECEMBER 2017 MARKET SNAPSHOT 2
3 International equities (local currencies) In December, equity markets in the UK and the US gained 4.9% and 1.0% respectively, while Europe declined. All major markets have posted positive returns for the financial year to date. Fixed income In December, Australian bond returns were negative, while global bonds returns were marginally positive. NGS SUPER DECEMBER 2017 MARKET SNAPSHOT 3
4 Australian dollar against major currencies The Australian dollar (AUD) appreciated against all major currencies, in particular against the JPY and USD, by 3.5% and 3.2% respectively. Month FYTD Property In December, Australian-listed property was flat and hedged globallisted property gained 1.0%. NGS SUPER DECEMBER 2017 MARKET SNAPSHOT 4
5 NGS SUPER INVESTMENT PERFORMANCE SUMMARY TO 31 DECEMBER 2017 SUPERANNUATION Accumulation account and Transition to retirement account 1 returns NGS Super Investment Option 10 years 5 years 3 years 1 year % Financial year to date % Month % Since inception return Inception date Funds under management (FUM) $M Diversified (My Super) Oct High Growth Jul PRE-MIXED SECTOR-SPECIFIC Balanced Jul Defensive Feb Socially Responsible Diversified n/a n/a Nov Indexed Growth n/a Sept Shares Plus Oct Australian Shares Feb International Shares Mar Property Sep Diversified Bonds Oct Cash and Term Deposits Oct The above table shows the net return after investment fees, tax and the asset-based fee. We recommend that you seek financial advice before making any changes to your investment strategy. In particular we recommend that you seek independent financial advice before making any short-term changes to your long-term investment strategy. Investment returns are not guaranteed as all investments carry some risk. Past performance is not a reliable indicator of future performance. 1 If you are in a Transition to retirement account, your returns prior to 1 July 2017 were tax-free and were reflected in the Income account returns. This information is provided by NGS Super Pty Limited ABN , AFSL No , the trustee of NGS Super ABN Your fund. Your wealth. Your future (0118)
6 NGS SUPER INVESTMENT PERFORMANCE SUMMARY TO 31 DECEMBER 2017 INCOME ACCOUNT Returns on income account (pension) investments are tax-free. Income account investment returns will exceed equivalent (taxed) super investment returns in periods when investment earnings are positive. In periods when investment earnings are negative, super returns will exceed equivalent income account returns. A negative return (loss) means that less tax is payable on taxed super investments than has already been accrued, so there is a tax adjustment that can be credited back to accumulation members. There is no equivalent adjustment for income account members because income account returns are tax free. Income account returns NGS Super Investment Option 10 years 5 years 3 years 1 year % Financial year to date % Month % Since inception return Inception date Funds under management (FUM) $M PRE-MIXED SECTOR-SPECIFIC Moderate Growth n/a Jan Diversified Nov High Growth Aug Balanced Aug Defensive Nov Socially Responsible Diversified n/a n/a Nov Indexed Growth n/a Sept Retire Plus* n/a n/a n/a n/a n/a Aug Shares Plus Sept Australian Shares Sept International Shares Sept Property Dec Diversified Bonds May Cash and Term Deposits July The above table shows the net return after investment fees and the asset-based fee (no tax applies). We recommend that you seek financial advice before making any changes to your investment strategy. In particular we recommend that you seek independent financial advice before making any short-term changes to your long-term investment strategy. Investment returns are not guaranteed as all investments carry some risk. Past performance is not a reliable indicator of future performance. * The Income Generator option is now closed and has been replaced by the Retire Plus option effective 1 August ** Please refer to the Since inception return for Retire Plus as this option commenced on 1 August This information is provided by NGS Super Pty Limited ABN , AFSL No , the trustee of NGS Super ABN Your fund. Your wealth. Your future (0118)
7 How to contact us Contact our Customer Service Team by mail, phone, fax or . We re here to help you. NGS Super GPO Box 4303 Melbourne VIC 3001 Phone: Phone number for callers outside Australia: Facsimile: (03) Online: You can contact us directly via the Contact Us page Further information If you are thinking about making changes to your investments in NGS Super, consider obtaining professional advice to understand which investment option might be right for you. NGS Super offers advice at no extra cost: over the phone through our Financial advice Helpline or through our Customer Relationship Managers who may be able to meet face-to-face. To make an appointment phone our Helpline on or complete the financial planning enquiry form on our website at financial-planning. NGS financial planning service NGS Super members are also entitled to a free initial consultation for general advice relating to your personal circumstances through our financial planning service. We also offer low fixed fees for financial plans no hidden costs or commissions. Important information This is general information only it does not take into account your objectives, financial situation or needs. Please assess your own financial situation, read the Product Disclosure Statement for any product you may be thinking of acquiring and consider seeking professional advice before acting on this information. Past performance is not a reliable indicator of future performance. NGS Financial Planning Pty Ltd, ABN , is a corporate authorised representative # of Guideway Financial Services Pty Ltd, ABN , Australian Financial Services License (AFSL) No and offers financial planning services on behalf of NGS Super ABN The information contained in this document has been sourced from Frontier Advisors Pty Ltd, AFSL ; Monthly Market Snapshot (December 2017). The information contained in Monthly Market Snapshot is intended as general commentary and should not be regarded as financial, legal or other advice. Should you require specific advice on the topics or areas discussed please contact NGS Super directly or an appropriate advisor Issued by NGS Super Pty Limited ABN AFSL No the trustee of NGS Super ABN (0118) NGS SUPER DECEMBER 2017 MARKET SNAPSHOT 5
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