Industry super funds continue to outperform most retail funds while managing to keep fees relatively low for members a new report shows.
Stockspot has released their annual report of Fat Cat super funds who fail to outperform the average benchmark in returns over a one, three and five-year period while still charging high fees to customers.
Topping the list of Fat Cat fund providers were ANZ, AMP/AXA and Westpac with ANZ taking out the top spot for the third year running.
There were a total of 638 Fat Cat funds identified which is down from the 701 funds identified in the 2015 report.
On the other end of the market, 574 Fit Cat funds were identified with Investors Mutual, SG Hiscock and Company and REST Industry Super leading the pack.
“There is a serious message at the heart of this report,” said Chris Brycki, founder at Stockspot.
“Too many Australians are unaware of the devastating impact high fees have on their long term savings.”
Based on average annual incomes, media professionals, financial and insurance workers, scientists and those in the mining industry were likely to lose upwards of $300,000 to high fees if they remained in a Fat Cat fund over their career.
This amount of money could have significant impacts on the lifestyle one is able to lead in retirement and shouldn’t be dismissed as inevitable when there are other options available.
If you would like to see how your super fund performed you can see a report here.