Retail superannuation funds provided by AMP and OnePath continue to charge high fees and deliver poor returns for members, the latest Fat Cat report shows.
For the sixth year in a row, AMP continued to dominate robo-adviser Stockspot's Fat Cat list, which assessed 600 products offered by 100 of the largest super funds.
After accounting for performance net of fees for the last five years, 12 of AMP's products appeared in this year's worst-performing or "Fat Cat" list, followed by OnePath and Macquarie, which had 11 and five products named respectively.
In the "Fit Cat" category or the best-performing funds, UniSuper (7), IOOF (5) and AustralianSuper (4) rated highly in terms of the best value for money and performance.
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Among the balanced funds, AMP Capital's Dynamic Markets (-2.2% p.a.) was the only product in the red. OnePath's OptiMix Conservative (1.7% p.a.), Zurich's Capital Stable (1.9% p.a.), OnePath's Balanced (2.2% p.a.) and MLC Inflation Plus Portfolios' Moderate Portfolio 2 (2.4% p.a.) were the worst performers on a per annum basis.
The best balanced funds were: WA Local Government's Sustainable Future (6.9% p.a.), AustralianSuper's Conservative Balanced (6.2% p.a.), IOOF's MultiMix Moderate (5.7% p.a.) and Public Sector Super's Income Focused (5.7% p.a.).
In the aggressive growth funds category, which invest in at least 80% of growth assets like shares and property, AMP Capital's Premium Growth (0.6% p.a.) topped the Fat Cat list, followed by six OnePath products, such as Select Leaders and OptiMix Balanced, which returned between 1.4% p.a. and 2.9% p.a.
The best aggressive growth funds were: Prime Super's Alternatives (9% p.a.), Unisuper's Sustainable High Growth (9% p.a.) and High Growth (8.7% p.a.), Cbus' High Growth and Hostplus' Shares Plus (8% p.a.).