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Survey Highlights 2015 Self Managed Super Fund Survey

© 2015 Investment Trends 1

Highlights from the Investment Trends

2015 Self Managed Super Fund Survey

1Copyright 2015 Investment Trends Pty Ltd. Highlights from the 2015 Self Managed Super Fund (SMSF) Survey. Reproduction prohibited.

Highlights from the

2015 Self Managed Super Fund Survey

Survey concluded: April 2015

Report released: May 2015

Reproduction prohibited



Thank you

I would like to thank all the survey respondents who participated in our 2015

Self Managed Super Fund survey earlier this year.

These highlights gather some of the most interesting results from the survey.

We have also included some key results from our latest investor sentiment

tracking to give an up to date snapshot of SMSF investors’ confidence and

share market return expectations.

We hope you find them as fascinating as we did.

Many Thanks,

Mark Johnston

Principal

Investment Trends

Suite 2102, Goldfields House

1 Alfred Street

SYDNEY NSW 2000

Australia



Table of contents

Methodology & scope 4

Trends in super fund assets 5

Trends in number of SMSFs 6

Annualised SMSF establishment rate 7

Satisfaction in managing a SMSF 8

Frequency of checking up SMSFs 9

Time spent on managing SMSFs 10

Trends in concern levels 11

SMSFs’ investment concerns 12

Trends in SMSFs’ capital growth expectations 13

Average self-assessed investment returns among SMSFs 14

Current SMSF balance 15

Main investment goals 16

Future SMSF investment selection 17

Number of shares held by SMSFs 18

SMSF share portfolio allocation 19

About Investment Trends 20



Methodology & scope

The 2015 SMSF Investor Report is based on a detailed online survey of self

managed super fund (SMSF) investors (i.e. members/trustees) conducted

between March and April 2015.

The survey focused on where SMSF investors were sourcing specific types of

advice, their investment approach, goals and behaviour. A total of 3,941 valid

responses to the survey were received after data cleaning and de-duplication.

The maximum sampling error (centre of the range) at the 95% confidence

interval for this sample is +/-1.6%. Note that analysis of smaller subgroups will

have a higher sampling error.



Trends in super fund assets

According to APRA, SMSF assets grew by 10% to

$595bn in the year to March 2015, following a 13% growth

in the year before

According to the APRA Quarterly Superannuation Performance Report, SMSFs

retained the largest proportion of super fund assets ($595bn) followed by

retail super funds ($546bn) and industry super funds ($437bn). Total SMSF

assets increased by 10% ($55bn) in the year to March 2015, whilst APRA-

regulated super funds grew at a faster pace (16%). This is mainly due to SMSFs’

relatively higher allocation to cash and fixed income products, and a lower

allocation to international assets. A slowdown in the net SMSF establishment

rate is also a contributor to the slower growth of SMSF assets.


According to APRA, SMSF assets increased by 10% ($55bn) to $595bn in the year to March 2015, but APRA-regulated super funds increased faster,

growing 16% ($190bn) to $1.4trnSuper fund assets

(Source: APRA Quarterly Superannuation Performance Report)

0

100

200

300

400

500

600

700

Sep-9

5

Mar-

96

Sep-9

6

Mar

-97

Sep-9

7

Mar-9

8

Sep-98

Mar-9

9

Sep-99

Mar-00

Sep-00

Mar-01

Sep-01

Mar-02

Sep-02

Mar-03

Sep-03

Mar-04

Sep-04

Mar-05

Sep-0

5

Mar-

06

Sep-0

6

Mar

-07

Sep-0

7

Mar-0

8

Sep-0

8

Mar-0

9

Sep-0

9

Mar-10

Sep-10

Mar-11

Sep-11

Mar-12

Sep-12

Mar-13

Sep-13

Mar-14

Sep-14

Mar-15

$ bi

llion

Corporate

Industry (retrospectively reclassified)

Public sector (retrospectively reclassified)

Retail

SMSFs



Trends in number of SMSFs

APRA reports that the number of SMSFs increased by 5% to

551k as of March 2015

The number of SMSFs continued to grow over the year to March 2015. The

total number of SMSFs reached 551k in March 2015, up from 525k in March

2014. This represents a 4.8% year on year increase, down slightly from 5.0% in

the prior year.

Word of mouth and the media are playing increasingly important roles in

initiating SMSF establishment compared to prior years, when accountants had

a stronger role. More trustees are also turning to financial planners for help in

establishing their SMSF.


APRA reports there were 551k SMSFs as of March 2015, up 5% over the year

Number of SMSFs(Source: APRA Quarterly Superannuation Performance Report)

309k322k

341k354k

382k

409k421k

436k450k

468k

484k

500k511k

525k537k

551k

398k

367k

300,000

350,000

400,000

450,000

500,000

550,000

600,000

Jun-0

6

Sep-0

6

Dec-0

6

Mar

-07

Jun-

07

Sep-0

7

Dec-07

Mar

-08

Jun-

08

Sep-0

8

Dec-0

8

Mar

-09

Jun-0

9

Sep-0

9

Dec-0

9

Mar

-10

Jun-

10

Sep-1

0

Dec-10

Mar

-11

Jun-

11

Sep-1

1

Dec-1

1

Mar

-12

Jun-1

2

Sep-1

2

Dec-1

2

Mar

-13

Jun-

13

Sep-1

3

Dec-13

Mar

-14

Jun-

14

Sep-1

4

Dec-1

4

Mar

-15



Annualised SMSF establishment rate

The annualised (net) SMSF establishment rate has reached

its lowest level since the Simpler Super Reforms

According to APRA, the net establishment rate of SMSFs continued to decline

and has reached its lowest point since the Simpler Super reforms. The net

annual establishment rate decreased to 4.8% (down from 5.0% in 2014) with

25,000 new SMSFs being set up on a net basis.

The decline is driven by fewer people fleeing poor performance from their

existing super fund, which was a key reason of the heightened level of SMSF

establishment in 2011, 2012 and 2013.

The average age of trustees who established an SMSF in the last two years

was 47, down only slightly from 48 in 2011 to 2012.


SMSF annualised growth rate (net) (Source: APRA Quarterly Superannuation Performance Report)

27,320

38,785

26,958

21,170

27,290

31,73732,936

24,922 25,2967.5%

6.7%7.3% 7.0%

5.0% 4.8%5.5%

9.3%

12.1%

0

10,000

20,000

30,000

40,000

50,000

Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-150.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Net annual establishment growth (LHS) % net annual establishment rate (RHS)

The annualised (net) SMSF establishment rate has reached its lowest point since the Simpler Super reforms

Simpler super

reforms



Satisfaction in managing a SMSF

98% of SMSFs rate their overall SMSF management

experience as ‘average’ and above

SMSF trustees are generally satisfied with their experience in managing their

SMSF. 40% of trustees rated their experience as ‘very good’ and a further 46%

rated this as ‘good’. Only 2% of SMSFs rated their overall experience as being

‘poor’ or ‘very poor’.

Those who have had their SMSF for a longer time are typically more satisfied

with their overall experience compared to those who set up their SMSF in

recent years.


Nearly all (98%) SMSFs rate their overall experience in managing their SMSF as ‘average’ or better

Q33 How would you rate your overall experience in m anaging your SMSF? Among SMSFs [n=934]

Very good, 40%

Good, 46%

Average, 13%

Poor, 1% Very poor, 1%



Frequency of checking up SMSFs

Most trustees (88%) check up on their SMSF at least once a

month

SMSF trustees typically check up on their SMSF 13 times per month. 65% say

they monitor their SMSF at least once every week, which includes 36% who

check up on a daily basis (up from 35% in 2014).


Q42 How often do you check up on your SMSF?

35% 36%

29% 29%

5% 7%

18%16%

8% 8%3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Apr-14 [n=1035] Apr-15 [n=963]

Less thanannually

Annually

Half-yearly

Quarterly

Monthly

Every twoweeks

Weekly

Daily

88% of SMSFs say they check up on their SMSF at least once a month, including 36% who say they do so daily

Avg times per month 12 13



Time spent on managing SMSFs

SMSFs typically spend 7.4 hours per month managing their

SMSF and 44% of the time (3.2 hours) is spent on

selecting/researching investments

SMSFs typically spend 7.4 hours per month managing their SMSF. 3.2 hours are

spent on selecting/researching investments for their SMSF. Another 1.8 hours

are spent on ongoing monitoring/reporting and 1.5 hours on admin and

paperwork, on average.

Overall, SMSFs are spending more time running their SMSF than in 2014, with

selecting/researching investments (because of heightened share market

uncertainty) and ongoing monitoring/reporting accounting for most of this

increase.


Q41 Roughly, how much time (per month) do you curre ntly spend on running your SMSF in the following areas? Average number of hours per month

Admin & paperwork, 1.5

Ongoing monitoring/reporting, 1.8

Selecting/researching specific inv's, 3.2

Keeping up to date with legis. reg's, 0.8

All SMSFs [n=951]

SMSFs are spending more time running their SMSF than in 2014

Total 7.4 hrs



Trends in concern levels

SMSFs’ concern level with global financial markets

deteriorated from April 2014 levels

SMSFs’ concern level fell throughout 2014 and reached its lowest in August

2014 (5.4 out of 10, on average). Concern levels increased between August

2014 and April 2015, reaching 6.1 (out of 10) in April 2015, despite an increase

in the All Ordinaries Index over this period.


Concern level vs MSCI World Index and All Ordinarie s Index

6.0

6.2

5.9

6.1

5.8

5.4

5.6

5.8

5.6

6.0

5.8

6.4

6.2

5.9

6.6

6.5

6.8

6.4

7.1

7.4

7.1

7.3

6.9

6.5

6.9

6.3

7.4

6.1

6.0

6.2

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

Apr-08

Jun-

08

Aug-08

Oct-08

Dec-08

Feb-

09

Apr-09

Jun-

09

Aug-09

Oct-09

Dec-0

9

Feb-

10

Apr-10

Jun-

10

Aug-10

Oct-10

Dec-10

Feb-11

Apr-11

Jun-1

1

Aug-1

1

Oct-11

Dec-11

Feb-1

2

Apr-12

Jun-1

2

Aug-1

2

Oct-12

Dec-12

Feb-1

3

Apr-13

Jun-

13

Aug-13

Oct-13

Dec-13

Feb-

14

Apr-14

Jun-

14

Aug-14

Oct-14

Dec-14

Feb-

15

Apr-15

Jun-

15

Ave

rage

con

cern

leve

l(1

0=

Ext

rem

ely

co

nce

rned

, 0=

Not

con

cern

ed

at a

ll)

2,500

3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

Inde

x

Average concern level (out of 10, LHS) MSCI World Index (RHS) All Ordinaries Index (RHS)

SMSFs’ market return expectations mostly fell throughout the last 12 months (though there was a notable spike in February 2015 in line with the market rally)

This studyLast study

Source: Investment Trends Investor Intentions Index



SMSFs’ investment concerns

SMSFs are increasingly concerned about the Australian

economy and a slowdown in China

When thinking about their investments, SMSFs are most concerned about the

Australian economy (57%, up from 39% in August 2014) and a slowdown in

China (54%, up from 38%).

Rounding out the top five concerns are concerns about another financial

crisis/market crash (48%, down from 49%), Australian debt levels (38%, up

from 29%), and global debt levels (31%, down from 40%).

Between August 2014 (when concern level was at its lowest) and April 2015,

share market volatility increased as a concern among SMSF trustees (24%, up

from 9%).


Compared to August 2014 (when SMSF concern levels was its lowest), SMSFs are increasingly concerned about the Australian economy and a slowdown in China

Q7 What are you most concerned about in relation to your investments? (Multiple responses permitted) Among SMSFs

48%

38%

31%

27%

24%

24%

23%

22%

22%

20%

18%

15%

5%

6%

54%

57%

0% 10% 20% 30% 40% 50% 60% 70%

Australian economy

China slowdown

Another global financial crisis/market crash

Australian debt level

Global debt levels

Changes in resource value

Share market volatility

Exchange rates/value of AUD

European economy

Property prices

Impact of regulatory changes

Interest rates

US economy

A military conflict

Inflation

Other

Aug-14 [n=324] Apr-15 [n=340]

79%



Trends in SMSFs’ capital growth expectations

SMSFs’ capital growth expectations from the Australian

stock market mostly fell throughout the year to April 2015

Each month, we ask SMSF investors to express their market return

expectations (excluding dividends) from the Australian equities market for the

next 12 months.

SMSF investors’ market return expectations continued to decline over the 12

months to April 2015, despite an increase of 7% in the All Ordinaries Index

over the same period. Investors typically expect a 4% growth in the stock

market in the coming 12 months (excluding dividends), which is quite bearish.


Australian stock market expectations for the next 1 2 months vs All Ordinaries Index

3%4%

3%

4%

4%

6%

13%

8%

7%

4%4%

3%

2%3%

5%

4%3%

4%

3%

4%

5%

7%

8%

6%

5% 5%

6%

7%

6%

5%

6%

5%

6%

5%

6%

4%4%

3%

4%

2%

3%

0%

2%

4%

6%

8%

10%

12%

14%

Nov-0

9

Jan-

10

Mar

-10

May

-10

Jul-1

0

Sep-1

0

Nov-1

0

Jan-

11

Mar

-11

May

-11

Jul-1

1

Sep-1

1

Nov-1

1

Jan-

12

Mar-1

2

May

-12

Jul-1

2

Sep-1

2

Nov-1

2

Jan-

13

Mar

-13

May-1

3

Jul-1

3

Sep-1

3

Nov-1

3

Jan-

14

Mar-1

4

May

-14

Jul-1

4

Sep-1

4

Nov-1

4

Jan-

15

Mar

-15

May-1

5

Jul-1

5

Ave

rage

ret

urn

exp

ecta

tion

(n

ext 1

2 m

onth

s, e

xcl.

divi

dend

s)

3,800

4,200

4,600

5,000

5,400

5,800

6,200A

ll O

rdin

arie

s In

dex

Average return expectation for next 12 months (excluding dividends) All Ordinaries Index (weekly close)

SMSFs’ market return expectations mostly fell throughout the last 12 months (though there was a notable spike in February 2015 in line with the market rally)

This studyLast study

Source: Investment Trends Investor Intentions Index



Average self-assessed investment returns

among SMSFs

SMSFs’ investment returns (self-assessed) declined gently

(12%, down from 14%)

SMSF trustees estimate they achieved a return of 12%, on average, from their

SMSF in the 12 months to April 2015(down from 14% in April 2014), the All

Ordinaries Index increased by just 7% over this period.

SMSF investors’ self-assessed returns remain well above the 8% and 7% seen

during the 2011 and 2012 volatility.


Average SMSF investment return(Self-assessed)

14%

18%

14%

10%8%

7%

11%

14%12%

-6%

13%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

Jan-

04

Apr-0

4

Jul-0

4

Oct-

04

Jan-

05

Apr-0

5

Jul-0

5

Oct-05

Jan-

06

Apr-0

6

Jul-0

6

Oct-06

Jan-

07

Apr-0

7

Jul-0

7

Oct-07

Jan-

08

Apr-08Ju

l-08

Oct-08

Jan-

09

Apr-09Ju

l-09

Oct-09

Jan-

10

Apr-10Ju

l-10

Oct-10

Jan-

11

Apr-1

1

Jul-1

1

Oct-11

Jan-

12

Apr-1

2

Jul-1

2

Oct-12

Jan-

13

Apr-1

3

Jul-1

3

Oct-13

Jan-

14

Apr-1

4

Jul-1

4

Oct-14

Jan-

15

Apr-1

5

Time

Ave

rage

SM

SF

ret

urn

(Sel

f-as

sess

ed)

3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

7,000A

ll O

rdin

arie

s In

dex

Average self-assessed return All Ordinaries Index (weekly close)

SMSFs' self-assessed investment return for the next 12 months vs All Ordinaries Index

Among SMSF investors



Current SMSF balance

The average SMSF balance reached $1.2 million in April

2015. Half of all SMSFs have an SMSF balance of $810,000

or more

The average SMSF balance continued to grow, reaching $1,200,000 in April

2015, up 56% since May 2009. The median SMSF balance increased to

$810,000, up by 73% over the same period.

We note that 39% of SMSFs have a balance of at least $1 million and

collectively control 76% of total SMSF assets.


According to our analysis, the average SMSF balance reached $1.2 million in April. The median SMSF balance reached $810k

Current SMSF balance (Q55)

$810,000$770,000

$930,000$970,000

$1,000,000$1,070,000

$1,180,000 $1,200,000

$490,000 $470,000$540,000

$570,000

$650,000$700,000

$750,000$810,000

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

July-08[n=450]

May-09[n=445]

Apr-10[n=683]

May-11[n=790]

Apr-12[n=1317]

Apr-13[n=1041]

Apr-14[n=943]

Apr-15[n=875]

Average Median

We note that ATO figures put the average at $1.04m as of Dec-14, but this is only an estimate based on modelling of tax return data from prior years.



Main investment goal

Fewer SMSFs (19%, down from 23%) intend to focus on

maximising capital growth over the coming year

Fewer SMSFs say maximising capital growth (19%, down from 23% in 2014)

will be their primary goal when selecting investments over the next 12

months, reversing the trend between 2011 and 2014.

There are only slightly more SMSFs saying they will prioritise building a

sustainable income stream (34%, up from 33%). This means that SMSF

investors are shifting their focus to wealth preservation, with more saying

protecting their SMSFs’ existing assets will be their primary investment goal in

the coming year (13%, up from 10%)


Looking forward, fewer SMSFs will be prioritising growth over safety

Q61 Looking forward, what will be your main goal when selecting your investments over the next year?

14% 15% 14% 17%9% 10% 13%

36%40% 45% 36%

37% 33%34%

30%27%

25%30%

34%32%

32%

18% 17% 14% 15%19% 23% 19%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Dec-09[n=2043]

Dec-10[n=2311]

Dec-11[n=1934]

Nov-12[n=2488]

Nov-13[n=2432]

Apr-14[n=958]

Apr-15[n=890]

Other

Maximising capitalgrowth

Achieving abalance of capitalgrowth &managing risk

Building asustainableincome stream

Protecting myexistingassets/incomeagainst marketfalls



Future SMSF investment selection

There is growing interest from SMSFs in listed and unlisted

managed investments

Fewer SMSFs say they intend to invest in individual direct shares in the next 12

months. Specially, fewer intend to invest in blue chip shares (64% down from

71% in 2014), high yielding shares (33%, down from 34%), small

cap/speculative shares (15%, down from 21%) and resource shares (13%,

down from 16%).

Instead, slightly more plan to invest in ETFs (21%, up from 18%), LICs (13%, up

from 12%) and managed funds (13%, up from 11%) in the coming 12 months.

Access to investments otherwise out of reach and diversification-related

benefits, particularly for international exposure, are the key drivers of

intended managed funds use.


Slightly fewer SMSFs say they intend to invest in individual direct shares, whereas intention to use listed and unlisted managed investments has increased slightly

Q62 Which of the following do you plan to invest in over the next 12 months? (Multiple responses permitted) [ Top 10 shown ]

64%

33%

22%

21%

18%

13%

13%

12%

15%

13%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Blue chip shares (outside of mgd funds)

High yielding shares

International shares

ETFs

Term deposit

Small cap/speculative shares

LICs

Managed funds

Resource stocks

Bonds/Australian fixed interest

Apr-14 [n=887]

Apr-15 [n=823]



Number of shares held by SMSFs

The average number of shares held by SMSFs has remained

steady at 18 shares since 2011

We asked SMSF investors about the number of shares/companies that they

currently hold in their portfolio.

On average, SMSFs held 18 shares in their portfolio in April 2015. It has

remained steady at 18 since 2011. 18% of SMSFs said they hold 5 shares or less

in their SMSF, while 28% said they hold at least 20 different shares.


Q84 How many different shares/companies do you curr ently hold in your SMSF?

3%

19%25% 24% 26% 25% 27%

18%

20% 20% 18% 19% 16%

24%

21% 22% 24% 19% 20%

22%17% 18% 16%

17% 17%

5% 3% 3% 3%4% 4%

3% 3% 3% 3% 3% 4%

4%3% 3%

3% 3%3% 4% 3%

4% 4% 4% 5%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Apr-10 [n=476] May-11[n=1659]

Apr-12 [n=1169] Apr-13 [n=820] Apr-14 [n=931] Apr-15 [n=797]

One

Two

Three

Four

Five

Six to ten

Eleven tofifteen

Sixteen totwenty

Twenty to fifty

More than fifty

The average number of shares held by SMSFs has remained steady at 18 shares

Average 16 18 18 18 18 18



SMSF share portfolio allocation

SMSFs currently allocate 31% of their share portfolio to

bank/financial stocks and 21% to resources/material stocks

SMSFs typically allocate 41% of their SMSF money to direct shares (outside of

managed funds). Within this, SMSFs typically allocate 31% to bank/financial

stocks and a further 21% to resources/ material stocks. Only 4% of their

SMSFs’ share portfolio is allocated to international stocks.


Q85 Approximately what proportion of your share por tfolio is allocated to each of the following sectors? Among SMSFs who hold shares via their SMSF [n=788]

Bank/financial stocks, 31%

Resources/materials stocks, 21%

Other Australian sectors, 43%

Stocks listed on an overseas exchange, 4%

SMSFs currently allocate 31% of their share portfolio to bank/financial stocks and another 21% to resources/materials stocks



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