Finally got a reply from AustralianSuper after I asked them if they were lending out Member Direct shares to shorters.
The reply was clear as mud which I'm guessing its an answer in itself so I asked them again, this time specifically if the SYR held in my portfolio is being lent to shorters. Waiting for their reply before I lodge a complaint with Australian Financial Complaints Authority and see if any investigative journos are interested in a story of how super funds are double dipping and ripping off members.
If enough people complain the super funds will either stop lending out our shares or be forced to hand over to us the lending fees they charge for our shares. I don't see the difference between this and a company paying dividends, super funds don't get to keep the members share of dividends so why should they be allowed to keep the profits made by lending our shares to shorters against our will and to the detriment of our portfolios.
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Thanks for your recent enquiry.
AustralianSuper typically does not engage in short selling. AustralianSuper believes that over time, market values of shares return to a price based on profit achieved.
However, we do invest with investment managers, where their mandates can allow for: “may sell securities short.” In addition, the Fund does engage in derivative strategies to manage investment exposures.
Investment performance
You can view the investments options available to you and our Investment performance which includes one, three, five & ten year returns.
At the bottom of the page, you’ll be able to view the daily crediting rates and the returns. Your account is credited based on the daily crediting rates and the balance is updated daily.
What we invest in
You can view a breakdown of what we invest in on our website. Select from Super or Retirement and choose from the DIY or PreMixed option. You can then select the investment option you require. This will give you a full list of the companies, percentage of the portfolio and value of the investment.
Investment options can be changed once a day (except on weekends and public holidays). The request cycle runs from 4pm until 3.59pm AEST/AEDT the following business day.
About the Member Direct investment option
Member Direct is AustralianSuper’s self-managed investment option. It’s designed for members who want more control and choice. You can buy and sell S&P/ASX 300 shares and Exchange Traded Funds (ETFs) in real-time or invest in term deposits - all from an easy to use online platform.
For more information about AustralianSuper’s Member Direct investment option, please visit our website.
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We kindly ask that you don’t reply to this email. Replies sent to this address are not actively monitored.
If you have any additional questions regarding this enquiry, you can send us a live message, including your reference number, visit the website at australiansuper.com/HelpAndSupport or call 1300 300 2738am to 8pm AEST/AEDT weekdays. Please don’t reply to this email.
Alternatively, you can also send us a message through the AustralianSuperMobile App. The app lets you to track your balance, make investment switches and receive notifications of contributions, as well as make secure enquiries about your account.
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