According to Chant West, the median growth fund increased by 1.1 per cent in March which meant 6.9 per cent for the financial year so far.

Chant West senior investment research manager Mano Mohankumar said despite the turbulence that hit the markets following the collapse of the Silicon Valley Bank and then Credit Suisse, international shares and bond markets ended the month of March in positive territory with returns of 2.5 per cent and 3.9 per cent unhedged, respectively.

That offset the more subdued Australian market with a loss of -0.2 per cent.

High growth funds have returned 4.2 per cent in the first three months of 2023 and all growth funds 4.8 per cent. Even the conservative funds have increased by 1.1 per cent in 2023.

“The end of March marks three years since the Covid-induced market low of March 2020 and, despite the challenging economic backdrop, the median growth fund has gained an impressive 29 per cent over that period,” he said.

“Even when we factor in the sharp falls in early 2020. super funds are up nearly 15 per cent since the pre-Covid high which was struck at the end of January 2020.

“That’s a commendable result under the circumstances.”

Chant West said China’s reopening of its economy and easing of regulatory pressures on technology companies generated positive sentiment.

The decision by the Reserve Bank to keep the official cash rate on hold at 3.6 per cent earlier this month, after ten successive increases, also helped sentiment.