SHARE markets have started the financial year on shaky ground, with negative returns the order of the day last month. Only the Australian unlisted property sector succeeded in keeping its head above water.
Australian shares fell 4 per cent while international shares dropped 5.6 per cent to be down by more than a quarter in the past 12 months.
Listed property came off its dream run, falling 1.7 per cent during the month, although it still sits 12 per cent higher than a year earlier.
Investors would have been better served placing their money in cash than taking their chances with the share market.
Cash returned 4.7 per cent during the past year and 0.4 per cent in the past month. Australian Bonds were also a better prospect, returning 6.9 per cent in the past year and 1 per cent in the past month.
Investors with international exposure watched their stocks fall by 24.7 per cent in North America, 30 per cent in Europe, and 20 per cent in the United Kingdom and Japan.
A survey by InTech found that none of its surveyed managers was able to achieve a positive return.
AMP and United SMF put in the best performance, falling 1.9 per cent in the month, followed by Citigroup Balanced and Maple-Brown Abbott with a 2.1 per cent decline.
AXA posted the worst return with its funds falling 4.5 per cent in June.
