Spaceship, the tech-focused superannuation fund, is excited to announce that it is offering a new portfolio option, increasing its focus on technology assets, and lowering its fees. This product release aligns with Spaceship’s core mission to help the internet generation build wealth, and to deliver what young people demand, need, and want from their finances.
Spaceship’s flagship fund, GrowthX, has been rebalanced to include a 50 per cent allocation of technology assets. This is up from a previous allocation of 30 per cent. Total fees and costs have been reduced from 1.60% to 0.99% pa.
A second investment option – known as the Spaceship Global Index Fund – has also been launched. This portfolio is an answer to Spaceship’s belief that other super funds are overweight in Australian stocks, and it is targeted to individuals who want to invest with a global focus. This offering has total fees and costs of 0.65% pa.
"Australian equities only make up 3% of the global market, but they make up 46% of all super fund equity exposure.” Spaceship CEO and Founder, Paul Bennetts, says. “We’re investing in where the world is going, not where it’s been. We think your wealth can grow even more significantly if we invest it in the world’s top companies”.
Spaceship has also made a key strategic move, with the formation of the Spaceship Advisory Board (SAB), which will advise and assist Spaceship in its mission to provide quality member outcomes and maintain an enduring culture of strong governance and effective risk management. The SAB is made up of; Sarah Goodman (Non-Executive Director); Paul Dortkamp (Currently independent director of Ellerston Global Capital (>$5bn FUM) and Jodie Baker (Managing Partner Blackhall & Pearl).
“The formation of this board underlines our commitment to best-in-class governance and risk management, and to making sure our members benefit from the wisdom of some of the most experienced names in the industry.” Bennetts said.
In addition to the key changes above, Spaceship has unveiled a new web portal and dashboard, to simplify the signup process and provide continued transparency to their members, allowing them to see where their super is invested. The portal includes a range of resources in line with the company’s mission of helping young Australians to improve their financial literacy. These resources include the Super 101 and Finance 101 web series.
“Your super is likely to be the biggest investment you make each year, making up almost 10% of your income. It’s important that people know exactly where it’s going, and how it’s working for them.” Bennetts says.
Changes made to the Spaceship platform, in consultation with its members, reinforces its major aim, to shake up the outdated superannuation industry and provide its members with world-class options to save for their retirement.
“People like to say that Australians are disengaged from their super, but it’s our super that’s disengaged from us”, Bennetts says. “At Spaceship, we believe in making finance approachable and easy-to-understand. We want to make our members feel fully empowered and in control of their futures.”