Technology-themed retail fund Spaceship has increased its exposure to technology stocks from 30 per cent to 50 per cent in an effort to become more true-to-label.
Spaceship has unveiled a raft of changes, including reduced fees, a new investment option that tracks the index, increased exposure to tech assets and the creation of a new advisory board.
The fees for Spaceship’s flagship fund GrowthX has been reduced from 1.6 per cent to 0.99 per cent, and the Spaceship Global Index Fund has been launched with a fee of 0.65 per cent.
Spaceship chief executive Paul Bennetts said the creation of the index fund was due to a belief that other funds were overweight Australian stocks.
“Australian equities only make up 3 per cent of the global market, but they make up 46 per cent of all super fund equity exposure,” Mr Bennetts said.
“We think your wealth can grow even more significantly if we invest it in the world’s top companies.”
At the same time, the GrowthX fund’s asset allocation to the technology sector had been upped, bringing it to 50 per cent of assets from 30 per cent.
An advisory board has also been created with the aim to “provide quality member outcomes and maintain an enduring culture of strong governance and effective risk management”.
Making up the advisory board is former APRA executive general manager Sarah Goodman, Ellerston Global Capital independent director Paul Dortkamp, and Blackhall & Pearl managing partner Jodie Baker.
Amid the changes, Spaceship also launched a new website, dashboard and “a range of resources” that Mr Bennetts said was an effort to raise Millennials’ financial literacy.
“Your super is likely to be the biggest investment you make each year, making up almost 10 per cent of your income,” he said.
“It’s important that people know exactly where it’s going, and how it’s working for them.”
In July, Financial Services Council chief executive Sally Loane underscored the importance of super funds in engaging the demographic of Millennials, describing them as “perhaps the most powerful force driving the inevitable change to super”.
Spaceship did not respond to questions before InvestorDaily's deadline.