Super funds appear to have recovered from the choppy start to 2016, with returns sitting at 1.7 per cent for the first 10 months of the financial year.
The median balanced superannuation fund returned 1.4 per cent for April, and 1.7 per cent for the financial year to date, according to SuperRatings.
SuperRatings chairman Jeff Bresnahan warned that the prospect of a positive financial year return is "not a certainty" by any means.
"Following the rocky start to the year, investors are now more upbeat, and we have seen that reflected in the current market recovery," Mr Bresnahan said. "But significant downside risks and a lot of uncertainty in the global economy remain.
"Outside of share markets, global returns on fixed income are low, and zero and negative interest rate policies are presenting a real challenge for funds seeking to achieve their risk and return targets."
Chant West director Warren Chant echoed the sentiment.
"It’s pretty certain we’re not going to see a result as strong as the previous three years (15.6 per cent in 2012-13; 12.8 per cent in 2013-14; and 9.8 per cent in 2014-15), but members shouldn’t be too disappointed with anything in positive territory," he said.
"Data out of the US in April was slightly worse than expected, and with doubts remaining about the strength of the US economic recovery there’s growing uncertainty about the timing of any further hikes in the interest rate," Mr Chant said.
"In contrast, economic growth indicators in the Eurozone were better than expected. It’s a different story in the UK, where investors are uneasy about whether Britain will leave the European Union and, if it does, what the consequences will be," he said.
Closer to home, there are ongoing concerns about the pace of growth in the Chinese economy, Mr Chant said – and this month's record-low inflation figure makes a second interest rate cut a "real possibility".
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