Chant West, the asset manager analyst, expects the average Australian superannuation fund to have a loss this year.

The Sydney-based firm expects the median so-called growth funds to have on average a three per cent loss in 2011.

Chant West defines a “median growth” fund to have between 61 per cent and 80 per cent of its investments in so-called growth assets, typically stocks.

Other funds are doing better.

So-called conservative funds, 21 per cent to 40 per cent invested in so-called growth assets, will have on average a 2.5 per cent return in 2011, says Chant West.

Over the past 10 years so-called balanced funds, 41 per cent to 60 per cent invested in so-called growth assets, have had a 4.5 per cent annual return, according to Chant West.

So-called conservative funds have delivered a 5 per cent annual gain, it says.