Conservative
Holds around 30% growth assets and 70% defensive assets.
Option: Conservative
Summary
10-year returns as at 30 June 2025
4.83% p.a.
Returns over the last 10 years1
3+ years
Suggested timeframe
0.60% p.a.
Fees2 + admin fees and costs
Who it suits
Suitable if you're an investor who:
- wants a diversified portfolio with around 30% growth assets
- wants to protect your savings but still invest in some assets that can provide higher returns
- you may want to start using your money soon
- is prepared to accept that this option might sacrifice higher long-term returns for short-term stability.
Risk3
Expected number of years of negative annual returns in any 20 years: 1 to less than 2. The risk is based on the standard risk measure (SRM)^.
Investment objective3
Accumulation and TTR Income accounts:
CPI + 1.5% p.a.
Retirement Income accounts:
CPI + 2.0% p.a.
Option size
Super assets:
$6.4 billion
Pension assets:
$6.3 billion
^For more definitions
Conservative performance
As at 30 June 20251
Australian and global fixed income returns were positive over the quarter, with Australian bonds generally outperforming global markets.
World share markets enjoyed strong returns over the June quarter, despite ongoing concerns over global trade, and attacks on Iran and its nuclear infrastructure by Israel and the US.
After share prices fell sharply in early in April in response to President Trump’s ‘Liberation Day’ tariff announcements, the president’s decision soon after to pause most of those tariffs for 90 days sparked a massive resurgence in world share markets.
Our unlisted asset portfolios generally underperformed public markets in the quarter, particularly given the strong returns from equity markets.
The 10-year accumulation return of 4.83% remains above the option’s CPI plus 1.5% return objective.
In the SuperRatings survey for June2025, the performance of our Conservative option was behind the median fund over shorter time periods but comfortably ahead of the median over 5, 7, and 10 years to the end of June 2025.
| Accumulation accounts | Retirement Income accounts4 | |
|---|---|---|
| 10 years (p.a.) | 4.83% | 5.47% |
| 7 years (p.a.) | 4.60% | 5.20% |
| 5 years (p.a.) | 5.24% | 5.94% |
| 3 years (p.a.) | 5.97% | 6.82% |
| 1 year | 7.29% | 8.35% |
| 3 months | 2.80% | 3.20% |
Past performance isn't a reliable indicator of future performance. Returns shown are after investment fees and costs, transaction costs and investment taxes (where relevant) but before all other fees and costs.
Returns shown here for our Accumulation account are also the returns that apply for Transition to Retirement Income accounts. Tax generally doesn't apply to investment earnings in Retirement Income accounts.
Conservative asset allocation
| Strategic asset allocation | |
|---|---|
| Australian shares | 8.5% |
| International shares | 9% |
| Unlisted assets and alternatives | 25.5% |
| Fixed income | 44.25% |
| Cash | 12.75% |
| Total | 100% |
From 1 July 2025. For more information on these asset classes, strategic asset allocations, and allowable ranges, read the PDS that applies to you.
Outlook and strategy
As at 30 June 2025
We continue to hold a substantial allocation to the key unlisted asset classes – real estate, infrastructure, private equity and private debt. As a large superannuation fund, we have well-diversified portfolios of these assets that we
expect will deliver strong, long-term returns, while reducing our members’ exposures to share market volatility.
We don't design portfolios based on short-term economic, market or geopolitical forecasts. However, our investment team and external investment managers still seek to capitalise on opportunities that inevitably emerge
during times of heightened market volatility.
At the end of June 2025, our active asset allocation slightly favoured bonds over shares and cash. We also sought to take advantage of significant differences in relative value between countries. Within the shares allocation, we preferred Japanese shares over shares in the US and Australia. In fixed income, we were overweight in France, UK, Italy and Australia and maintained underweight positions in Canadian, German and Japanese bonds. Our currency exposure is underweight the US dollar, while favouring Asian and Latin American currencies.
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