Returns over the last 10 years1
Suggested timeframe
Fees 2 + admin fees and costs
Suitable if you're an investor who:
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).
| Accumulation and TTR Income accounts: | CPI + 1.5% p.a. |
| Retirement Income accounts: | CPI + 2.0% p.a. |
| Super assets: | $6.1 billion |
| Pension assets: | $6.1 billion |
As at 31 March 20251
Our Conservative option for Accumulation accounts produced a 0.47% return for the March quarter and a 4.76% return over the year to 31 March 2025. Longer-term returns are above the option’s CPI+1.5% return objective, with the Conservative option posting returns of 4.56% p.a. over the 10 years to the end of March 2025.
After a sharp sell-off in the final months of 2024, both Australian and global fixed income returns were positive over the March quarter.
After a positive start to 2025, world share market sentiment deteriorated as the quarter progressed in response to the trade war triggered by President Trump’s decisions on tariffs. While emerging market shares produced positive returns, Australian and developed market share returns were negative over the quarter, as significant falls in US and Japanese share prices more than offset gains in UK and Europe.
Our real estate, private equity, and infrastructure portfolios outperformed public markets over the March quarter.
In the SuperRatings survey for March 2025, the performance of our Conservative option was slightly behind the median fund over the quarter, and above median over 1, 3, 5, 7, and 10 years to the end of March 2025.
| Accumulation accounts | Retirement Income accounts4 | |
|---|---|---|
| 10 years (p.a.) | 4.56% | 5.15% |
| 7 years (p.a.) | 4.46% | 5.04% |
| 5 years (p.a.) | 5.30% | 6.01% |
| 3 years (p.a.) | 4.31% | 4.93% |
| 1 year | 4.76% | 5.42% |
| 3 months | 0.47% | 0.52% |
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.
| Strategic asset allocation5 | |
|---|---|
|
Australian shares
|
8.5% |
|
International shares
|
9.0% |
|
Unlisted assets and alternatives
|
25.5% |
|
Fixed income
|
44.25% |
|
Cash
|
12.75% |
| Total | 100% |
As at 31 March 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 do seek to capitalise on opportunities that inevitably emerge during times of heightened market volatility. Those opportunities have increased significantly since the end of March.
At the end of March 2025, our DAA strategy marginally favoured bonds over shares and cash. Within DAA’s 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, Japanese, and US bonds.
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