Balanced
Offers a diversified portfolio with around 70% growth assets.
Option: Balanced
Summary
10-year returns as at 30 June 2025
8.19% p.a.
Returns over the last 10 years1
5+ years
Suggested timeframe
0.65% p.a.
Fees2 + admin fees and costs
Who it suits
Suitable if you're an investor who:
- wants a diversified portfolio with around 70% growth assets
- wants to grow your super over the long term
- is prepared to accept that the option can have negative returns over the shorter term
- is prepared to accept the option may not be suitable if you have a low risk tolerance, are seeking to preserve your super, or are likely to need access to your super in the next few years.
Risk3
Expected number of years of negative annual returns in any 20 years: 3 to less than 4. The risk is based on the standard risk measure (SRM)^.
Investment objective3
Accumulation and TTR Income accounts:
CPI + 3.5% p.a.
Retirement Income accounts:
CPI + 4.0% p.a.
Option size
Super assets:
$21.7 billion
Pension assets:
$6.0 billion
^For more definitions
Balanced performance
As at 30 June 20251
World share markets enjoyed remarkably 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.
Australian and global fixed income returns were positive over the quarter, with Australian bonds generally outperforming global markets.
Our real estate, private equity and infrastructure portfolios underperformed public markets in the June quarter, particularly given the very strong returns from equity markets.
The 10-year accumulation return of 8.19% p.a. remains above the option’s return objective of CPI plus 3.5% p.a.
In the SuperRatings survey for June 2025, the performance of our Balanced option was ahead of the median fund over the quarter, and over 1, 3, 5, 7, and 10 years to the end of June 2025.
| Accumulation accounts | Retirement Income accounts4 | |
|---|---|---|
| 10 years (p.a.) | 8.19% | 9.00% |
| 7 years (p.a.) | 8.00% | 8.78% |
| 5 years (p.a.) | 9.94% | 10.92% |
| 3 years (p.a.) | 10.34% | 11.41% |
| 1 year | 11.17% | 12.09% |
| 3 months | 5.07% | 5.40% |
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.
Balanced asset allocation
| Strategic asset allocation | |
|---|---|
| Australian shares | 25.5% |
| International shares | 27.25% |
| Unlisted assets and alternatives | 30% |
| Fixed income | 15.25% |
| Cash | 2% |
| 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 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 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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