3 July 2026
All investment options delivered positive returns for the 12 months to 30 June 2026.
The Balanced option, where most members are invested, delivered strong performance this financial year, returning 9.77% for super accounts and 10.82% for Choice Income (Pension) accounts.
The High Growth option benefitted from a strong year for growth assets, delivering 11.58% for super and 12.88% for Choice Income.
Investment markets were dominated by two key themes this year, artificial intelligence and geopolitics. Investment returns were largely determined by the amount of exposure to each of these themes.
The Fund’s approach to long-term active management performed well in this year’s environment, supported by favourable returns across asset classes, notwithstanding higher volatility and geopolitical uncertainty.
Following another year of growth, AustralianSuper now manages over $430 billion on behalf of more than 3.6 million members. As Australia’s largest super fund, one in seven working Australians are a member of AustralianSuper.1
FY26 investment performance and Chief Investment Officer update
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Show transcript
If you're an AustralianSuper member, I've got good news. Despite a lot of global uncertainty, we've seen positive investment returns across all our investment options. The Balanced option returned 9.8%, while High Growth returned 11.6%, delivering strong performance for members over the financial year.
While short-term results are important, so is long-term planning. Because, for most of us, super is income for our future. Even if you've already retired, we're here to help you enjoy life now and live well throughout your retirement.
2026 has seen some big changes at AustralianSuper, but none bigger than saying farewell to our long-standing Chief Investment Officer, Mark Delaney. And whilst change is constant, continuity is also important. Our new Chief Investment Officer, Shaun Manuell, has an impressive track record with the Fund, as our Head of Australian Equities for the past 13 years. I caught up with Shaun to find out what drove our investment performance.
It's really been the continuation of the equity story. We've seen equity markets up very strongly over the last 12 months. Another good year. It's been surprising – but I think what was also surprising was that that strength broadened out. Even though the United States was up 20% again, it underperformed other indices. So, for example, emerging markets were up over 40%. So, that breadth across markets was pleasing.
And listed equity was our best performing asset class. What was driving that?
Same theme – AI. It's been the theme for a number of years now, but it just continues to gather pace. If anything, it accelerated. And we've seen that with the recent IPO of SpaceX and some IPOs coming up later on in the year.
Shaun, can you tell us a little bit more about the broadening of returns?
Certainly. And as we've touched on, it wasn't just the broadening of equities and sectors and countries. Other asset classes also benefited, as well. So, we run a diversified approach. And so, it was pleasing to see strong performance in private credit and private equity, as well.
And geopolitics has created great global uncertainty, which can be very concerning for members. How are we looking at the geopolitics issues around the world at the moment?
The jump in prices has had a short-term, sort of, inflationary impact. But it's just added to this thematic of economic resilience. When it gets hindered, countries need to sit back and think about ‘how do we, sort of, manage ourselves through those periods?’ We've effectively had deglobalisation now for ten years, and that's had a huge impact on the way we think about investing and on the broader economy, as well.
And, Shaun, now you're in your new role as the Chief Investment Officer. What does success look like for you?
Very much a continuation of what the Fund has been delivering since its existence, which is delivering for members and having a members-first outlook. We sit here, and the track record of the Fund is an enviable one. And really, it's about helping the broader investment team continue to deliver that sort of performance for members, not just in the short term, but increasingly thinking longer term, as well.
So, that's a bit of what we saw during the past financial year. But, given the amount of uncertainty affecting global markets right now, our team is focused on what's ahead. When we look for investments with the ability to outperform, our team does a lot of research into the wider elements that impact markets. So, I spoke with Guy Bruten, a senior member of our macroeconomic research team, to see what he thinks we could see in the future.
As the grey hairs in my beard show, it's a challenging exercise. We’ve been pretty laser-focused on three key things. The first one is the US-Iran conflict and the spillover that's had to energy prices and supply chains; the big AI thematic – the capital spending and the disruption that's likely to come out of that; and then the third part is the prospects for, or the potential for, ongoing inflation.
You mentioned inflation. We often hear from members who are concerned about higher costs of living. What might it mean for interest rates?
It's, you know, it's been top of mind for us. Clearly, a lot of central banks moving to hike rates. So, those things are going to weigh on consumer spending on housing, I think, in the near term. But one thing to keep in mind is that, in the medium term, I think there are good reasons to be constructive. Now, part of that is around the tailwinds that come from capital spending. So, there's a range of structural drivers in play from the need for infrastructure renewal to fund the energy transition, the AI buildout, which has got quite a ways to run, and, importantly, that opens up the prospect for an improvement in productivity growth, something that's been a missing factor in many economies over the last decade.
We're always keen to share more with you about our investment performance and outlook, so if you'd like to learn more, join us for our next investment webinar on the 7th of August. You can find the details and register via our website.
Investment options
The returns for all PreMixed and DIY Mix investment options are shown below:
Super and TTR Income investment option performance as at 30 June 2026
| INVESTMENT OPTION | 1 Year | 3 Years p.a. | 5 Years p.a. | 10 Years p.a. | 15 Years p.a. | 20 Years p.a. |
|---|---|---|---|---|---|---|
| PreMixed Options | ||||||
| High Growth | 11.58% | 10.78% | 7.61% | 9.64% | 9.62% | 7.66% |
| Balanced | 9.77% | 9.24% | 6.53% | 8.47% | 8.65% | 7.25% |
| Socially Aware | 8.81% | 9.13% | 6.19% | 7.70% | 8.18% | 6.91% |
| Indexed Diversified | 9.09% | 10.85% | 7.46% | 8.27% | ||
| Conservative Balanced | 8.16% | 7.73% | 5.10% | 6.56% | 7.07% | |
| Stable | 6.12% | 5.99% | 3.75% | 4.85% | 5.53% | 5.40% |
| DIY Mix Options | ||||||
| Australian Shares | 10.22% | 12.02% | 9.66% | 10.55% | 9.89% | 8.16% |
| International Shares | 14.46% | 15.21% | 9.51% | 12.54% | 12.29% | 8.33% |
| Diversified Fixed Interest | 2.12% | 3.33% | 0.95% | 2.00% | 3.56% | 4.16% |
| Cash | 3.74% | 4.03% | 2.97% | 2.18% | 2.43% | 3.09% |
AustralianSuper investment returns are based on crediting rates, which are returns less investment fees and costs, transaction costs, the percentage-based administration fee deducted from returns from 1 April 2020 to 2 September 2022 and taxes. Returns don’t include all administration, insurance and other fees and costs that are deducted from account balances. Investment returns aren’t guaranteed. Past performance isn’t a reliable indicator of future returns.
For TTR Income accounts, the investment return is based on the crediting rate for super (accumulation) options. From 1 April 2020 to 2 September 2022 the crediting rate includes an administration fee that was deducted from investment returns for super (accumulation) accounts. TTR Income accounts have been adjusted to refund the administration fee deducted from investment returns.
Choice Income investment option performance as at 30 June 2026
| 1 Year | 3 Years p.a. | 5 Years p.a. | 10 Years p.a. | 15 Years p.a. | |
|---|---|---|---|---|---|
| PreMixed Options | |||||
| High Growth | 12.88% | 11.88% | 8.41% | 10.58% | 10.63% |
| Balanced | 10.82% | 10.15% | 7.16% | 9.24% | 9.56% |
| Socially Aware | 9.63% | 10.00% | 6.74% | 8.49% | 9.08% |
| Indexed Diversified | 10.10% | 12.11% | 8.32% | 9.28% | |
| Conservative Balanced | 9.19% | 8.63% | 5.68% | 7.34% | 7.96% |
| Stable | 7.01% | 6.73% | 4.20% | 5.44% | 6.26% |
| DIY Mix Options | |||||
| Australian Shares | 11.32% | 13.32% | 10.79% | 11.79% | 11.10% |
| International Shares | 15.63% | 16.49% | 10.24% | 13.59% | 13.49% |
| Diversified Fixed Interest | 2.46% | 3.90% | 1.08% | 2.34% | 4.12% |
| Cash | 4.38% | 4.68% | 3.44% | 2.55% | 2.85% |
Choice Income investment returns are based on crediting rates, which are returns less investment fees and costs, transaction costs and taxes. Doesn’t include all administration and other fees and costs that are deducted from account balances. Investment returns aren’t guaranteed. Past performance isn’t a reliable indicator of future returns.
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Asset classes
International and Australian listed shares were the largest contributors to the performance of AustralianSuper’s PreMixed options during the financial year. Equity markets have remained resilient – despite heightened geopolitical volatility – with many major market indices trading at or near all-time highs. Economic growth and corporate earnings have remained robust, importantly with portfolio returns broadening beyond the technology sector.
The Australian shares portfolio continued to outperform its benchmark over both the short and long term. Recent performance was supported by active positions in the energy and materials sectors, as well as underweight exposure to the banking sector.
International shares delivered the highest returns of the asset classes across the portfolio. While performance was strong, the performance of narrow segments of the market, responding to both AI and geopolitical developments, have extended headwinds for active managers relative to the benchmark.
Investments in unlisted assets contributed meaningfully to performance throughout the financial year, led by private credit and private equity.
Higher private credit yields, relative to government bonds, and favourable security selection in the portfolio supported strong returns in the asset class. Private equity benefitted from an increase in deal activity and valuations, compared to the prior year where opportunities to exit investments were more muted.
Infrastructure investments in seaports, airports and toll roads continued to perform well over the year. Favourable performance from key holdings in unlisted property, particularly in Australia, also supported returns.
Fixed interest markets saw some variability throughout the year, as the impact of inflation concerns and changing interest rate expectations created some volatility in yields. Overall, performance for the fixed interest portfolio was positive and outperformed its benchmark due to active duration and credit management.
The cash portfolio similarly outperformed its benchmark over the year. The team’s active approach to security selection amidst rising interest rates supported solid relative and absolute performance.
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Macroeconomic overview
Following the escalation of conflict in the Middle East, concerns about geopolitical instability, rising oil prices and supply chain disruptions drove an increase in market volatility. The energy, materials and utilities sectors broadly benefited from rising commodity prices, inflation uncertainty and geopolitical tensions.
Despite disruptions to some major supply chains, the global economy has proven resilient. Buffers like government spending, business investment and the AI-driven technology boom have helped absorb the shock of higher energy prices and expectations have remained anchored to a negotiated resolution to the conflict.
While there have been concerns about overbuilding in AI-related infrastructure and software, demand appears to be keeping pace. AI demand continues to benefit semiconductor producers, which provide the computing power for AI and have been one of the best performing sectors this year.
Importantly, economic growth and profits have broadened beyond the tech sector. Emerging Markets have benefited from the widening of the AI trade, which had been more concentrated in the US in recent years.
Inflation and interest rates have remained central to the investment outlook, with tensions between expansionary fiscal policy and tighter monetary policy creating uncertainty around the path of inflation. Central banks, including the RBA, have maintained a cautious stance, with further rate increases possible depending on inflation outcomes.
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Chief Investment Officer announcement
Effective 1 July 2026, AustralianSuper announced the appointment of new Chief Investment Officer, Shaun Manuell.
This appointment follows the retirement of former Chief Investment Officer and Deputy Chief Executive, Mark Delaney, who served the Fund for 25 years.
Shaun is a long-standing senior leader with the Fund, having successfully led the Australian equities team for the last 13 years. During that time, he oversaw growth in internally managed equities from $1 billion to over $100 billion.
Shaun has proven himself a great leader and investor at scale over the long term. During his time as Head of Australian Equities, he oversaw sustained outperformance through disciplined portfolio construction and stock selection.
Shaun brings deep knowledge of the Fund and credibility across the investment community. Having worked closely with the directors of Australia’s largest companies over many years, Shaun is known for his considered approach to representing the interests of members in Australia and globally.
Originally hailing from Cobden in western Victoria, Shaun brings more than 25 years’ investment experience. He has a deep commitment to delivering for members to grow and protect their retirement savings.
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Investment outlook
Many investors view the potential for higher inflation and stretched valuations as the biggest risks to the market.
Rising costs of living and higher interest rates could weigh on consumer spending and the housing market. As a result, growth could moderate in the near term, as these higher costs flow through to households and businesses. Equity valuations remain above long-term averages, but corporate earnings continue to surprise to the upside.
There also remains some uncertainty around the US-Iran conflict and markets may remain volatile in the near term as the situation continues to evolve.
While these factors will likely drive conditions in the near term, the medium-term outlook is constructive. AI is expected to deliver meaningful productivity gains over the coming years. Additionally, continued public and private investment – in infrastructure, defence and the energy transition – should provide a foundation for sustained growth.
As an active, long-term investor, we continue to adapt to changing conditions, managing risk while seeking out opportunities to grow members' retirement savings. Market volatility can lead to mispricing and create buying opportunities for patient investors like us.
Our positioning remains moderately overweight to growth assets like listed equities, diversified across regions and sectors. We expect investment returns will be driven predominantly by earnings growth, as opposed to further expansions of valuations.
Register for our investment webinar
We're always keen to share more with members about investment performance and outlook. If you'd like to learn more, join CIO Shaun Manuell and Head of FICC Katie Dean at our next investment webinar on August 7th.
Click here to register for the webinarReferences
1. Source: Australian Bureau of Statistics (Labour force) and AustralianSuper Member Data, December 2025.
Investment returns aren’t guaranteed. Past performance isn’t a reliable indicator of future returns. This material contains general information and commentary on market conditions and economic developments and does not constitute investment advice, an investment recommendation or investment research. The views expressed are based on information available at the date of publication and reflect current assumptions, expectations and opinions, which are subject to change without notice. While every care has been taken in the preparation of this material, no representations or warranties are given as to the accuracy or completeness of any statement in it, including without limitation, any forecasts. Statements regarding future matters are forward looking in nature and involve known and unknown risks and uncertainties. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements and accordingly reliance should not be placed on any forward-looking statement. Past performance is not necessarily a guide to future performance and outcomes and results may differ materially from those expressed or implied.
This may include general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision consider if the information is right for you and read the relevant Product Disclosure Statement, available at australiansuper.com/PDS or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/TMD.
AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.
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