21 October 2026
All diversified PreMixed investment options delivered solid returns over the past 12 months, to 30 September 2026, supported by the Fund’s approach to diversification and long-term portfolio positioning.
Investors have faced renewed inflationary pressures and geopolitical uncertainty recently. Markets continue to weigh the strength of the AI boom with the reality of a higher-for-longer interest rate environment.
The Balanced option, where most members are invested, generated 0.75% for super accounts during the September quarter and 6.70% over the 12 months to 30 September 2026. Meanwhile, the High Growth option returned 1.11% for super for the quarter and 8.00% for the 12 months to 30 September 2026.
Over the longer term, the Balanced option for super accounts has delivered an average annual return of 8.17% over 10 years and 9.07% over 15 years to 30 September 2026. AustralianSuper is one of the top-performing super funds over the long term.1
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 September 2026
| INVESTMENT OPTION | 3 Months | 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 | 1.11% | 8.00% | 11.22% | 7.48% | 9.31% | 10.20% | 7.60% |
| Balanced | 0.75% | 6.70% | 9.55% | 6.33% | 8.17% | 9.07% | 7.18% |
| Socially Aware | -0.47% | 4.71% | 9.20% | 5.63% | 7.22% | 8.50% | 6.82% |
| Indexed Diversified | 0.73% | 5.75% | 11.23% | 7.20% | 8.07% | 8.26% | |
| Conservative Balanced | 0.40% | 5.47% | 7.92% | 4.92% | 6.30% | 7.34% | |
| Stable | -0.05% | 3.86% | 6.04% | 3.56% | 4.63% | 5.59% | 5.33% |
| DIY Mix Options | |||||||
| Australian Shares | 0.91% | 6.02% | 12.08% | 9.34% | 10.02% | 10.82% | 8.11% |
| International Shares | 1.38% | 9.73% | 15.99% | 9.39% | 12.31% | 13.00% | 8.23% |
| Diversified Fixed Interest | -1.72% | -0.27% | 2.61% | 0.59% | 1.66% | 3.16% | 3.97% |
| Cash | 1.08% | 3.93% | 4.07% | 3.18% | 2.24% | 2.43% | 3.08% |
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 has been adjusted to refund the administration fee deducted from investment returns.
Choice Income investment option performance as at 30 September 2026
| INVESTMENT OPTION | 3 Months | 1 Year | 3 Years p.a. | 5 Years p.a. | 10 Years p.a. | 15 Years p.a. |
|---|---|---|---|---|---|---|
| PreMixed Options | ||||||
| High Growth | 1.16% | 8.86% | 12.35% | 8.26% | 10.22% | 11.28% |
| Balanced | 0.79% | 7.39% | 10.48% | 6.95% | 8.90% | 10.01% |
| Socially Aware | -0.53% | 5.05% | 10.06% | 6.14% | 7.96% | 9.44% |
| Indexed Diversified | 0.81% | 6.36% | 12.57% | 8.08% | 9.06% | |
| Conservative Balanced | 0.41% | 6.11% | 8.83% | 5.47% | 7.03% | 8.27% |
| Stable | -0.09% | 4.43% | 6.77% | 4.00% | 5.17% | 6.31% |
| DIY Mix Options | ||||||
| Australian Shares | 1.05% | 6.69% | 13.37% | 10.42% | 11.21% | 12.07% |
| International Shares | 1.48% | 10.45% | 17.33% | 10.09% | 13.34% | 14.32% |
| Diversified Fixed Interest | -2.03% | -0.36% | 3.04% | 0.69% | 1.95% | 3.65% |
| Cash | 1.22% | 4.55% | 4.71% | 3.69% | 2.61% | 2.84% |
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
The performance of individual asset classes was mixed to start the 2026-27 financial year. Most asset classes generated positive returns during the September 2026 quarter, while fixed income, impacted by rising market yields, weighed on performance.
Performance varied across regions and sectors, but listed equities delivered positive returns during the quarter, supported by strong corporate earnings and continued investment in artificial intelligence. The global Energy sector performed well, driven by higher oil prices as hostilities re-escalated in the Middle East. Meanwhile, the Real Estate and Utilities sectors lagged, impacted by higher inflation and interest rates.
The Australian shares portfolio delivered a solid start to the financial year, particularly through exposure to the Energy and Healthcare sectors. However, rising interest rates, energy prices and geopolitical uncertainty tempered gains for the quarter, as all other sectors fell during the month of September.
International shares continued to benefit from strong earnings and AI-related investment. The portfolio maintained diversified regional and sector exposures, given concentration and higher valuations in parts of the market, such as the Technology sector.
The returns of private market assets continue to evolve in the AI-driven, post-COVID environment. Each of these asset classes delivered solid returns, as well as diversification benefits, during the quarter.
Private equity delivered the highest returns across asset classes in the portfolio during the three months to 30 September 2026. The outlook for new private equity investments remains attractive, supported by more disciplined entry valuations and the potential for corporate earnings growth. Meanwhile, private credit returns have been supported by higher income, with credit spreads remaining tight versus historical standards.
Unlisted infrastructure continued to provide positive returns, supported by returns from airports, seaports and transportation assets. Unlisted property performance and outlook have improved in recent periods, as income growth and sector-specific supply conditions have become more supportive.
The fixed income portfolio faced recent headwinds from rising yields, as markets navigated higher energy prices, inflation and prospects of further central bank tightening. Cash continued to provide steady returns in a higher interest rate environment, while also providing general liquidity for the portfolio.
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Macroeconomic overview
The global economy has remained resilient despite a broadening Middle East conflict, disruption to supply chains and rising oil prices. Government support, business investment and the AI-driven technology cycle have helped offset some of the drag from energy price shocks.
These factors, however, have added to inflation. And this has increased pressure on central banks to respond. In September, the Reserve Bank of Australia raised the cash rate for the fourth time this year, to 4.60% – its highest level in fifteen years. In the US, the Federal Reserve increased interest rates for the first time in over three years, to the 3.75% – 4.00% range.
Global bond yields rose sharply during the September 2026 quarter. Because bond yields and prices have an inverse relationship, this placed pressure on fixed income returns. Yields have remained closely correlated with energy prices.
AI-related investment continues to support economic growth. The investment team is also tracking emerging evidence of productivity growth from AI adoption. While there are early signs of productivity growth in industries with high AI exposure, AI adoption is most likely one of several contributing factors.
In the US, technology investment has accounted for more than half of all recent capital spending, as well as most of the earnings growth in indices like the S&P 500. Importantly, these gains have extended beyond the Magnificent 7 stocks and into the broader Tech sector.
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Investment strategy and outlook
Portfolio exposures remain diversified across regions, sectors and asset classes. The investment team continues to actively manage risk with flexibility to respond to changing conditions, including opportunities created by volatility and price dislocations. Diversification and disciplined investment selection remain especially important in an environment where economic and market outcomes may vary significantly.
The medium-term outlook remains broadly positive, supported by resilient economic growth, strong corporate earnings, AI-related investment and continued public and private spending on infrastructure, defence and the energy transition.
Conditions in the nearer term have the potential to create more headwinds. Higher energy prices, inflation and bond yields, as well as the possibility of further central bank tightening, may constrain short-term economic growth and create additional pockets of market volatility.
If interest rates continue to rise, equity multiples could come under pressure like they did in 2022. Future returns will therefore likely depend more on earnings growth, rather than continued expansions of valuation multiples. In particular, the earnings growth of AI-related companies will face heightened scrutiny, given the market’s expectations for the sector.
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References
- AustralianSuper Balanced investment option compared to the SuperRatings Fund Crediting Rate Survey – SR Balanced (60–76) Index to 30 September 2026.
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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