Top-performing superannuation funds revealed

Superannuation fund members received a solid boost to their retirement savings in 2023, despite a challenging economic backdrop.

The median growth super fund returned 9.9 per cent to members in the calendar year, according to research by Chant West. The top performers delivered double-digit returns to their members.

The result erases the 4.6 per cent loss reported in 2022 and represents the 11th positive return over the past 12 years.

Superannuation fund members enjoyed strong returns over the 2023 calendar year. (Source: Getty)

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Chant West senior investment research manager Mano Mohankumar said strong share markets were the main driver of the robust yearly result.

“International shares was the standout asset class, with a tremendous 23 per cent return over the year, led by the tech sector, which benefited from advancements in AI,” Mohankumar said.

“While Australian shares didn’t reach the same level, it still delivered a healthy 12.1 per cent over the same period.”

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Bonds were also back in positive territory, Mohankumar said. Australian bonds and international bonds were up 5.1 and 5.3 per cent, respectively. Cash returned 3.9 per cent over the year, benefiting from higher interest rates.

Infrastructure and private equity delivered positive returns over the year, while unlisted property finished in negative territory, “driven mainly by markdowns in the office sector”.

“Meanwhile, listed real assets were mixed, with Australian-listed property and international-listed property up 16.9 per cent and 7.9 per cent, respectively, while international-listed infrastructure was flat over the year,” Mohankumar said.

Top 10 performing growth funds

Mine Super had the top-performing growth super fund for 2023, delivering returns of 11.8 per cent for its members. Chant West defines growth funds as those with 61-80 per cent invested in growth assets.

Here are the top 10 performers for the year to December 2023:

1. Mine Super Growth - 11.8%

2. Vision Super Balanced Growth - 11.7%

3. IOOF Balanced Investor Trust - 11.2%

4. Aware Super Balanced - 11%

5. TWUSUPER Balanced (MySuper) - 10.6%

6. HESTA Balanced Growth - 10.5%

7. Brighter Super MySuper - 10.4%

8. UniSuper Balanced - 10.3%

9. Prime Super MySuper - 10.3%

10. Australian Retirement Trust - Super Savings Balanced - 10.2%

Looking at longer-term returns, here are the top 10 performing funds for the 10 years to December 2023:

1. Hostplus Balanced - 8.3%

2. AustralianSuper Balanced - 8%

3. Australian Retirement Trust - Super Savings Balanced - 7.9%

4. UniSuper Balanced - 7.7%

5. Cbus Growth (MySuper) - 7.6%

6. Vision Super Balanced Growth - 7.5%

7. CaseSuper Balanced - 7.5%

8. HESTA Balanced Growth - 7.4%

9. Spirit Super Balanced (MySuper) - 7.4%

10. Australian Ethical Super Balanced - 7.3%

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