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Super funds had a terrible year, but a great decade. Here are the 10 funds that have performed best over the long term.
Yes, super funds had a bad year in 2022.
Most of the default growth funds (these are funds with 60–80% allocation to growth assets) ended the year with a negative return, due to the falls in global share markets as a result of rising inflation.
In fact even the best-performing growth fund for 2022, CareSuper Balanced, returned -2.0% for members according to super research firm Chant West.
Big name industry funds Hostplus and AustralianSuper also delivered negative returns, with -2.5% and -2.7%, respectively.
However, superannuation is a long-term investment, perhaps the longest investment you'll ever make.
So when comparing super funds, look at the long-term performance figures, as these show a much more accurate picture of how the fund has performed on average over many years.
*Performance returns for period ending December 2022 according to Chant West.
Even though all 10 funds above returned a negative result for 2022, over the past decade they've managed to return over 8.0% p.a. on average for members.
This is actually ahead of target, according to Chant West senior investment research manager, Mano Mohankumar. "Over the 30½ years since the introduction of compulsory super in July 1992, the median growth fund has delivered an annualised return of 7.8%, which is 1.7% p.a. ahead of the typical return objective of CPI +3.5% p.a."
Seeing your super fund deliver a negative return one year isn't fun for any of us, but luckily, it's not actually all that common.
"This was the first negative calendar year since 2011 and only the fifth in the full 30 years of compulsory super," Mohankumar said.
"It also comes on the back of a particularly strong 2021, so perhaps we were due for a return to earth given the challenging investment backdrop. Most importantly, members should take comfort in the fact that funds are continuing to meet their long-term return objectives."
If you haven't checked how your fund is preforming for a while, it could be time to compare super funds and make the switch.
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The information in the table is based on data provided by Zenith CW Pty Ltd, ABN 20 639 121 403 (Chant West) unless indicated otherwise.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds.
Superannuation is the main way of saving for your retirement in Australia. Your superannuation is one big investment portfolio in your name that's managed for you by your super fund. Â
Trying to decide between AustralianSuper and Sunsuper? We've compared their fees, investment options, performance and extras side by side to help you choose.
Here’s what you need to know about changing super funds including how to do it, the fees that apply, how long it takes and the pros and cons of switching.
Using the filters on the left side, if you and select ‘High growth’ and untick the box that says “Only show products with direct links & enquiry options” you’ll see heaps of options for high-growth funds, including many that are focused on property.
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Looking for a good super that invests in property on top of a decent return
Hi Kirk, you can compare super funds here: https://www.finder.com.au/super-funds
Using the filters on the left side, if you and select ‘High growth’ and untick the box that says “Only show products with direct links & enquiry options” you’ll see heaps of options for high-growth funds, including many that are focused on property.
Thanks,
Alison