Media Release: Top performers revealed as super funds charge through 2024 with double digit returns

Despite a post-Christmas stumble resulting in December returns falling into the red, it was full steam ahead for funds over 2024, with returns boosting member balances in 10 out of the 12 months in the year. The median Balanced option reported a -0.4% return in December, but 11.1% for the full 2024 calendar year, comfortably exceeding last year’s strong result of 9.6%.

Accumulation returns to 31 December 2024

 Monthly1 yr3 yrs
(p.a.)
5 yrs
(p.a.)
7 yrs
(p.a.)
10 yrs
(p.a.)
SR50 Balanced (60-76) Index-0.4%11.1%5.2%6.5%6.8%7.0%
SR50 Capital Stable (20-40) Index-0.1%6.4%3.1%3.6%4.0%4.3%
SR50 Growth (77-90) Index-0.5%13.4%6.1%7.8%8.0%8.2%
Source: SuperRatings estimates

The median growth option returned -0.5% in December and 13.4% over the year, while a smaller allocation to shares resulted in the median capital stable option returning -0.1% for the month and 6.4% across the year.

Pension returns to 31 December 2024

 Monthly1 yr3 yrs
(p.a.)
5 yrs
(p.a.)
7 yrs
(p.a.)
10 yrs
(p.a.)
SR50 Balanced (60-76) Index-0.5%12.3%5.6%7.3%7.5%7.8%
SR50 Capital Stable (20-40) Index-0.1%7.0%3.3%4.0%4.4%4.9%
SR50 Growth (77-90) Index-0.6%14.8%6.6%8.5%8.8%9.1%
Source: SuperRatings estimates

Pension members also had a bumper year with the median pension balanced option returning -0.5% in December, but 12.3% over the year.

International shares were once again the standout performer in 2024, led by strong growth in US shares. Despite a disappointing December return, Australian Shares also contributed double digit returns over the year. Returns were further enhanced by strong property and infrastructure asset returns, while fixed interest and cash returns provided a more modest but still helpful mid-single digit return.

*Balances are based on monthly SR Index returns and assume no additional contributions over the investment period. Returns are calculated net of investment fees and taxes but do not consider administration fees or other potential deductions from member’s accounts.

Funds continue to deliver for members over the longer term. An investment of $100,000 in the median balanced option 15 years ago would now be worth $280,237 while investing in the median growth option would now be worth $307,519. Members who invested in cash would have $141,117.

Raiz Super was the top performer in the SuperRatings Balanced Index with its Moderately Aggressive option returning 14.7% over 2024. Hostplus’ Indexed Balanced option was next, returning 14.2% while Colonial First State First Choice Personal’s CFS Enhanced Index Balanced option took third place, returning 13.4% over the year.

Top 10 balanced options over 12 months to 31 December 2024

RankOption Name1 Year %10 Year % p.a.
1Raiz Super – Moderately Aggressive 14.7
2Hostplus – Indexed Balanced 14.27.7
3Colonial First State First Choice Personal – CFS Enhanced Index Balanced 13.47.0
4ESSSuper – Balanced Growth 13.1
5Vanguard Super – Growth 12.9
6smartMonday – Balanced Growth 12.86.9
7Aware Super Future Saver – Balanced 12.47.7
8AMP Signature Super – Future Directions Balanced 12.26.6
9Brighter Super – Balanced 12.1
10GESB Super – My GESB Super Plan12.06.6
 SR50 Balanced (60-76) Index11.17.0
*Performance tables are based on options included in the SR50 Balanced Index and do not represent all Balanced (60-76) options offered by superannuation funds. Returns are after investment fees and taxes and are rounded to one decimal place; however, rankings are determined using unrounded data held by SuperRatings.

Superannuation remains a long-term investment for most, with many members having several decades of returns before retirement. It is therefore important to remain focused on longer term returns, with the top performing funds over 10 years listed below.

The Hostplus – Balanced option remains the top performer over the long-term, with an average return of 8.4% pa., closely followed by Australian Retirement Trust – Super Savings – Balanced with an average return of 8.3% pa. AustralianSuper’s Balanced option rounds out the top three over 10 years with an average return of 8.1% pa.

Top 10 balanced options over 10 years to 31 December 2024

RankOption Name1 Year %10 Year % p.a.
1Hostplus – Balanced 10.38.4
2Australian Retirement Trust – Super Savings – Balanced 11.98.3
3AustralianSuper – Balanced 10.58.1
4UniSuper – Balanced 11.77.9
5Cbus – Growth (MySuper)10.87.8
6Vision Super – Balanced Growth 10.27.8
7Hostplus – Indexed Balanced 14.27.7
8HESTA – Balanced Growth 11.07.7
9Aware Super Future Saver – Balanced 12.47.7
10CareSuper – Balanced 9.67.6
 SR50 Balanced (60-76) Index11.17.0
*Performance tables are based on options included in the SR50 Balanced Index and do not represent all Balanced (60-76) options offered by superannuation funds. Returns are after investment fees and taxes and are rounded to one decimal place; however, rankings are determined using unrounded data held by SuperRatings.

With shares driving most of 2024’s returns, passive investment options, where a fund tracks a specified index, have outperformed their more traditional actively managed counterparts over the year. Aware Super lead the pack when assessing passive option returns with its Balanced Index option returning 15.7%.

The table below displays the top 10 passive fund returns over 2024 and over 5 years, with most of these options having been available within superannuation for a shorter length of time.

Top 10 balanced passive options over 12 months to 31 December 2024

RankOption Name1 Year %5 Year % p.a.
1Aware Super Future Saver – Balanced Indexed15.7
2Brighter Super – Indexed Balanced 15.48.0
3netwealth Super Accelerator – BlackRock GSS Index Plus Growth Fund 14.96.0
4Rest – Balanced Indexed 14.37.6
5Hostplus – Indexed Balanced 14.27.6
6Colonial First State First Choice Employer – CFS Enhanced Index Balanced 13.76.9
7AustralianSuper – Indexed Diversified 13.67.5
8Qantas Super – Thrifty 13.6
9HESTA – Indexed Balanced Growth 13.5
10Australian Retirement Trust – Super Savings – Balanced Index 13.57.1
*Performance tables are based on passive options with a growth asset allocation between 60%-76%. Returns are after investment fees and taxes and are rounded to one decimal place; however, rankings are determined using unrounded data held by SuperRatings.

Younger members in MySuper options using a lifecycle model have also benefitted from strong share markets as these funds tend to have higher exposure to growth assets, particularly for members under the age of 45-55.

We have taken a representative cohort below, showing the returns expected to have been realised for younger members (under 45 years old in 2024) in these products.

Top 10 MySuper Lifecycle options over 12 months to 31 December 2024

RANKOption NameGrowth Assets %1 year %10 year % p.a.
1Colonial First State First Choice – Lifestage 1980-84 9317.58.0
2Colonial First State Essential Super – Lifestage 1980-84 9317.57.9
3Vanguard Super – Lifecycle Age 47 and under 9016.4
4Virgin Money Super – LifeStage Tracker Born 1979 – 1983 9015.6
5Mine Super – Lifecycle Investment Strategy Under Age 50 9715.68.5
6AMP SignatureSuper – MySuper 1980s 8515.28.1
7Mercer SmartPath – MySuper Born 1979 – 1983 8814.68.2
8Russell iQ Super – MySuper GoalTracker Age 45 9514.4
9Aware Super Future Saver – MySuper Lifecycle High Growth 8814.29.0
10GuildSuper – Growing Lifestage 8914.17.8
*Returns are after investment fees and taxes and are rounded to one decimal place; however, rankings are determined using unrounded data held by SuperRatings. Based on MySuper Lifecycle options for a member aged 45 or under.

2024 will be the second consecutive year members invested in lifecycle options have benefited from their higher exposure to growth assets. While members will be happy to see the benefits of this investment design, it is worth noting that the higher exposure to growth assets will also result in greater ups and downs and members invested in these options should be prepared to see their balances shifting over time.

Top 5 sustainable balanced options over 12 months to 31 December 2024

RankOption Name1 year %5 year % p.a.
1Raiz Super – Emerald (SRI) 16.914.8
2UniSuper – Sustainable Balanced 15.27.2
3Aware Super Future Saver – Balanced Socially Conscious14.78.1
4Vanguard Super – Ethically Conscious Growth 14.7
5Future Super – Balanced Index 13.15.8
*Returns are after investment fees and taxes and are rounded to one decimal place; however, rankings are determined using unrounded data held by SuperRatings. Based on SR Sustainable Balanced Survey for options with SAA of 60-76% growth assets tracked by SuperRatings.

Investments with a sustainable focus have also outperformed over the year with Raiz Super’s Emerald investment option delivering 16.9% to members over 2024. The option was also the top performing sustainable option over 5 years, with a return of 14.8% per annum.

We expect 2025 to be dominated by global events, with changes in US policy following the start of Trump’s second term as president, China’s economic stimulus outcomes and the Ukraine war all likely to create short term noise across markets. The new year is a good time for members to consider the level of ups and downs they are willing to tolerate and do a health check on their fund across performance, fees and insurance.

We saw inflation moderate around the world in 2024; however, the outlook in Australia remains uncertain with a lowering of interest rates unlikely in the short term. While funds have done well for members over the past year, conditions remain challenging and a focus on long term outcomes is required.

SuperRatings Executive Director Kirby Rappell said, “Despite the uncertainty in markets, funds have consistently delivered positive outcomes for members over 2024. With a strong double digit return for most funds, members can be reassured their retirement savings continue to grow. However, 2025 could bring many potential pitfalls and sticking to a long-term strategy is important should we start to see balances falling. High levels of diversification continue to insulate members over time, resulting in impressive long-term performance by those managing our retirement savings.”

Release ends

We welcome media enquiries regarding our research or information held in our database. We are also able to provide commentary and customised tables or charts for your use.

For more information contact:

Kirby Rappell
Executive Director
Tel: 1300 826 395
Mob: +61 408 250 725
Kirby.Rappell@superratings.com.au

Require further information? Simply visit www.superratings.com.au.

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