Balanced
Offers a diversified portfolio with around 70% growth assets.
Option: Balanced
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Summary
10-year returns as at 30 September 2025
8.78% p.a.
Returns over the last 10 years1
5+ years
Suggested timeframe
Who it suits
Suitable if you're an investor who:
- wants a diversified portfolio with around 70% growth assets
- wants to grow your super over the long term
- is prepared to accept that the option can have negative returns over the shorter term
- is prepared to accept the option may not be suitable if you have a low risk tolerance, are seeking to preserve your super, or are likely to need access to your super in the next few years.
Risk3
RiskBar
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Expected number of years of negative annual returns in any 20 years: 3 to less than 4. The risk is based on the standard risk measure (SRM)^.
Investment objective3
Accumulation and TTR Income accounts:
CPI + 3.5% p.a.
Retirement Income accounts:
CPI + 4.0% p.a.
Option size
Super assets:
$23.7 billion
Pension assets:
$7.3 billion
^For more definitions
Balanced performance
As at 30 September 20251
World share markets delivered strong returns over the September quarter, buoyed by the US Federal Reserve’s first rate cut of the year in September, and the delivery of strong earnings reports by AI/tech firms. Australian equities held up well through the quarter, benefiting from global tailwinds and robust domestic sectors. Materials led the gains, as mining shares rose sharply, followed by utilities and consumer discretionary.
Global bonds outperformed Australian bond markets over the quarter, while non-government bonds generally outperformed government securities.
Over the quarter, ART’s unlisted assets produced positive returns, with private equity outperforming infrastructure and real estate. However, private assets have underperformed public markets, particularly given the very strong returns delivered by international share markets.
The 10-year return of 8.78% p.a. for Accumulation accounts remains above the option’s return objective of CPI+3.5% p.a.
In the SuperRatings survey for September 2025, the performance of the Balanced option was slightly below the median fund over the quarter, and ahead over 1, 3, 5, 7, and 10 years to the end of September 2025.
Table
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Past performance isn't a reliable indicator of future performance. Returns shown are after investment fees and costs, transaction costs and investment taxes (where relevant) but before all other fees and costs.
Returns shown here for our Accumulation account are also the returns that apply for Transition to Retirement Income accounts. Tax generally doesn't apply to investment earnings in Retirement Income accounts.
Balanced asset allocation
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AssetAllocationTable
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From 1 July 2025. For more information on these asset classes, strategic asset allocations, and allowable ranges, read the PDS that applies to you.
Outlook and strategy
As at 30 September 2025
We continue to hold a substantial allocation to the key unlisted asset classes – real estate, infrastructure, private equity, and private debt. As a large superannuation fund, we have well-diversified portfolios of these assets that we expect will deliver strong, long-term returns, while reducing our members’ exposures to share market volatility.
We don’t design portfolios based on short-term economic, market, or geopolitical forecasts. However, our investment team and external investment managers do seek to capitalise on opportunities that inevitably emerge during times of heightened market volatility.
At the end of September 2025, our active asset allocation strategy favoured bonds over shares and cash. The strategy also sought to take advantage of significant differences in relative value between countries. Within the shares allocation, we preferred Japanese shares over shares in the US and Australia. In fixed income, we were overweight in France, UK, Italy, and Australia and maintained underweight positions in Canadian, German, US, and Japanese bonds. The strategy’s currency exposure is underweight the US dollar, while favouring Asian and Latin American currencies.
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