In this guide
In this article you can discover the top 10 performing Balanced pension funds over 1 year and 10 years. We recommend that you also read our explanatory article Introduction to SuperGuide’s top 10 performing super fund lists which can help you understand how to compare the different risk categories that super investment options sit within.
What is a Balanced investment option?
Investment options with a 41–60% allocation to growth assets are termed Balanced by Chant West, a research company that has been analysing super fund performance for more than 20 years.
Balanced investment options may appeal to people who want a more balanced mix of growth and defensive assets.
Many super funds label their investment options as Balanced and in SuperGuide’s research these investment options can have between 49% and 80% of growth assets. Investment options that have between 61% and 80% of growth assets are classified as Growth category.
How does a Balanced investment option behave?
In the short term, investment options in the Balanced risk category may experience more volatility than a Conservative-style investment but less volatility than a Growth-style investment.
In the long term, a Balanced-style investment option will generally grow more than a Conservative-style investment option but not as much as a Growth-style investment option.
Top 10 Balanced investment options (pension funds): 1 year to December 2024
| Super fund | Investment option | Return (per year) |
|---|---|---|
| Colonial First State FirstChoice | CFS Moderate | 12.3% |
| Legalsuper | Conservative Balanced | 10.9% |
| Vanguard Super | Balanced | 10.8% |
| GESB Super | Balanced | 10.8% |
| GuildSuper | Balanced | 10.7% |
| Russell Investments Master Trust | Diversified 50 | 10.7% |
| Brighter Super | Conservative Balanced | 10.6% |
| AMP Super Fund | Future Directions Moderately Conservative | 10.5% |
| Mercer Super | Mercer Moderate Growth | 10.5% |
| Australian Retirement Trust | Conservative Balanced | 10.3% |
Source: Chant West. The top 10 is limited to Balanced options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
- Pension fund rankings: All Growth category (96–100%)
- Pension fund rankings: High Growth category (81–95%)
- Pension fund rankings: Growth category (61–80%)
- Pension fund rankings: Balanced category (41–60%)
- Pension fund rankings: Conservative category (21–40%)
The median 1 year return for Balanced investment options to 30 December 2024 was 8.0%.
Below you can find the top 10 performing Balanced investment options over 1 year for previous time periods. Click the arrow to see the top 10 for each period, or continue reading to discover the top 10 performing Balanced investment options over 10 years.
Top 10 Balanced investment options (pension funds): 1 year to June 2024
| Super fund | Investment option | Return |
|---|---|---|
| Colonial First State FirstChoice | CFS Moderate | 10.1% |
| Russell Investments Master Trust | Diversified 50 | 9.9% |
| Brighter Super | Conservative Balanced | 9.8% |
| GuildSuper | Balanced | 9% |
| TWUSUPER | Moderate | 8.8% |
| Australian Retirement Trust | Retirement (ART – Super Savings) | 8.7% |
| Equip Super | Balanced | 8.6% |
| Public Sector Superannuation Accumulation Plan | CSCri Balanced (default) | 8.5% |
| AMP Super Fund | Future Directions Moderately Conservative | 8.5% |
| Mercer Super | Mercer Moderate Growth | 8.5% |
Source: Chant West. The top 10 is limited to Balanced options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
Top 10 Balanced investment options (pension funds): 1 year to December 2023
| Super fund | Investment option | Return |
|---|---|---|
| Brighter Super | Optimiser Multi-Manager Balanced | 12% |
| Russell Investments Master Trust | Diversified 50 | 10.6% |
| TWUSUPER | Moderate | 10% |
| GuildSuper | Balanced | 10% |
| Vision Super | Balanced | 9.8% |
| Brighter Super | Conservative Balanced | 9.8% |
| Colonial First State FirstChoice | CFS Moderate | 9.7% |
| Equip Super | Balanced | 9.5% |
| Mercer Super | Mercer Moderate Growth | 9.4% |
| Spirit Super | Moderate | 9.3% |
Source: Chant West. The top 10 is limited to Balanced options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
Top 10 Balanced investment options (pension funds): 1 year to June 2023
| Super fund | Investment option | Return |
|---|---|---|
| Brighter Super | Optimiser Multi-Manager Balanced | 10.1% |
| Mercer | Moderate Growth | 9.1% |
| Brighter Super | Conservative Balanced | 9.0% |
| Catholic Super | Balanced | 9.0% |
| Equip | Balanced | 8.9% |
| Vision Super | Balanced | 8.9% |
| TelstraSuper | Defensive Growth | 8.8% |
| Mine Super | Conservative Balanced | 8.6% |
| Hostplus | Conservative Balanced | 8.4% |
| Australian Retirement Trust | Retirement (ART – Super Savings) | 8.4% |
Source: Chant West. The top 10 is limited to Balanced options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
Top 10 Balanced investment options (pension funds): 1 year to December 2022
| Super fund | Investment option | Return |
|---|---|---|
| Qantas Super | Balanced | 0.0% |
| CareSuper | Conservative Balanced | -1.4% |
| UniSuper | Conservative Balanced | -1.9% |
| Rest | Balanced | -2.1% |
| Australian Retirement Trust – Super Savings | Retirement | -2.4% |
| BUSSQ | Defensive | -2.5% |
| Hostplus | Conservative Balanced | -2.7% |
| Aware Super | Balanced Growth | -2.9% |
| Spirit Super | Moderate | -2.9% |
| Legal Super | Conservative Balanced | -3.2% |
Source: Chant West. The top 10 is limited to Balanced options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
Top 10 Balanced investment options (pension funds): 1 year to June 2022
| Super fund | Investment option | Return |
|---|---|---|
| Qantas Super | Balanced | 1.9% |
| UniSuper | Conservative Balanced | 1.3% |
| Christian Super | Ethical Conservative Balanced | -0.2% |
| Rest | Balanced | -0.3% |
| Australian Catholic Super & Retirement | Balanced | -0.3% |
| Australian Retirement Trust | Retirement (Super Savings) | -1.0% |
| VicSuper | Balanced | -1.0% |
| BUSSQ | Defensive | -1.3% |
| Aware Super | Balanced Growth | -1.4% |
| Legal Super | Conservative Balanced | -1.5% |
Source: Chant West. The top 10 is limited to Balanced options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
Top 10 Balanced investment options (pension funds): 1 year to December 2021
| Super fund | Investment option | Return |
|---|---|---|
| Australian Retirement Trust | Retirement (ART – Sunsuper) | 13.3% |
| Christian Super | Ethical Conserv. Balanced | 12.6% |
| PSSap | Balanced | 12.4% |
| LGIAsuper | Capital Managed | 12.3% |
| Australian Catholic Superannuation and Retirement Fund | Conserv. Balanced | 12.3% |
| TelstraSuper | Defensive Growth | 12.2% |
| SuperSA | Moderate | 12.2% |
| Suncorp | Multi-Manager Balanced | 11.9% |
| Russell Investments Master Trust | Diversified 50 | 11.7% |
| MLC Super Fund | Horizon 3 | 11.6% |
Source: Chant West. The top 10 is limited to Balanced options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
Top 10 Balanced investment options (pension funds): 1 year to June 2021
| Super fund | Investment option | Return |
|---|---|---|
| Colonial First State FirstChoice | Moderate | 18.1% |
| LGIAsuper | Capital Managed | 16.7% |
| Sunsuper | Retirement | 16.6% |
| Hostplus | Conserv. Balanced | 16.5% |
| MLC Super Fund | Horizon 3 | 16% |
| Australian Catholic Superannuation and Retirement Fund | Conserv. Balanced | 16% |
| Russell Investments Master Trust | Diversified 50 | 16% |
| AustralianSuper | Conserv. Balanced | 15.8% |
| Vision Super | Balanced | 15.8% |
| Suncorp | Multi-Manager Balanced | 15.6% |
Source: Chant West. The top 10 is limited to Balanced options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
Top 10 Balanced investment options (pension funds): 1 year to December 2020
| Super fund | Investment option | Return |
|---|---|---|
| Suncorp | Multi-Manager Balanced | 9.0% |
| Vision Super | Balanced | 6.3% |
| Cbus | Conservative Growth | 5.6% |
| AustralianSuper | Conservative Balanced | 5.5% |
| CFS | FirstChoice Moderate | 4.4% |
| Super SA | Moderate | 4.3% |
| Aust Catholic Super & Ret | Conservative Balanced | 4.2% |
| Super SA | Conservative | 3.8% |
| Statewide | Conservative Balanced | 3.7% |
| Energy Super | Capital Managed | 3.7% |
Source: Chant West. The top 10 is limited to Balanced options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
Top 10 Balanced investment options (pension funds): 10 years to June 2020
| Super fund | Investment option | Return |
|---|---|---|
| Suncorp | Multi-Manager Balanced | 4.1% |
| Cbus | Conservative Growth | 2.6% |
| VicSuper | Capital Stable | 2.2% |
| LGIASuper | Balanced | 1.7% |
| AustralianSuper | Conservative Balanced | 1.5% |
| First State Super | Balanced | 1.2% |
| Legal Super | Conservative Balanced | 1.0% |
| Australian Catholic Super & Retirement | Conservative Balanced | 0.8% |
| Statewide | Conservative Balanced | 0.5% |
| TelstraSuper | Defensive Growth | 0.5% |
Source: Chant West. The top 10 is limited to Balanced options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
Playing the long game
It’s important to keep an eye on how your pension is performing for you year to year (and interesting to see how other funds have performed), but for most people, superannuation will be the longest-held investment we ever have, and our lens on super should reflect that.
Longer-term figures are more significant because they incorporate the ups and downs over that entire period, and allow us to see which investment managers can consistently deliver superior performance, regardless of changing external conditions.
Top 10 Balanced investment options (pension funds): 10 years to December 2024
| Super fund | Investment option | Return (per year) |
|---|---|---|
| Vision Super | Balanced | 7.3% |
| Australian Retirement Trust | Conservative Balanced | 7.3% |
| AustralianSuper | Conserv. Balanced | 7.1% |
| Hostplus | Conservative Balanced | 7.1% |
| Cbus Super | Conservative Growth | 6.9% |
| Aware Super | Conservative Balanced | 6.7% |
| Public Sector Superannuation Accumulation Plan | CSCri Balanced (default) | 6.7% |
| TelstraSuper | Lifestyle Moderate | 6.7% |
| Qantas Super | Balanced | 6.6% |
| GESB Super | Balanced | 6.6% |
Source: Chant West. The top 10 is limited to Balanced options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
Again median figures can provide good context. In the ten-year period to December 2024, Balanced investment options as a category delivered a median return of 6.4%.
A small difference in performance makes a big difference over time
Although the difference between the top performer and the median may not seem that significant (0.8% per year), the difference builds up significantly over time due to compounding.
For example, for a 67-year-old with $500,000 in super achieving 7.2% per year, their super balance would grow to approximately $605,365 by age 75 (assuming 0.8% in fees and not withdrawing any super).
All other things being equal, achieving 6.4% instead would mean a super balance of approximately $566,351 – approximately 6% less.
But don’t forget sequencing risk
When you are nearing or in retirement it is important to allow for sequencing risk, particularly if you need to draw down a significant part of your super balance.
Below you can find the top 10 performing Balanced investment options over 10 years for previous time periods. Click the arrow to see the top 10 for each period.
Top 10 Balanced investment options (pension funds): 10 years to June 2024
| Super fund | Investment option | Return (per yr) |
|---|---|---|
| Vision Super | Balanced | 7.2% |
| AustralianSuper | Conserv. Balanced | 7.1% |
| Hostplus | Conservative Balanced | 7% |
| Public Sector Superannuation Accumulation Plan | CSCri Balanced (default) | 7% |
| Australian Retirement Trust | Retirement (ART – Super Savings) | 7% |
| Cbus Super | Conservative Growth | 6.9% |
| Aware Super | Conservative Balanced | 6.6% |
| UniSuper | Conservative Balanced | 6.6% |
| TelstraSuper | Lifestyle Moderate | 6.6% |
| Qantas Super | Balanced | 6.4% |
Source: Chant West. The top 10 is limited to Balanced options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
Top 10 Balanced investment options (pension funds): 10 years to December 2023
| Super fund | Investment option | Return (per yr) |
|---|---|---|
| Vision Super | Balanced | 7.2% |
| AustralianSuper | Conservative Balanced | 7.1% |
| Hostplus | Conservative Balanced | 7% |
| Public Sector Superannuation Accumulation Plan | CSCri Balanced (default) | 6.9% |
| Australian Retirement Trust | Retirement (ART – Super Savings) | 6.9% |
| Cbus Super | Conservative Growth | 6.8% |
| TelstraSuper | Lifestyle Moderate | 6.7% |
| UniSuper | Conservative Balanced | 6.6% |
| Aware Super | Conservative Balanced | 6.6% |
| Qantas Super | Balanced | 6.5% |
Source: Chant West. The top 10 is limited to Balanced options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
Top 10 Balanced investment options (pension funds): 10 years to June 2023
| Super fund | Investment option | Return (% per yr) |
|---|---|---|
| Vision Super | Balanced | 7.8% |
| AustralianSuper | Conservative Balanced | 7.6% |
| TelstraSuper | Defensive Growth | 7.6% |
| CSCri | Balanced | 7.5% |
| Hostplus | Conservative Balanced | 7.4% |
| Australian Retirement Trust | Retirement (ART – Super Savings) | 7.3% |
| UniSuper | Conservative Balanced | 7.1% |
| Aware Super | Conservative Balanced | 7.1% |
| TelstraSuper | Lifestyle Moderate | 7.0% |
| Legal Super | Conservative Balanced | 6.8% |
Source: Chant West. The top 10 is limited to Balanced options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
Top 10 Balanced investment options (pension funds): 10 years to December 2022
| Super fund | Investment option | Return (% per yr) |
|---|---|---|
| AustralianSuper | Conservative Balanced | 7.8% |
| Vision Super | Balanced | 7.7% |
| Hostplus | Conservative Balanced | 7.4% |
| TelstraSuper | Defensive Growth | 7.4% |
| UniSuper | Conservative Balanced | 7.3% |
| Australian Retirement Trust – Super Savings | Retirement | 7.3% |
| Aware Super | Balanced Growth | 7.2% |
| Qantas Super | Balanced | 7.1% |
| Legal Super | Conservative Balanced | 7.1% |
| Rest | Balanced | 6.9% |
Source: Chant West. The top 10 is limited to Balanced options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
Top 10 Balanced investment options (pension funds): 10 years to June 2022
| Super fund | Investment option | Return (% per yr) |
|---|---|---|
| AustralianSuper | Conservative Balanced | 8.4% |
| VicSuper | Balanced | 8.4% |
| Vision Super | Balanced | 8.1% |
| TelstraSuper | Defensive Growth | 8.0% |
| Hostplus | Conservative Balanced | 8.0% |
| Australian Catholic Super & Retirement | Balanced | 7.9% |
| UniSuper | Conservative Balanced | 7.9% |
| Australian Retirement Trust | Retirement (Super Savings) | 7.7% |
| Aware Super | Balanced Growth | 7.6% |
| Legal Super | Conservative Balanced | 7.6% |
Source: Chant West. The top 10 is limited to Balanced options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
Top 10 Balanced investment options (pension funds): 10 years to December 2021
| Super fund | Investment option | Return (% per yr) |
|---|---|---|
| AustralianSuper | Conserv. Balanced | 9.8% |
| Aware Super | Balanced (VicSuper) | 9.4% |
| TelstraSuper | Defensive Growth | 9.4% |
| Hostplus | Conserv. Balanced | 9% |
| Vision Super | Balanced | 9.3% |
| UniSuper | Conservative Balanced | 8.9% |
| Colonial First State FirstChoice | Moderate | 8.8% |
| LGIAsuper | Capital Managed | 8.8% |
| Australian Retirement Trust | Retirement (ART – Sunsuper) | 8.7% |
| Australian Catholic Superannuation and Retirement Fund | Conserv. Balanced | 8.7% |
Source: Chant West. The top 10 is limited to Balanced options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
Top 10 Balanced investment options (pension funds): 10 years to June 2021
| Super fund | Investment option | Return (% per yr) |
|---|---|---|
| AustralianSuper | Conserv. Balanced | 9.1% |
| Vision Super | Balanced | 8.9% |
| VicSuper | Balanced | 8.7% |
| TelstraSuper | Defensive Growth | 8.7% |
| Hostplus | Conserv. Balanced | 8.6% |
| UniSuper | Conservative Balanced | 8.2% |
| Aware Super | Balanced Growth | 8.2% |
| CFS | FirstChoice Moderate | 8.2% |
| Energy Super | Capital Managed | 8.2% |
| Sunsuper | Retirement | 8.0% |
Source: Chant West. The top 10 is limited to Balanced options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
Top 10 Balanced investment options (pension funds): 10 years to December 2020
| Super fund | Investment option | Return (% per yr) |
|---|---|---|
| AustralianSuper | Conservative Balanced | 8.6% |
| Vision Super | Balanced | 8.5% |
| TelstraSuper | Defensive Growth | 8.4% |
| Hostplus | Conservative Balanced | 8.1% |
| UniSuper | Conservative Balanced | 8.0% |
| Aware Super | Balanced | 7.9% |
| Aust Catholic Super & Ret | Conservative Balanced | 7.7% |
| LGIASuper | Balanced | 7.6% |
| CareSuper | Conservative Balanced | 7.6% |
| Legal Super | Conservative Balanced | 7.6% |
Source: Chant West. The top 10 is limited to Balanced options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
Top 10 Balanced investment options (pension funds): 10 years to June 2020
| Super fund | Investment option | Return (% per yr) |
|---|---|---|
| AustralianSuper | Conservative Balanced | 8.6% |
| TelstraSuper | Defensive Growth | 8.5% |
| UniSuper | Conservative Balanced | 8.3% |
| Hostplus | Conservative Balanced | 8.2% |
| First State Super | Balanced | 7.9% |
| LGIASuper | Balanced | 7.8% |
| Energy Super | Capital Managed | 7.6% |
| Legal Super | Conservative Balanced | 7.6% |
| CareSuper | Conservative Balanced | 7.6% |
| CFS | FirstChoice Moderate | 7.4% |
Source: Chant West. The top 10 is limited to Balanced options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
© Zenith CW Pty Ltd ABN 20 639 121 403 (Chant West), Authorised Representative of Zenith Investment Partners Pty Ltd ABN 27 103 132 672, AFSL 226872 under AFS Representative Number 1280401 2020.
The data provided by Chant West is based on information supplied by third parties and does not contain all the information required to evaluate the nominated service providers, you are responsible for obtaining further information as required. The data provided by Chant West does not constitute financial product advice. However, to the extent that this data is advice it is General Advice (s766B Corporations Act) and Chant West has not taken into account the objectives, financial situation or needs of any specific person who may access or use this data. It is not a specific recommendation to purchase, sell or hold any product(s) and is subject to change at any time without prior notice. Individuals should consider the appropriateness of any advice in light of their own objectives, financial situations or needs and should obtain a copy of and consider any relevant PDS or offer document before making any decision. Data is provided in good faith and is believed to be accurate, however, no representation, warranty or undertaking in relation to the accuracy or completeness of the data is provided. Data provided is subject to copyright and may not be reproduced, modified or distributed without the consent of the copyright owner. Except for any liability which can not be excluded, Chant West does not accept any liability whether direct or indirect, arising from use of this data. Past performance is not an indication of future performance. Full details regarding Chant West’s research methodology, processes, ratings definitions are available at www.chantwest.com.au and Chant West’s Financial Services Guide is available at www.chantwest.com.au/financial-services-guide.
