The 5 best-performing super funds of the year

Every little bit counts when it comes to your super, after all “from little things, big things grow”. Compounded returns matter – and fees, too. 

Past performance may not be a reliable indicator of future performance, but equally you don’t want to be in the worst performing fund of the last five to 10 years, especially when the market has been hitting record highs.

It can pay to assess your portfolio regularly – how is it invested, how has it performed over the longer term, and is it the right mix for your needs? Your super mix at age 25 shouldn’t necessarily be the same as your mix at age 65.

Equally, super is a very long-term investment. This isn’t a story about switching it up every couple of years, but setting the long-term plan and the super fund that best matches that plan and your individual needs. Depending on your selected fund, you may need to adjust this yourself as you age or it may be automatically done on your behalf.

Do you know which are the best performing super funds?

In this article, I’ll take a look at the five best performers based on the default MySuper offering.

Some funds will have as their default option a Lifestage/Lifecycle fund, where the risk mix adjusts once you reach a certain age (it's typically high growth until around age 50, then shifts after that), while others will have a default option along the lines of a balanced or growth fund. It might be reassuring to see that default doesn't necessarily equate to bad performance, just as a DIY option won't guarantee you better results.

Best-performing super funds based on five-year returns

For the purpose of this article, I’ve used Canstar’s Compare Super Funds function. You can adjust the mix based on age group and balance. I’ve chosen to filter based on Livewire’s average audience – so age 40-49. The results didn’t change based on the balance range.

It’s worth noting that Superatings tipped the Australian Retirement Trust MySuper default option as the 2025 MySuper of the Year, which consider performance, processes, fees, insurance offering, administration capabilities, member servicing and governance. 

The other finalists included Aware, AustralianSuper, CareSuper, Hostplus, Hesta, MLC, Rest, UniSuper and VisionSuper.

You can scroll across to see the performance numbers for the five best-performing super funds.

Source: Canstar, performance as at 31 August 2025

How the funds invest

Remember that you aren’t always comparing apples with apples when it comes to default super options.

A default option that is a lifecycle fund for someone aged under 55 years might look like a High Growth fund, which has a higher allocation to growth. In some cases, this might be close to 100% allocations to growth assets like equities. 

Other typical default MySuper options are often Balanced or Growth Funds. The top five only included balanced funds which typically have a mix of 70-80% growth and up to 20-30% defensive assets.

The way funds define asset allocations may vary also. 

Some funds break equities into Australian and international, some go a step further and break international equities by developed markets or emerging markets. You can also see variation in how funds use alternatives - some break out private equity for example, while others maintain it in the broader alternatives bucket. 

The use of private equity in super funds has been a growing trend in recent years. 

Some fund managers separate it out as its own bucket, while others have grouped it in alternatives or with another asset class like infrastructure. One of the highest allocations to alternatives is the Australian Retirement Trust Lifecycle Investment - High Growth, at 31.%%, however it doesn't break down what this looks like. 

If an allocation to a specific alternative like private equity is important to you, it's worth contacting the superannuation fund manager to find out whether that is definitely part of the portfolio and their approach to it.

Here's the breakdown of assets for the top performers.

1. Australian Retirement Trust Lifecycle Investment – High Growth

Those under 50 are invested in a 100% growth pool. After that, the asset mix gradually shifts to incorporate more cash and investments in a balanced investment pool. The asset allocations as of 1 July 2025 are 32.25% to Australian equities, 33.25% to international shares, 31.5% to unlisted assets and alternatives and 2% to cash.

2. Aware Super High Growth (Lifecycle Investment)

Aware places those aged 55 and under in a High Growth portfolio, post that, it shifts to a combination of Balanced and High Growth. The asset allocation referenced in its handbook dated 30 September 2025 is 28.5% to Australian shares, 38.5% to international shares, 7% to private equity, 11.5% to infrastructure, 7% to property, 0.5% to liquid growth alternatives, 3% to credit income and 4% cash.

3. Hostplus Super Personal – Balanced

This portfolio has a bias towards growth assets, with a mix of 76% growth to 24% defensive assets. The asset allocation mix is 21% Australian shares, 23% developed market international shares, 6% emerging market international shares, 9% property, 11% infrastructure, 10% private equity, 7% credit, 4% alternatives, 5% bonds and 4% cash.

4. Hesta Balanced Growth

Hesta notes that this portfolio is primarily invested in growth assets, with the largest exposure (can be up to 85% of the portfolio) invested in domestic and global equities. The published asset mix based on 30 June 2025, rounded to 1 decimal place, on its website directs as follows: Equities – 57.2%, Fixed Income – 14.0%, Infrastructure – 11.9%, Property – 7.3%, Alternatives – 0.1%, Cash – 9.5%

5. UniSuper Personal Account – Balanced (MySuper)

This portfolio has a growth bias, but includes some fixed interest and cash. The asset allocation as at 25 September 2025 is 27% to Australian shares, 35% to international shares, 11% to infrastructure and private equity, 4% to property and 23% to fixed interest and cash.

What next?

If you feel like your super fund doesn't measure up, take the time to do a bit more research into long-term performance and investment approach before you jump ship - your fund doesn't have to be this year's top performer if it fits you as a complete package. Think fees, insurance, customer service, other benefits as well as long-term strategy alongside the performance numbers.

Canstar is one option for comparison, you can also look at research from businesses like Lonsec's Superratings too. It's also valuable to talk to a financial adviser for further support - they might notice something you don't, a benefit or insurance detail worth hanging on to in your older super fund, and could suggest how best to manage this going forward.

If you did decide a change is the right option for you, there are a few steps to follow... 

Check your new provider is legitimate and not the subject of any legal action. You can use tools like ASIC's Professional Registers Search, see if there's any bans or disqualifications through ASIC Connect and look at Moneysmart Investor Alert List. 

Then when you are ready (and assuming all is well), you can open a new account with the super provider, let your employer know with the ATO superannuation standard choice form and roll over your super - you can usually do this via your new fund or through the ATO.