The top-performing growth super funds of the past decade (and the strategy they share)

Australia's super funds have spent the past decade rewriting the rules of portfolio construction.

Once dominated by listed Australian shares and bonds, today's leading funds have become increasingly comfortable owning airports, renewable energy projects, logistics warehouses, private businesses and private credit alongside global equities.

As funds have grown in size, so too have their allocations to private markets, with many arguing these assets offer greater diversification, access to an illiquidity premium and stronger long-term risk-adjusted returns than listed markets alone.

According to Chant West data, that approach has coincided with a remarkable period of performance.

The three best-performing growth funds over the decade to 30 June 2026 - Hostplus, Brighter Super and Australian Retirement Trust - all pair sizeable allocations to private markets with globally diversified equity portfolios and disciplined long-term investment processes.

Top-performing growth funds over the 10 years to 30 June 2026

Meet the top three

Hostplus: Staying invested through every "dust storm"

Hostplus claimed the top spot after delivering annualised returns of 8.9% over the past decade.

For Chief Investment Officer Sam Sicilia, the result reflects less a series of successful market calls than a disciplined investment philosophy that has remained consistent through one of the most turbulent periods in modern investing.

"You have a choice as a long-term investor. You can sit by the sidelines waiting for the dust storm to settle, but it's never going to settle - ever. As a consequence, you should invest throughout that period."

That mindset has guided the fund through the post-GFC era of ultra-low interest rates, the COVID-19 pandemic, surging inflation, geopolitical conflicts and the recent AI-driven market rally.

Sicilia said the portfolio is deliberately constructed to perform across changing market environments, combining global equities with meaningful allocations to private markets and real assets.

He also remains constructive on private credit, noting Hostplus has invested in the asset class since 2010 through specialist institutional managers, and continues to see opportunities in backing large infrastructure projects in Australia and overseas where returns justify the investment.

Brighter Super: Queensland as a competitive advantage

Brighter Super ranked second with annualised returns of 8.8%.

Like Hostplus, the fund combines listed equities with a significant allocation to alternative assets, although one point of difference has been its Queensland Investment Strategy.

Announced in 2024, the initiative commits an additional $500 million to investments across the state by 2029, spanning industrial property, agricultural infrastructure and high-growth technology companies.

Chief Executive Kate Farrar said Queensland's strong population growth, infrastructure pipeline and innovation economy continue to present compelling long-term opportunities.

However, she stressed the strategy is driven by investment merit - not geography.

"We will continue to invest with discipline, partnering with experienced managers and co-investors to ensure every Queensland investment meets the same return, risk and cost hurdles as anywhere else in our portfolio," she said in an update to members in May.

That approach has seen Brighter Super invest alongside managers including Barings, Riparian and QIC across sectors ranging from logistics property to advanced manufacturing and agtech.

Australian Retirement Trust: Finding opportunity in uncertainty

Australian Retirement Trust completed the podium with annualised returns of 8.7%.

Its portfolio also features substantial allocations to private assets, including infrastructure, property, private equity and private credit, which the fund believes can enhance long-term returns while reducing reliance on listed share markets.

Rather than attempting to forecast every economic or geopolitical development, ART focuses on maintaining a diversified portfolio while making tactical adjustments when opportunities arise.

During heightened volatility earlier this year, for example, the fund's dynamic asset allocation strategy maintained an overall defensive stance but selectively increased equity exposure as markets weakened.

When share prices fell during the Iran conflict, ART reduced its underweight position to equities, taking advantage of more attractive valuations.

It's an approach that reflects the fund's broader philosophy: stay diversified, remain patient and use periods of market stress to improve long-term outcomes.

How top performers are positioned

While each fund has its own investment philosophy, their portfolios reveal several common themes.

• Australian shares are no longer the dominant growth asset. Domestic equities account for just 21% to 25% of portfolios.
• Growth is increasingly being sourced offshore. International shares now account for 27% to 31% of assets, making them the largest listed equity allocation in every portfolio.
• Private markets have become mainstream. Alternatives - including private markets, property and infrastructure - now make up between 23% and 40% of assets, reflecting the growing role of unlisted investments in institutional portfolios.

There is no single winning formula. Hostplus allocates 40% of its portfolio to alternatives, compared with 32% for Australian Retirement Trust and 23% for Brighter Super. 

The differences suggest long-term success is driven less by maximising exposure to any one asset class than by thoughtful portfolio construction and disciplined implementation.

How does your super fund stack up?

The rankings themselves make for interesting reading, but perhaps the more important question is how your own super fund compares.

One year of underperformance tells investors very little. A decade is a far more meaningful test. It spans multiple market regimes and provides a clearer indication of whether an investment process has consistently created value for members.

That doesn't mean investors should chase whichever fund tops the latest leaderboard. Every investment strategy experiences periods of underperformance, and switching funds based solely on recent returns can often be counterproductive.

But if your fund has consistently lagged the Chant West median over five or 10 years, it's worth asking why.

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Coming up next...

We've heard strong feedback from readers that super fund performance should be assessed on a risk-adjusted basis, not just by headline returns.

In our next super fund feature, we'll rank the top 10 growth funds by risk-adjusted returns before sitting down with the chief investment officer of the highest-ranked fund to explore how they've delivered superior outcomes while managing risk. Stay tuned!