Superannuation funds AMP, HESTA and Rest have all shared their calendar year performance for 2025 and what drove these returns.
Previously, SuperRatings had forecast 2025 could see the median balanced super fund return 9.1 per cent over the 12-month period, higher than the long-term average of 7.1 per cent.
“Positive returns over nine of the 12 months in the year, including a stellar seven-month run of positive returns to October, have added up, resulting in the median estimated return for balanced options of 9.1 per cent for calendar year 2025, with a handful of top performers expected to reach double digits for the year,” said SuperRatings director Kirby Rappell.
Looking at the performance of specific funds, members invested in AMP’s MySuper 1970s, 1980s and 1990s Lifestage options received returns of 10.8 per cent, 11 per cent and 10.9 per cent respectively.
Its 1970s option has the largest assets under management and uses a high-growth asset allocation.
Anna Shelley, AMP chief investment officer, said: “Despite some volatility and wobbly markets in November, particularly with Australian shares, AMP’s MySuper options have continued to perform strongly, making a meaningful difference to our members’ retirement outcomes.
“The returns are driven by our overweight positions in global shares throughout much of the year, complemented by strong contributions from private debt and diversified credit.
“We were able to tactically reduce risk across the portfolios at opportune times during the year, ensuring we could redeploy capital as volatility rose and also ensure our portfolios could weather the storm in the face of weaker markets in November and December.”
Over at Rest, its MySuper Growth investment option returned 9.2 per cent over the calendar year which the $103 billion industry fund said meant an annualised return of 7.3 per cent over 10 years for members.
Its High Growth and Sustainable Growth options delivered returns of 11.2 per cent and 11.5 per cent respectively.
Chief investment officer, Michael Clancy, said: “Global share markets continued to be the leading drivers of investment performance in 2025. Markets responded positively to earnings strength, which supported company valuations, and several central banks eased monetary policy.”
Finally, HESTA saw returns of 9.4 per cent for its MySuper Balanced Growth option and 11.4 per cent for its High Growth option. The $100 billion fund said it is the third consecutive year that its Balanced Growth option has returned 9 per cent or more.
HESTA chief investment officer, Sonya Sawtell-Rickson, said: “After a cautious start to 2025, our focused approach enabled us to buy long-term opportunities when markets stumbled in March and April.
“Bullish global equity market performance helped drive these strong outcomes, shaking off concerns about rising geopolitical tension and tariffs, and that AI integration and capital investment could impact profit margins.”
Looking ahead into the year to come, Rest’s Clancy said the impact of inflation and RBA monetary policy will be crucial for households.
“With household budgets under pressure and consumer confidence weakening, how central banks navigate inflation in 2026 will have a direct impact on Australian workers’ wages, job security, and long-term retirement outcomes.
“The new year has just begun, but we’ve already seen that the geopolitical landscape remains uncertain. This, along with the strength of US demand and labour conditions, will influence the path back towards central bank inflation targets.”
Sawtell-Rickson added: “With global uncertainties ongoing and subdued global economic growth likely in the year ahead, we’re continuing to focus on high-quality investments across areas such as climate solutions, housing, healthcare, and transformative technologies such as artificial intelligence, where valuations are supportive.”
