CareSuper’s investment performance 2023/24
Welcome to our 2024 end of financial year update
The financial year was a positive one for members, and the majority of our options recorded strong gains.
We’re pleased with our Balanced option’s result, a return of 8.5% for super members and 8.7% for pension members. In fact, the one-year return of our Balanced (MySuper) option and our other diversified or pre-mixed options was higher than the long-term average.
View our full investment returns for all options.
Drivers of returns
When we look at the underlying drivers of these returns, results across the main asset classes were quite varied, with global shares boosting our performance with an increase of around 20%.
What’s interesting about this exceptional result is that the gains were narrowly focused, with more than half of that return coming from a small handful of US companies in technology and artificial intelligence (AI).
While global shares were the standout performer, we also saw good results from Australian shares, as well as from our infrastructure, private equity and credit investments.
Property investments had a more challenging year, finishing in a negative position.
Importance of a long-term focus
This year we saw a lot of variation between asset classes, which illustrates why a diversified mix is important for delivering strong performance that’s also consistent and resilient. Achieving this is central to our approach to investing, which aims to deliver strong long-term returns while also protecting our members’ savings.
Members can gain confidence from our long track record of achieving this goal. Our Balanced (MySuper) option ranks amongst the top 10 funds over 10, 15 and 20 years. *
Factors shaping investment markets
We know high interest rates are continuing to have an impact on cost-of-living pressures and the economy more broadly, and it’s widely expected that central banks will start to bring interest rates down in the near future. But at the moment investors expect the Reserve Bank of Australia (RBA) will be slower to cut rates than some other countries, as inflation is fading more slowly.
Looking ahead
Economic trends and interest rate settings are continuing to shape the global investment landscape, remaining key points to watch for CareSuper’s Investments Team. Additionally, we’re watching upcoming elections in the US and other key economies which could result in significant policy change. Clearly investors will need to continue to balance a complex mix of events and investment trends. Our team is well placed to both identify opportunities and manage risks as they emerge.
As always, you can be confident in our active approach to selecting the best investments and delivering strong outcomes while protecting your super.
Need help investing your super? We’ve got you covered
You can check how your super’s invested and your current super balance by logging in to MemberOnline. For help choosing the right investment strategy for you read this article.
We'll also be sending annual statements to members soon – find out when you can expect yours.
For any questions, get in touch with us.
Disclaimer
*SuperRatings Fund Crediting Rate Survey, SR50 Balanced (60-76) Index, June 2024. Based on returns over rolling 10, 15- and 20-year periods.
CareSuper’s performance figures shown are net of investment fees, indirect costs and tax and have been rounded to two decimal places. Past performance is not a reliable indicator of future performance and you should consider other factors before choosing a fund or changing your investments.