Super FundAnalytics

Australian super, in APRA's own numbers

Compare any funds on any reported measure — assets, cost, returns and flows — straight from APRA's published statistics. Every reported figure cited; nothing ranked or recommended. Estimates exist only in the clearly-marked Modelled section, with their error published.

This quarterMar 26

The quarterly collection — whole-of-fund measures APRA publishes for the large funds. Definitions drafted, pending review.

Total fund investments

A$ · Mar 26

A$ billions

Source: APRA Quarterly fund-level superannuation statistics, Table 4

Estimated median account balance

A$ · Mar 26

A$ thousands

Source: APRA Quarterly fund-level superannuation statistics, Table 1

Median member age

Count · Mar 26

Source: APRA Quarterly fund-level superannuation statistics, Table 1

Fund investments, quarter by quarter

Total fund investments of the six largest funds each quarter since June 2022; the rest of the published large funds pooled as “Other”.

AustralianSuperAustralian Retirement T…Aware SuperUnisuperHOSTPLUS Superannuation…Colonial First State Fi…Other

Source: APRA Quarterly fund-level superannuation statistics, Table 4

How the big funds invest

Asset allocation of the largest funds · quarter ending Mar 26 — each bar is a fund's reported investments split by asset class. APRA publishes this table for large funds only. Class definitions are drafted from APRA's column headers, pending review.

EquityFixed incomePropertyInfrastructureAlternativesCashUnclassified
AustralianSuper
$418.4bn
ART
$356.3bn
Aware Super
$209.2bn
UniSuper
$165.3bn
Hostplus
$149.0bn
CFS FirstChoice
$108.7bn
Cbus
$107.6bn
Rest
$105.7bn
HESTA
$103.3bn
MLC
$93.2bn
Mercer
$81.4bn
Asgard
$79.5bn
IOOF
$74.8bn
AMP North
$70.3bn

Source: APRA Quarterly fund-level superannuation statistics, Table 4

Active positions of the MySuper defaults

Each fund's MySuper default option: the actual asset allocation it disclosed in its own portfolio holdings disclosure (Dec 25) minus the benchmark allocation APRA publishes for the same product (Quarterly super product statistics, Table 8a, quarter ending Dec 25). Positive is an overweight. Asset classes are bucketed to make the two taxonomies comparable; which option is the MySuper default is a curated, sourced mapping — hover a bar for it. Funds with lifecycle MySuper products aren't shown: APRA's benchmark can't be tied to one lifecycle stage.

Percentage points vs benchmark

OverweightUnderweight

Differences of a point or two are ordinary rebalancing drift.

Source: Actual — fund s1017BB portfolio holdings disclosures, per-option asset allocation table · Benchmark — APRA Quarterly superannuation product statistics, Table 8a

Two defaults, side by side

Actual asset allocation of two MySuper default options, class by class, from each fund's own portfolio holdings disclosure (Dec 25). The dashed line is the median across all 14 defaults shown above — the industry's centre, not a benchmark.

Per cent of option assets

AustralianSuperUniSuperMedian of shown defaults

Options “Balanced” and “Balanced”. The median is computed over the 14 MySuper defaults with a usable disclosure, not the whole industry.

Source: Fund s1017BB portfolio holdings disclosures, per-option asset allocation tables

Who owns what

Cross-fund look-through over 26 funds' portfolio holdings disclosures · as at Dec 25. Each bar is one holding, split by the funds that report it. Names merge only when a shared security id proves them identical or a reviewed synonym says so. Compiled from the disclosures funds publish on their own websites under s1017BB — not an APRA collection.

Commonwealth Bank of Australia
$66.0bn · 23f
IFM Investors
$59.0bn · 23f
National Australia Bank Ltd
$42.0bn · 24f
Westpac Banking Corp
$33.8bn · 23f
BHP Group Ltd
$29.6bn · 20f
Nvidia Corp
$24.0bn · 23f
Australia & New Zealand Banking Group Ltd
$22.6bn · 22f
Microsoft Corp
$19.9bn · 23f
Alphabet Inc
$19.0bn · 23f
Apple Inc
$18.9bn · 23f
Amazon.Com Inc
$13.8bn · 22f
Rio Tinto Plc
$13.2bn · 22f
Macquarie Group Ltd
$13.2bn · 24f
Taiwan Semiconductor Manufacturing Co Ltd
$11.9bn · 23f
BlackRock Investment Management (Australia) Ltd
$11.9bn · 6f
CSL Ltd
$11.7bn · 23f
Wesfarmers Ltd
$9.9bn · 23f
Blackrock
$9.3bn · 20f
Meta Platforms Inc
$8.9bn · 21f
Morgan Stanley Investment Management (Australia)
$8.7bn · 22f
AustralianSuperAware SuperCbusUniSuperHESTACFS FirstChoiceHostplusRestMercerCareSuperBrighter SuperEquip

Source: Fund s1017BB portfolio holdings disclosures, asset tables (fund websites, latest half-year per fund)

Mandates by manager, split by asset class

The largest externally-managed mandates across the 15 funds whose disclosure format names the fund manager — each bar is one manager's mandates, split by the asset class the mandate sits in. Funds not shown may use external managers too; their format just doesn't say who. As at Dec 25.

Unlisted equityFixed incomeUnlisted propertyUnlisted infrastructureAlternatives
IFM Investors
$49.0bn
STATE STREET INVESTMENT MANAGEMENT
$16.3bn
State Street Global Advisors
$10.4bn
Blackrock
$8.7bn
BlackRock Investment Management (Australia) Ltd
$7.6bn
MACQUARIE INVESTMENT MANAGEMENT GLOBAL LIMITED
$6.5bn
Morgan Stanley Investment Management (Australia)
$6.5bn
BARINGS LLC
$5.7bn
BAIN CAPITAL CREDIT, LP
$5.6bn
UBS ASSET MANAGEMENT (AUSTRALIA) LTD
$5.1bn
QIC LIMITED
$5.0bn
Blackbird Ventures Pty Limited
$4.4bn
Ardea
$4.3bn
ORBIS Investment Management Limited
$4.1bn

Manager identities merge only what security ids or curated synonyms prove.

Source: Fund s1017BB portfolio holdings disclosures, asset tables (latest half-year per fund)

Modelledestimates — not APRA data

A theoretical model: each fund's reported asset allocation × listed market proxies implies a quarterly return — including the current quarter, before APRA publishes anything. These are computed estimates with known error, shown below; they are not reported figures and say nothing about any fund's actual performance.

Implied return, quarter to Jun 26

Start-of-quarter allocation × proxy ETF returns · largest modelled funds

Per cent

How wrong is the model?

Served model vs APRA's reported MySuper quarterly returns · 376 fund-quarters · MAE 2.0pp · corr 0.81 · fitted layers tested OOS, not better — details below

-5%-5%0%0%5%5%10%10%reported MySuper quarter (APRA) →modelled →

Source: Modelled estimates — allocation weights from APRA Quarterly fund-level superannuation statistics, Table 4, priced with listed ETF proxy returns; validated against APRA Quarterly MySuper statistics, Table 2a and Quarterly superannuation product statistics, Table 4a

Method, proxies and limitations — read before quoting anything above
Method: Baseline: implied quarterly return = start-of-quarter Table 4 leaf allocation weights × listed proxy total returns. Fitted layer: ridge on residuals from that baseline (so shrinkage pulls toward allocation×market, never toward a constant) against APRA-reported MySuper quarterly returns, λ chosen by leave-one-quarter-out correlation; plus a shrunk per-fund intercept anchored to reported expense ratios. Fund-quarters where allocation leaves explain <90% of reported investments are skipped, never imputed.
Fit: lambda 3 · intercept (annual drag) 0.7% · au_equity 0.976, intl_equity 0.958, fixed_income 0.998, property 0.988, infrastructure 0.993, alternatives 0.999, cash 1, property_lag 0.005, infrastructure_lag -0.002, alternatives_lag 0.001, unlisted_eq_lag 0.003 · 376 training pairs · leave-one-financial-year-out (lambda chosen by OOS error). Fund level: one shrunk per-fund intercept (mean residual × n/(n+1)); a full per-fund regression is not defensible on ≤3 FY observations per fund.
Targets: quarterly_mysuper.table_2a.net_return_rep_member_quarterly (to Sep 2023) · qsps.table_4a.net_return_rep_member_quarterly (MySuper products, from Mar 2025) · Dec 2023 – Dec 2024 quarters have no published target. Targets are the fund's MySuper representative-member return, not the whole fund; the FY whole-fund check below quantifies the difference.
Whole-fund FY check: compounded modelled quarters vs whole-fund annual returns — MAE 5.0pp · corr 0.147 · 241 fund-years (different measure: MySuper option ≠ whole fund).
Proxies: AAA.AX (BetaShares Australian High Interest Cash); DJRE.AX (SPDR Dow Jones Global Real Estate); IFRA.AX (VanEck FTSE Global Infrastructure (hedged)); VAF.AX (Vanguard Australian Fixed Interest); VAP.AX (Vanguard Australian Property Securities); VAS.AX (Vanguard Australian Shares (ASX 300)); VGAD.AX (Vanguard MSCI Index Intl Shares (AUD hedged)); VGS.AX (Vanguard MSCI Index Intl Shares (unhedged)); VIF.AX (Vanguard Intl Fixed Interest (hedged))
Limitations: Unlisted assets proxied by listed equivalents — no smoothing or lag. Alternatives proxied by a 50/50 global equity / bond blend. Proxy ETF fees included; fund-level fees and tax enter only via the fitted intercept. The fit is trained on very few financial years; betas are unstable. Prototype uses free Yahoo Finance data, not licensed index series.
Validation: The SERVED model is the parameter-free baseline (allocation × market) — its error needs no cross-validation because nothing is fitted. Ridge betas, lagged-proxy features and per-fund effects were all tested under leave-one-quarter-out CV against APRA's reported MySuper rep-member quarterly returns and did not beat the baseline (pooled and fund-effect figures shown); they are reported, not served. The FY figures compare compounded quarters against whole-fund annual returns — a different measure, kept as a sanity check.
Generated: 2026-08-05T17:06:17+00:00

Annual deep-diveFY to Jun 25

The annual collection — returns, cost and the full balance sheet for every APRA-regulated fund. The next financial-year release lands late in the year.

Total assets

A$ · Jun 25

A$ billions

Source: APRA Annual fund-level superannuation statistics, Table 2a

One-year rate of return

Per cent · Jun 25

Per cent

Source: APRA Annual fund-level superannuation statistics, Table 3a

Five-year rate of return

Per cent · Jun 25

Per cent

Source: APRA Annual fund-level superannuation statistics, Table 2a

Cost per member account

A$ · Jun 25 · derived

A$

Source: APRA Annual fund-level superannuation statistics (cost per member computed by this site, not APRA-published)

Assets under management, over time

Total reported assets of the six largest funds across annual releases; the rest of the market pooled as “Other”. Band thickness is assets that year — the consolidation story.

AustralianSuperAustralian Retirement T…Aware SuperUnisuperColonial First State Fi…Public Sector Superannu…Other

Source: APRA Annual fund-level superannuation statistics, Table 2a

Where the assets are

Tile size is total assets · colour is the chosen measure · masked funds greyed

Explore →

Source: APRA Annual fund-level superannuation statistics, Tables 2a & 3a

Value map

One point per fund · bubble is total assets · dashed lines mark medians · each axis is its own measure

Axes clipped to the 2nd–98th percentile for readability; 2 funds with extreme values fall outside the frame and are not shown.

Source: APRA Annual fund-level superannuation statistics, Table 2a (cost per member computed by this site, not APRA-published)

How this is built

Figures are ingested from APRA's published statistics through a registry-driven pipeline — no hand-typed numbers. A masked cell stays masked; it is never imputed or shown as zero. Derived measures are labelled as computed, not APRA-published. Every value on this site travels with the APRA reference it must be quoted with. Orderings describe reported figures; they are not assessments of fund quality.

Source: Australian Prudential Regulation Authority, CC BY 3.0 AU · general information, not financial advice.