Cbus Super FY24 returns announced
4 July 2024
MEDIA RELEASE
In the week of Cbus Super’s 40th anniversary, the Fund is proudly acknowledging long term results for members, with Cbus’s Growth (MySuper) investment option achieving an average annual return of 8.87% since inception in 1984.
With $94 billion in funds under management, Cbus announces a strong return of 8.35% for its Growth (MySuper) investment option for the last financial year. The option has averaged an annual return of 7.73% for the past 10 years.
Cbus Super’s diversified accumulation investment options have also delivered positive results. The High Growth investment option has delivered a 10.85% return and Indexed Diversified 11.42%. Australian Shares returned 11.41% and Overseas Shares returned 15.72%.
The Fund’s Growth (MySuper) investment option maintains a diversified portfolio of assets, rather than being concentrated in listed shares. Our allocations to high quality unlisted infrastructure and property portfolios, which are higher than most peers, remains a key source of outperformance over the long-term, with each portfolio returning circa 10% per annum for the 10 years to 30 June 2024. In FY24, the strength of shares – particularly US shares – meant that funds with a concentrated exposure to shares generally outperformed those with a more diversified exposure to assets.
Cbus Chief Investment Officer Brett Chatfield said the result was testament to the foundations built over the past 40 years, hard work of the investment team, and the resilience the portfolio has shown during periods of market volatility.
“Our performance over the 2023/24 financial year was driven by strength in Australian and overseas share markets, particularly US shares, as inflation eased, and global growth remained solid.
“Strong returns from our global credit investments and infrastructure assets have also contributed to our one-year result.
“While short-term returns from the property asset class have remained challenging since the pandemic, we believe property values are now close to stabilising and our long-term focus on owning and developing high quality assets means our portfolio remains well positioned for a market recovery.
“Across the financial year Cbus Property has not been immune to these head winds, but it has shown relative market resilience thanks to its well-located premium portfolio.
“Cbus Property is continuing to manage its significant pipeline of work developing property around Australia that also creates jobs for members and helps to boost residential property supply.”
Mr Chatfield said over the past four decades Cbus had consistently delivered strong long term investment returns to its hardworking members.
“Our number one priority is delivering strong investment returns so our members can enjoy the retirement they deserve.
“In our 40th year we reflect on our humble beginnings and how we have grown into Australia’s leading specialist superannuation fund. We are very excited to see what the next 40 years brings for our members and the Fund.”
Mr Chatfield also acknowledged the continued success of the Cbus investment internalisation model, which has delivered over $900 million in investment fee savings to members (from 1 July 2017 to 30 June 2024).
Media enquiries
Elisabeth Bowdler, Senior Manager Strategic Communications, Elisabeth.bowdler@cbussuper.com.au, 0412 112 374.
All performance return figures are as at 30 June 2024.
The inception date for the Growth (MySuper) investment option is 1 July 1984. The returns are based on the crediting rate, which is the return minus investment fees, taxes, and until 31 January 2020, the percentage-based administration fee. Excludes fees and costs that are deducted directly from members’ accounts. Past performance is not a reliable indicator of future performance.
Cbus Property is a wholly owned entity of Cbus Super. Cbus Property has responsibility for the strategic performance and management of all aspects of the Cbus direct property investment business, including major investments and developments in the commercial, retail and residential sectors.
This information is about Cbus Super. It doesn’t account for your specific needs. Please consider your financial position, objectives and requirements before making financial decisions. Read the relevant Product Disclosure Statement (PDS) and Target Market Determination to decide if Cbus Super is right for you. Call 1300 361 784 or visit cbussuper.com.au.
Cbus is the leading Industry Super Fund representing those that help build and maintain Australia. As one of Australia’s largest super funds, we provide superannuation and income stream accounts to more than 900,000 members (as at 31 March 2024) and we manage $90 billion of our members’ money (as at 31 January 2024). Our members include workers and retirees, their families and employers. As of April 2022, Cbus merged with Media Super and offers Media Super products. In May 2023 Cbus Super successfully completed its merger with EISS Super, welcoming 17,000 new members and establishing itself as the leading fund for energy and electrical workers in Australia.
Issued 4 July 2024, United Super Pty Ltd ABN 46 006 261 623 AFSL 233792 as Trustee for Construction and Building Unions Superannuation Fund (Cbus and/or Cbus Super) ABN 75 493 363 262.