Best Conservative Balanced Super Funds in Australia 2026
Performance to 30 September 2026
CFS Enhanced Index Moderate returned 6.40% p.a. over the five years to 30 September 2026, the highest five-year return in this comparison. Netwealth’s BlackRock GSS Index Plus Balanced Fund led over one year at 7.23% and over three years at 11.22% p.a.
We compare diversified super investment options with 41% to 60% in growth assets, using Lonsec data to 30 September 2026. Some funds call these options Balanced, Moderate or Conservative. We use each option’s reported growth allocation to decide where it belongs.
The rankings show past returns for the options included in our comparison. They don’t tell you which fund is best for your circumstances. Past performance is not a reliable indicator of future performance.
Top 10 conservative balanced super options over five years
Sorted by five-year return to 30 September 2026. The three- and five-year figures are annual returns, shown as a percentage per year. Fees use Lonsec’s calculated amounts for a $50,000 balance.*
| # | Super fund and option | Growth assets (%) | 1-year return (%) | 3-year return (% p.a.) |
5-year return (% p.a.) |
Fees on $50,000* |
|---|---|---|---|---|---|---|
| 1 | CFS FirstChoice Wholesale Personal CFS Enhanced Index Moderate |
60% | 5.26% | 10.47% | 6.40% | $365.00 |
| 2 | Virgin Money Super LifeStage Tracker Born 1959 - 1963 |
58% | 4.37% | 9.62% | 5.88% | $368.00 |
| 3 | Hostplus Conservative |
58.5% | 6.21% | 8.50% | 5.80% | $529.28 |
| 4 | Catholic Super Balanced |
55.25% | 5.18% | 8.58% | 5.72% | $422.00 |
| 4 | Equip Super MyFuture Balanced |
55.25% | 5.18% | 8.58% | 5.72% | $422.00 |
| 6 | UniSuper Accum (1) Conservative Balanced |
50% | 5.66% | 8.27% | 5.70% | $326.00 |
| 7 | ESSSuper Accum Balanced |
59% | 6.09% | 8.06% | 5.60% | $362.00 |
| 8 | Raiz Super Moderate |
53% | 6.06% | 9.98% | 5.59% | $237.20 |
| 9 | Netwealth Super Accelerator Core BlackRock GSS Index Plus Balanced Fund |
50.5% | 7.23% | 11.22% | 5.54% | $566.00 |
| 10 | CFS FirstChoice Wholesale Personal CFS Enhanced Index Diversified |
50% | 4.36% | 9.29% | 5.50% | $350.00 |
Returns are after fees associated with the investment option. Fund-level fees, such as fixed administration fees, have not been deducted. The returns therefore do not reflect all fees you may pay as a member.
*Fees are taken directly from Lonsec’s calculated-fee figures. We haven’t added the separately listed buy/sell spreads. The fee section below explains how to read these amounts. CFS stands for Colonial First State.
Top 10 conservative balanced super options over one year
The ten highest one-year returns in our comparison, for the year ending 30 September 2026.
| # | Super fund and investment option | Growth assets (%) | 1-year return (%) |
|---|---|---|---|
| 1 | Netwealth Super Accelerator Core BlackRock GSS Index Plus Balanced Fund |
50.5% | 7.23% |
| 2 | Hostplus Conservative |
58.5% | 6.21% |
| 3 | NGS Super Balanced |
54.38% | 6.16% |
| 4 | Spaceship Balanced |
60% | 6.10% |
| 5 | ESSSuper Accum Balanced |
59% | 6.09% |
| 6 | Raiz Super Moderate |
53% | 6.06% |
| 7 | Vision Super Vision Personal Balanced |
48.76% | 5.90% |
| 8 | UniSuper Accum (1) Conservative Balanced |
50% | 5.66% |
| 9 | Plum Super MySuper Conservative Balanced Portfolio |
53.5% | 5.50% |
| 10 | Hostplus Indexed Conservative |
55% | 5.49% |
Two of the ten one-year leaders, Spaceship Balanced and Hostplus Indexed Conservative, have a one-year figure only in this dataset. You can compare them over the latest year, but the longer-period tables require a reported return for that period.
What the one-year results show
Netwealth’s BlackRock option finished 1.02 percentage points ahead of Hostplus Conservative, which returned 6.21%. NGS Balanced followed closely at 6.16%. Their reported growth allocations were 50.5%, 58.5% and 54.38%, respectively.
Even two options from the same fund can give different results. Hostplus Conservative returned 6.21% over the year compared with 5.49% for Hostplus Indexed Conservative. They also had different growth allocations, so the choice involves more than the word “indexed”.
Before making a decision based on the one-year results, check how the option compares over longer periods and what it invests in.
Top 10 conservative balanced super options over three years
The ten highest returns over the three years ending 30 September 2026. Figures are annualised, meaning they show the compound return per year rather than the total gain over three years.
| # | Super fund and investment option | Growth assets (%) | 3-year return (% p.a.) |
|---|---|---|---|
| 1 | Netwealth Super Accelerator Core BlackRock GSS Index Plus Balanced Fund |
50.5% | 11.22% |
| 2 | CFS FirstChoice Wholesale Personal CFS Enhanced Index Moderate |
60% | 10.47% |
| 3 | Raiz Super Moderate |
53% | 9.98% |
| 4 | CFS FirstChoice Wholesale Personal CFS Index Moderate |
60% | 9.63% |
| 5 | Virgin Money Super LifeStage Tracker Born 1959 - 1963 |
58% | 9.62% |
| 6 | CFS FirstChoice Wholesale Personal CFS Enhanced Index Diversified |
50% | 9.29% |
| 7 | GESB Super Balanced Plan |
55.68% | 8.94% |
| 8 | CFS FirstChoice Wholesale Personal CFS Diversified |
53% | 8.80% |
| 9 | Vanguard Super SaveSmart Balanced |
50% | 8.74% |
| 10 | Netwealth Super Accelerator Core Russell Investments GSS Active 50/50 Fund |
50% | 8.72% |
Which options appear across all three rankings
Netwealth’s BlackRock option and Raiz Moderate both made the top ten in all three tables. Netwealth ranked first over three years but ninth over five, at 5.54% p.a. Raiz ranked third over three years and eighth over five, at 5.59% p.a. The periods overlap, so they describe some of the same years.
CFS Enhanced Index Moderate came second over three years at 10.47% p.a. and first over five years at 6.40% p.a. Virgin Money’s LifeStage Tracker for members born from 1959 to 1963 was second over five years at 5.88% p.a. The gap between those two five-year returns was 0.52 percentage points.
How we rank conservative balanced super funds
Each entry is an investment option within a super fund. A fund may offer several options that qualify, so you may see its name more than once.
Eligibility and coverage
The September Lonsec dataset covers 584 unique options. Of these, 55 fall within the 41% to 60% range. After excluding two specialist options, 53 qualify. We have one-year returns for 46 of them, three-year returns for 42 and five-year returns for 41.
We exclude geared and specialist-sector options, including options focused on a single share market. CareSuper Property and HESTA Property and Infrastructure fall within the allocation range but specialise in particular assets, so we leave them out. No geared option was identified within this range.
We use Lonsec’s Growth Ratio (%) field as reported at 30 September. The asset mix may have changed during the years shown. Other comparisons may use different allocation ranges for Conservative Balanced.
Ranking and missing data
We sort each table by return, from highest to lowest, using figures dated 30 September 2026. If an option is missing a return for a period, it is left out of that table. A missing figure is not zero. Returns tied at the supplied precision share a rank and are displayed alphabetically by option name. Separate products and birth-year options retain their own entries. This comparison does not cover every Australian super fund or option.
The one-year figures cover the year to 30 September. The three- and five-year figures are annualised returns supplied by Lonsec. Fees associated with the investment option are already deducted from these returns. Fund-level fees, such as fixed administration fees, are not deducted. We haven’t made any further deductions or adjusted the figures for individual accounts. Your own return can differ depending on when money enters or leaves your account and the charges that apply to you.
How to compare fees
The fees in the five-year table come from Lonsec’s “Calculated Fee on $50K Balance” field. We’ve kept those amounts rather than rebuilding them from the individual percentage fees, which may use different precision or assumptions. We haven’t added buy/sell spreads. The tables are ranked by performance, not fees.
A $50,000 balance gives everyone the same starting point for comparing costs. Your actual fees may differ because of balance tiers, caps, rebates, insurance or advice charges. Check the current product documents for details. Buy/sell spreads relate to transactions and shouldn’t simply be added to an annual percentage fee. Also check which costs are already reflected in a reported return before subtracting any fees from it.
On a $50,000 balance, Lonsec’s calculated fee is $365 for CFS Enhanced Index Moderate and $180 for CFS Index Moderate. Both report 60% in growth assets. Their five-year returns were 6.40% p.a. and 5.44% p.a., respectively. The examples give you both the reported return and the cost at the same balance.
Choosing between conservative balanced super options
Start by looking up the option you hold. The 41% to 60% category includes portfolios on either side of an even split between growth and defensive assets. Check the share, property, fixed interest and cash allocations when comparing options with similar names.
For a broader comparison, see ASIC Moneysmart’s guide to choosing a super fund
A Conservative Balanced option can still fall in value. If you expect to draw on your super soon, consider how a fall would affect the money you plan to withdraw. When comparing funds, look at service, insurance and costs alongside the investment mix.
Learn more in ASIC Moneysmart’s guide to super investment options
Common questions about conservative balanced super
What is the best performing conservative balanced super fund?
CFS Enhanced Index Moderate leads over five years at 6.40% p.a. Netwealth’s BlackRock GSS Index Plus Balanced Fund leads over one year at 7.23% and three years at 11.22% p.a. All three rankings end on 30 September 2026.
What counts as a conservative balanced investment option?
We use a reported growth allocation of 41% to 60%, inclusive, and apply the exclusions described above. The adjacent categories are Capital Stable at 20% to 40% and Balanced at 61% to 76%. For example, CFS Enhanced Index Moderate qualifies at 60%.
Why is my fund missing from the tables?
An option can fall outside the 41% to 60% range, use gearing, specialise in a market or sector, or rank below the top ten. Some options have a return for only one or two of the periods shown. Coverage is limited to options in the Lonsec dataset.
Why do two funds share fourth place over five years?
Catholic Super Balanced and Equip Super MyFuture Balanced each returned 5.72% p.a. over five years. Both have a reported growth allocation of 55.25% and a calculated fee of $422 on a $50,000 balance. We keep the separate product entries and give them equal rank.
Should I switch to the highest ranked option?
Before switching, compare longer-term returns, risk, fees, service, insurance and the product terms. The latest ranking is a starting point, not enough on its own to make the decision. Consider personal financial advice if you need help choosing an option that suits your circumstances.
Compare other super investment options
Best performing High Growth super options with 91 to 100% growth assets
Best performing Growth super options with 77 to 90% growth assets
Best performing Balanced super options with 61 to 76% growth assets
Best performing Capital Stable super options with 20 to 40% growth assets
Best performing Secure super options with 0 to 19% growth assets
Data source: Lonsec. Performance to 30 September 2026. Rankings and analysis: Review My Super. This is general information and does not take account of your objectives, financial situation or needs. Consider the product disclosure statement and target market determination before acting.
About the author
Tom Foreman
Financial adviser and editor of Review My Super
Tom has worked as a financial adviser since 2013, primarily advising on retirement planning and superannuation.