Are you searching for the best super funds in 2023? With so many options available and so much marketing, it can be overwhelming to choose the right fund. To help you make an informed decision, we’ve analysed the performance of the top super funds in the market and compiled a list of the best super funds based on their past performance, fees and investment options.
Hostplus is a leading super fund, having been rated as the top performer in the balanced fund category over the past 3 and 5 years with a return of 5.80% and 6.91% respectively. This fund is known for delivering consistent returns to its investors and is a great option for those looking for a solid investment. A downside to this fund is its limited number of investment options outside of its default option which limits diversification.
The Australian Retirement Trust’s Super Savings fund is another top performer, coming in as the second-best balanced fund over the past 3 and 5 years with 5.39% and 6.62% respectively. This fund focuses on offering stable returns to its investors. While there are not a huge number of investment options with this fund there are also plenty to choose from outside of the default option.
AustralianSuper’s MySuper balanced fund is the most popular superannuation investment option, with over 2 million members and the majority being in this option. This fund has been rated as the fourth-best balanced fund over the past 3 years (4.93%) and the third-best over the past 5 years (6.47%). This fund is known for its low fees and high performing investment options. They also offer a wider array more of investment options for those wanting a more hands on approach.
Qantas Super Gateway - Recent top performer
Qantas Super Gateway’s balanced fund is another top performer, rated as the second-best balanced fund over the past 12 months (-0.05%) and the third-best over the past 3 years (5.06%). Like Hostplus and First Super this fund has fairly limited investment choice outside its default options. However, for balanced investors this is a good option.
Vanguard Super - Newcomer to watch
Vanguard Super launched with a bang last year. There’s been no shortage of advertising and consumer interest for this global Behemoth. Vanguard has launched a low fee offering, the second lowest fee MySuper option out of funds listed on Review My Super. Since it’s been less than 12 months since launching they are yet to have any historical performance data to go by. We will be watching this fund with keen interest over the coming years.
Colonial First State FirstChoice Wholesale Personal Super - Best fund for number of High-Quality Investment Options
Colonial First State FirstChoice Wholesale Personal Super is a unique offering, as it is included not because of the performance of its default investment option, but because of the number of high-quality investment options outside of the default options. With over 150 investment options, including some low-cost index options, it’s possible to build a portfolio within Colonial with lower fees than the lowest-cost default super fund. It’s also possible to build a super high performing portfolio from some of Australia’s best fund managers. This fund is a great choice for those who want to take a more hands-on approach to their investment strategy. It is recommended that you research the options thoroughly via their PDS and ideally seek advice from a financial advisor before choosing options within this fund.
In conclusion, the best super funds for 2023 are those that have strong investment track records, low fees, and a range of investment options. Whether you’re looking for a low-cost option or a fund that allows a more hands-on approach, there is a super fund that will meet your needs. Just remember to do your research and seek advice from a qualified adviser, to ensure you make the best decision for your future.