HESTA reports FY22–23 growth

HESTA has reported growth of almost 10 per cent for its members in the financial year 2022–23.

The $72 billion industry fund’s MySuper Balanced Growth fund returned 9.5 per cent during the year.

Over 10 years, the option has returned 8 per cent per annum. 

For the fund’s other options, High Growth returned 12.5 per cent, Indexed Balanced Growth returned 12.4 per cent, and Sustainable Growth returned 9.9 per cent. 

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HESTA members in retirement saw returns of 11.7 per cent in the Income Stream Balanced Growth option, Sustainable saw returns of 11 per cent, and the High Growth option saw returns of 15.4 per cent. 

Performance during the year was helped by returns by global and Australian equity markets, resilient company earnings, and rebound in technology stocks. However, markets were hindered by the series of rate rises from central banks that dented sectors like bonds, property, and infrastructure.

Chief executive, Debby Blakey, said: “This speaks to HESTA’s investment acumen and our unwavering focus on generating long-term performance to support our members’ financial future.

“Importantly, our diversified investment strategy and robust risk management continue to contribute to strong long-term performance that’s top-tier when ranked against our peers.”

Sonya Sawtell-Rickson, chief investment officer, said: “Our Balanced Growth option is where most of our members are invested and it’s designed to take advantage of changing market dynamics to deliver strong long-term investment performance.

“Looking ahead, our focus remains on agility so we can respond to a range of market conditions that may emerge.

“We will continue to invest responsibly, actively, and maintain a patient, long-term approach designed to provide the best possible outcomes for our members’ retirement savings and help them face the future confidently.”

Earlier this week, Australia's largest super fund AustralianSuper said it had achieved returns of 8.2 per cent while Australian Retirement Trust (ART) achieved double-digit returns of 10 per cent.