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Home / Super funds / Best performing super funds / Best performing super funds: Conservative category (21–40%)

Best performing super funds: Conservative category (21–40%)

February 15, 2021 by Nicole Small Leave a Comment

Reading time: 3 minutes

On this page

  • What is an Conservative investment option?
  • Top 10 Conservative investment options (super funds): 1 year to December 2020
  • Top 10 Conservative investment options (super funds): 10 years to December 2020

Important: Past performance is not necessarily a guide to future performance. The returns that super funds achieve will change over time and readers should continue to monitor their super’s performance.

All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions.


In this article you can discover the top 10 performing Conservative super funds over 1 year and 10 years. We recommend that you also read our explanatory article Introduction to SuperGuide’s top 10 performing super fund lists which can help you understand how to compare the different risk categories that super investment options sit within. 

What is an Conservative investment option?

Investment options with a 21–40% allocation to growth assets are termed Conservative by Chant West, a research company that has been analysing super fund performance for more than 20 years.

Conservative investment options may appeal to people who want a significant portion of their money in defensive assets for greater certainty. 


Good to know

Investments such as shares, property, infrastructure and private equity are referred to as growth assets for their ability to produce strong returns over the long term, but they are more likely to experience volatility (and even negative returns) in shorter timeframes.

Conversely, assets like cash and fixed interest are referred to as defensive assets for their ability to defend against volatility, but generally cannot produce high returns over long periods of time.


How does a Conservative investment option behave?

In the short term, investment options in the Conservative risk category will generally experience the least volatility of all diversified investment options across all risk categories.

In the long term, a Conservative-style investment option will generally enjoy more certainty but should not be expected to grow as much as investment options in other risk categories with greater exposure to growth assets. 

Top 10 Conservative investment options (super funds): 1 year to December 2020

Super fundInvestment optionReturn
SuncorpMulti-Manager Conservative6.3%
Australian Ethical SuperConservative4.7%
VISSFConservative4.1%
IOOFMultiMix Conservative4.1%
GuildConservative3.9%
CbusConservative3.8%
EquipConservative3.8%
Vision SuperConservative3.7%
Aust Catholic Super & RetConservative3.6%
HESTAConservative3.6%

Source: Chant West. The top 10 is limited to Conservative options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.

Are you with a top performing super fund?

Click here to compare more than 90 Australian super funds, including returns, fees, features, awards and more.

If your super fund is not listed in the top 10, check where it appears in our super fund rankings:

  • Super fund rankings: All Growth category (96–100%)
  • Super fund rankings: High Growth category (81–95%)
  • Super fund rankings: Growth category (61–80%)
  • Super fund rankings: Balanced category (41–60%)
  • Super fund rankings: Conservative category (21–40%)

2020 was a roller coaster year for superannuation and the global economy in general, but the median 1 year return for Conservative investment options across the board was 2.4%.


Median returns track the mid-point of all contenders in any one category and are good way to add context to what you’re looking at. You can see the median returns of all risk categories over a broad range of timeframes here.


Below you can find the top 10 performing Conservative investment options over 1 year for previous time periods. Click the arrow to see the top 10 for each period, or continue reading to discover the top 10 performing Conservative investment options over 10 years.

Top 10 Conservative investment options (super funds): 1 year to June 2020
Super fundInvestment optionReturn
Suncorp Multi-Manager Conservative3.3%
Australian Ethical SuperConservative3.1%
VISSFConservative2.7%
CbusConservative2.5%
IOOFMultiMix Conservative2.1%
Vision SuperConservative2.0%
EquipConservative2.0%
TasplanConservative2.0%
HESTAConservative2.0%
MercerConservative Growth1.9%

Source: Chant West. The top 10 is limited to Conservative options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.

Top 10 Conservative investment options (super funds): 1 year to December 2019
Super fundInvestment optionReturn
LGIAsuper Stable9.7%
Aon smartMonday Moderate9.6%
BT MM Conservative9.6%
AustralianSuper Stable 9.5%
OnePath OptiMix Conservative9.2%
Aust Catholic Super & Retirement Conservative9.2%
Mercer Conservative Growth9.2%
Tasplan Conservative9.1%
TelstraSuper Conservative9.1%
HESTA Conservative9.1%

Source: Chant West. The top 10 is limited to Conservative options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.

Playing the long game

It’s important to keep an eye on how your super is performing for you year to year (and interesting to see how other funds have performed), but for most people, superannuation will be the longest-held investment we ever have, and our lens on super should reflect that. 

Longer-term figures are more significant because they incorporate the ups and downs over that entire period, and allow us to see which investment managers can consistently deliver superior performance, regardless of changing external conditions. 

Top 10 Conservative investment options (super funds): 10 years to December 2020

Super fundInvestment optionReturn (% per yr)
Catholic SuperModerately Conservative6.5%
AustralianSuperStable6.3%
HESTAConservative6.2%
VISSFConservative6.2%
TelstraSuperConservative6.2%
CbusConservative6.0%
Vision SuperConservative5.9%
Prime SuperConservative5.9%
CareSuperCapital Stable5.9%
UniSuperConservative5.8%

Source: Chant West. The top 10 is limited to Conservative options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.

Again median figures can provide good context. In the ten-year period to December 2020, Conservative investment options as a category delivered a median return of 5.5%. 

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A small difference in performance makes a big difference over time

Although the difference between the top performer and the median may not seem that significant (1.0% per year), the difference builds up significantly over time due to compounding. We have developed the SuperGuide Super fees and returns calculator to help readers understand the difference the fees they pay and projected returns may make over time.

For example, a 25-year-old with $5,000 in super and earning $50,000 per year, paying 0.8% in fees and achieving 6.5% per year, could retire at 67 with a super balance of approximately $360,094.

All other things being equal, achieving 5.7% instead would mean a super balance of approximately $284,479 – a difference of $75,615, or approximately 21% less.

Below you can find the top 10 performing Conservative investment options over 10 years for previous time periods. Click the arrow to see the top 10 for each period.

Top 10 Conservative investment options (super funds): 10 years to June 2020
Super fundInvestment optionReturn (% per yr)
Catholic SuperModerately Conservative6.6%
AustralianSuperStable6.5%
VISSFConservative6.3%
TelstraSuperConservative6.3%
HESTAConservative6.2%
UniSuperConservative6.0%
Vision SuperConservative5.9%
CareSuperCapital Stable5.9%
CbusConservative5.9%
Prime SuperConservative5.9%

Source: Chant West. The top 10 is limited to Conservative options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.

Top 10 Conservative investment options (super funds): 10 years to December 2019
Super fundInvestment optionReturn (% per yr)
Catholic Super Moderately Conservative6.8%
AustralianSuper Stable 6.7%
TelstraSuper Conservative6.6%
Hostplus Capital Stable6.4%
HESTA Conservative6.4%
NGS Defensive6.4%
CareSuper Capital Stable6.3%
BUSSQ Defensive6.3%
PSSap Income Focused6.3%
UniSuper Conservative6.2%

Source: Chant West. The top 10 is limited to Conservative options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.

© Zenith CW Pty Ltd ABN 20 639 121 403 (Chant West), Authorised Representative of Zenith Investment Partners Pty Ltd ABN 27 103 132 672, AFSL 226872 under AFS Representative Number 1280401 2020.

The data provided by Chant West is based on information supplied by third parties and does not contain all the information required to evaluate the nominated service providers, you are responsible for obtaining further information as required. The data provided by Chant West does not constitute financial product advice. However, to the extent that this data is advice it is General Advice (s766B Corporations Act) and Chant West has not taken into account the objectives, financial situation or needs of any specific person who may access or use this data. It is not a specific recommendation to purchase, sell or hold any product(s) and is subject to change at any time without prior notice. Individuals should consider the appropriateness of any advice in light of their own objectives, financial situations or needs and should obtain a copy of and consider any relevant PDS or offer document before making any decision. Data is provided in good faith and is believed to be accurate, however, no representation, warranty or undertaking in relation to the accuracy or completeness of the data is provided. Data provided is subject to copyright and may not be reproduced, modified or distributed without the consent of the copyright owner. Except for any liability which can not be excluded, Chant West does not accept any liability whether direct or indirect, arising from use of this data. Past performance is not an indication of future performance. Full details regarding Chant West’s research methodology, processes, ratings definitions are available at www.chantwest.com.au and Chant West’s Financial Services Guide is available at www.chantwest.com.au/financial-services-guide.

Are you with a top performing super fund?

Click here to compare more than 90 Australian super funds, including returns, fees, features, awards and more.

Learn more about investment options in the following SuperGuide articles:

What is a growth asset? Time to set some standards

August 3, 2020

Balanced, Growth, Defensive: What’s in a name?

August 3, 2020

Choosing a super investment option

February 15, 2020

Is it time to change your super investment option?

January 1, 2020

How to change your investment option: 6 points to check before you switch

January 1, 2020

How to choose an investment option for your super pension

December 11, 2019

Risk profiling and your investment choice

May 22, 2019

Learn more about the best performing super funds in the following SuperGuide articles:

Best performing super funds: All Growth category (96–100%)

February 15, 2021

Best performing super funds: High Growth category (81–95%)

February 15, 2021

Best performing super funds: Growth category (61–80%)

February 15, 2021

Best performing super funds: Balanced category (41–60%)

February 15, 2021

Super funds of the year awards: Best super funds for 2020/21

December 9, 2020

Top 10 Balanced super funds ranked by risk and return

August 4, 2020

Top performing sustainable investment funds

April 12, 2019

Super funds mentioned in this article

AustralianSuper Mercer Super Trust Tasplan Superannuation Fund (Tasplan Super) TelstraSuper (Telstra Superannuation Scheme) HESTA (Health Employees Superannuation Trust Australia) CareSuper UniSuper Suncorp Master Trust Australian Ethical Retail Superannuation Fund VISSF (The Victorian Independent Schools Superannuation Fund) Cbus (Construction & Building Unions Superannuation) IOOF Portfolio Service Super Fund Vision Super (Local Authorities Superannuation Fund) equipsuper Prime Super

Related topics

Best performing super funds Super funds

IMPORTANT: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions. Comments provided by readers that may include information relating to tax, superannuation or other rules cannot be relied upon as advice. SuperGuide does not verify the information provided within comments from readers. Learn more

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All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs.

You should consider whether any information on SuperGuide is appropriate to you before acting on it.

If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions.

Learn more

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