Investment Update to 30 April 2026

1 June 2026

Global markets recover as returns continue to improve

Global share markets continued to recover in April 2026. Despite ongoing uncertainty in the Middle East, concerns about the impact on energy supply and prices eased during the month.

Brighter Super’s diversified investment options performed well as market conditions improved, building on the steady gains delivered in recent months. Our long-term diversified investment approach continues to provide resilience during periods of market volatility and changing economic conditions.

The table below shows returns for our diversified investment options for periods ended 30 April 2026¹.

This monthly Investment Update focuses on the performance of our diversified options, where most of our members are invested.

Brighter Super offers a range of investment options to suit different goals, timeframes and risk levels, including ready-made diversified options and single asset class options.

See the latest performance of our full set of investment options.

Progress towards our $500 million Queensland commitment

Brighter Super is now two years into its five-year plan to invest an additional $500 million in Queensland.

The fund is making strong progress on its Queensland Investment Strategy, which aims to ensure more Queenslanders’ retirement savings are invested locally while continuing to deliver strong long-term returns for members.

With around 85 per cent of Brighter Super’s funds under management coming from Queensland members, the strategy reflects the fund’s long-term commitment to investing back into the state where most of its members live and work.

Brighter Super announced its Queensland Investment Strategy in May 2024, committing to invest an additional $500 million in Queensland assets, building on the $1 billion it already held in the state at that time.

The fund has already committed $225 million under the strategy, with investments focused to date on four key sectors: property and logistics, agriculture, infrastructure and high-growth businesses.

Queensland’s strong population growth, major infrastructure pipeline and expanding innovation economy continue to create attractive investment opportunities, particularly ahead of the Brisbane 2032 Olympic and Paralympic Games.

Key investments include $100 million in industrial and logistics real estate through Barings, $75 million through the Queensland Regional Agriculture and Food Trust with Riparian, and a $50 million partnership with QIC supporting high-growth Queensland businesses in sectors including advanced manufacturing, agricultural technology, aerospace and technology.

Brighter Super has over $37 billion in funds under management and over 340,000 members (as at 31 December 2025). It is now the third-largest non-government financial institution headquartered in Queensland.

Read more about our Queensland investments.

Looking back: global market trends in April 2026

Global developed shares rose strongly in April, as investors looked beyond the conflict in the Middle East and potential disruptions to the energy market. There was a notable shift back into stocks that are expected to benefit from the adoption of artificial intelligence (AI). The MSCI World Index (hedged into AUD) rose 8.6% over the month and is up a strong 29% over the past 12 months.

US shares rebounded sharply in April, with the S&P 500 Index rising 10.5% to reach new record highs. Along with the shift back towards AI-related stocks, company earnings were also strong, particularly across technology and financial sectors. Some economic data pointed to inflationary pressures in the US economy, alongside higher energy prices related to the ongoing Middle East conflict. Market expectations no longer suggest any rate cuts for 2026, with the Federal Reserve keeping rates unchanged in April.

European shares underperformed broader developed markets in April, partly reflecting the region's greater exposure to energy price volatility. The MSCI Europe Index (in Euros) rose 4.6% over the month. The European Central Bank (ECB) kept interest rates unchanged in line with market expectations. However, the ECB shifted to a more cautious outlook, noting that risks to inflation and weaker growth had intensified.

Asian share markets rebounded in local currency terms. South Korean shares surged, with the MSCI Korea Index reversing its sharp fall in March to finish the month up 33.6%. This was driven by strong investor confidence and renewed interest in global AI and technology stocks.

Australian shares rose 2.2% over the month, but underperformed global peers due to more challenging domestic inflation and monetary policy conditions. Sector performance was mixed, led by Information Technology (+12.3%), Property Trusts (+8.5%) and Materials (+3.5%). The weakest sectors were Health Care (-8.4%) and Consumer Staples (-3.8%).

Markets were closely watching the quarterly domestic Consumer Price Index (CPI) data released at the end of April. The data showed annual inflation rising to 4.6% and trimmed mean inflation (which removes extreme price changes) steady at 3.3% – both remaining well above the Reserve Bank of Australia’s 2-3% target and doing little to change expectations for further rate increases.

Government bond yields rose moderately in April. US 10‑year Treasury yields increased 0.07% to 4.39%, while overseas bonds returned 0.3%. Australian 10‑year government bond yields rose 0.09% to 5.07%, and Australian bond returns were effectively flat over the month.

The Australian dollar rose 5.0% against the US dollar in April. Support for the Australian dollar came from the Reserve Bank of Australia’s tightening stance and Australia's commodity export exposure during this period of elevated energy prices. However, near-term risks remained tied to the global growth outlook and the path of domestic monetary policy.

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