Investment update to 31 December 2025
3 February 2026
Solid performance and lower fees working for you
Global markets were flatter in December, with returns easing after the strong gains seen earlier this year.
Despite the quieter market conditions, Brighter Super’s diversified investment options showed resilience and continued to deliver positive outcomes for members. This reflects the benefits of our long-term diversified approach to managing market volatility.
The cycles of volatility, recovery and strong gains seen in 2025 show how quickly market conditions can change. Super is designed for the long term - staying calm, remaining invested and staying focused on your goals can help members benefit over time.
Welcoming our new Chief Investment Officer
Brighter Super has appointed Damien Webb as Chief Investment Officer, strengthening our investment leadership as the fund continues to grow. Damien brings three decades of experience across Australian and global markets, most recently as Deputy Chief Investment Officer and Head of International at Aware Super.
Damien will join Brighter Super in April 2025 and will oversee the fund’s $37 billion portfolio. His appointment follows the retirement of former Chief Investment Officer Mark Rider at the end of 2025. Damien’s deep experience in managing diversified, multi-asset portfolios supports our long-term investment approach and focus on delivering strong outcomes for members.
Interim Chief Investment Officer David O’Donnell will become Deputy Chief Investment Officer when Damien commences. We thank David for leading the Investments team following Mark Rider’s retirement and for ensuring a smooth transition during this period.
Read more about this announcement
Another year of lower fees – and real savings
It’s been 12 months since Brighter Super lowered administration fees for the third year in a row. This has helped more members keep their money invested for the future.
Alongside lower administration fees, Brighter Super reduced the annual cap for percentage-based administration fees from $900 to $6501. We also introduced Partner Linking, which allows eligible members to save on fees through a combined administration fee cap.
Together, these changes have delivered real savings for Brighter Super members. Depending on your balance, this could mean more of your money stays invested to help your super go further.
In 2025, the fund charged $9.5 million less in total administration fees than the year before2. Delivering the benefits of our mergers through increased scale and efficiency, we lowered our administration fees without slowing momentum. Funds under management grew from $34 billion to $37 billion over the year (as at 31 December 2025).
How our diversified options performed
Brighter Super’s diversified options delivered solid returns in December, as shown in SuperRatings’ latest Fund Crediting Rate Survey, which compares performance across the superannuation industry3.
Our Growth option continues to rank #1 in its index over rolling 7 years, for Accumulation and Pension accounts, reflecting consistent long-term performance.
The table below shows returns for our diversified investment options for periods ended 31 December 20253.
|
Brighter Super investment option
|
Returns for periods ended 31 December 2025 (%) |
| 1 year |
3 year |
5 year |
7 year |
| Accumulation accounts |
| MySuper |
9.35% |
10.51% |
7.81% |
8.07% |
| Growth |
9.88% |
12.85% |
9.67% |
11.03% |
| Balanced |
8.79% |
11.31% |
8.09% |
9.46% |
| Conservative Balanced |
7.72% |
9.24% |
6.12% |
7.27% |
| Indexed Balanced |
8.78% |
12.37% |
8.81% |
– |
| Stable |
6.39% |
7.30% |
4.23% |
5.34% |
| Secure |
4.08% |
4.49% |
2.48% |
2.89% |
| Pension accounts |
| Growth |
10.83% |
14.33% |
10.76% |
12.34% |
| Balanced |
9.66% |
12.60% |
8.96% |
10.50% |
| Conservative Balanced |
8.44% |
10.37% |
6.79% |
8.11% |
| Indexed Balanced |
9.65% |
13.69% |
9.74% |
– |
| Stable |
7.13% |
8.31% |
4.79% |
6.05% |
| Secure |
4.70% |
5.02% |
2.55% |
3.08% |
This monthly investment update focuses on the performance of our diversified options, where most of our members are invested.
To see how our single asset class options are performing, visit the latest performance page for all our investment options’ returns.
Looking back: global market trends in December 2025
Global developed market returns were modest in December. The MSCI World Index (hedged into Australian dollars) rose by 0.5%, bringing total returns over the past 12 months to 19.1%.
US share markets underperformed developed markets in December. The S&P 500 Index returned 0.1% for the month, despite maintaining strong one-year gains of 17.9%. Technology-focused US indices also underperformed global markets, as investors became more cautious about the sustainability of earnings growth for artificial intelligence (AI) focused companies.
Economic data released in December showed the US economy grew at a strong annualised rate of 4.3% in the September quarter, driven by resilient consumer spending, stronger exports and increased government expenditure. Inflation in November had been slightly lower than expected, while unemployment rose to 4.4%. The US Federal Reserve delivered a widely anticipated rate cut in December, setting the target range at 3.5–3.75%.
The MSCI Europe (in euros) rose 2.6% in December, led by gains in Financials, while Energy and Consumer Staples fell behind. The European Central Bank left rates unchanged at 2% and upgraded its economic growth forecasts for 2025–2028. In the UK, with inflation easing, rates were cut to 3.75% in December. UK shares finished 2025 higher, with the FTSE All-Share Index among the stronger performers.
In Asia, share markets mostly rose in local currency terms. Japanese shares rose 1.0% despite a rate increase to 0.75%, the highest since 1995. Korean shares led the region, rising 10.4% in December, driven by strength in the technology sector. Taiwanese shares were the second-best performer. Chinese and Indian shares slightly underperformed over the month.
Australian shares rose 1.4% over the month, partly recovering November’s losses. Gains were led by the materials sector (+6.8%), followed by the financials sector (+3.4%) and real estate investment trusts (+2.0%), helping to offset weaker performance in other sectors. The Reserve Bank of Australia kept a cautious approach and left the cash rate unchanged at 3.6%, as inflation pressures continued.
Bond yields rose over the month. The Australian 10-year bond increased by 0.23% to 4.75%, reaching its highest level in over two years in early December. The US 10-year Treasury yield increased 0.15% to 4.17%. Australian bonds returned -0.6% over the month, while global bonds declined 0.2%.
The US dollar weakened against most major currencies in December, with the Australian dollar rising 1.7% against the US dollar.
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The $650 administration fee cap does not include the $0.50 per week account keeping fee ($26 per year per account). This account keeping fee applies to most accounts, excluding KiwiSaver, Suncorp Group SESP Corporate Plan, Norfina Limited Plan and Insurance Only accounts.
- Fee savings are based on a comparison of total administration fees charged to members in the 2024 and 2025 calendar years. This reflects an overall reduction in administration fees across the membership of the Fund. Individual members may experience different levels of fee savings depending on account balance, product, and investment options. These fees do not apply to members of the Suncorp Group SESP Corporate Plan or Norfina Limited Plan, or to KiwiSaver Accumulation or Insurance Only accounts.
-
SuperRatings Fund Crediting Rate Survey, December 2025. Refer to superratings.com.au for further information about these results. The information is current as at the date of the SuperRatings Survey (released on 21 January 2026). Investment returns are only one factor to be considered when deciding whether to invest. Past performance is not a reliable indicator of future performance.
Returns are based on daily unit pricing valuations and are net of external investment manager fees, net of taxes and gross of all Brighter Super administration fees for all performance periods.
Brighter Super’s Growth option is in the SR Growth (77-90) Index for Accumulation accounts and the SRP Growth (77-90) Index for Pension accounts.
The information contained is up to date at the time of publishing. Some of the information may change following its release. Any questions can be referred to Brighter Super by calling 1800 444 396, or by emailing info@brightersuper.com.au.
Brighter Super Trustee (ABN 94 085 088 484) (AFSL 230511) (the Trustee) as trustee for Brighter Super (ABN 23 053 121 564) (RSE R1000160) (the Fund). Brighter Super may refer to the Trustee or the Fund as the context may be. Brighter Super products are issued by the Trustee on behalf of the Fund.
You should obtain and consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) before making any decision to acquire any products. A TMD is a document that outlines the target market a product has been designed for. Find the PDSs and TMDs at www.brightersuper.com.au/pds-and-guides
This article provides general advice only and does not take into account your individual objectives, financial situation or needs. As such, you should consider whether it is appropriate in light of your own objectives, financial situation and needs prior to making any decision. You should consult a licensed financial adviser if you require advice which takes into account your personal financial circumstances.
