First Super’s Growth investment option has been crowned Money magazine’s Best Balanced Super Product for 2024. The award, bestowed by Rainmaker, the publisher of Money magazine, recognises consistent performance over 1, 3, 5 and 10 years.

The assessment of the Fund’s Growth option fell within the awards’ balanced category, based on its asset mix. The evaluation process took into account consistency of performance, fees, overall costs, and the Best Balanced Super Product candidates were ranked based on their weighted performance over the specified time period.

In the decade leading up to 30 June 2023, the Growth option delivered an impressive return of 8.87%. First Super CEO, Bill Watson, attributed this success to the impact of manager selection.

"Our Growth option outperformed its benchmark due to the impact of manager selection. First Super’s active Australian equity managers exceeded their benchmarks, as did the international infrastructure manager and international equities manager. International infrastructure’s outperformance was significantly higher than its benchmark," he said. "The allocation to this asset class made a meaningful contribution to the Growth option’s overall performance."

Watson also underscored the importance of member experience in superannuation.

"In superannuation, the things that matter to members include strong investment returns over the long term, but also providing a positive member experience when they need support and guidance. It’s things like answering the phone quickly, and having a real person to speak to, that can make a big difference when it comes to growing your super," he said.

In addition to the Money magazine accolade, First Super received a gold rating from SuperRatings for its superannuation and pension products.

First Super is an industry fund with strong ties to the timber, paper & pulp and furniture and joinery industries, but serves all Australians. It boasts more than 50,000 members and manages $4 billion in funds.