ESSSuper expands investment menu

ESSSuper has expanded its investment menu for members, unveiling a new Balanced Growth Managed investment option.

The option, made available from 23 July 2024, is open to all members with an accumulation plan, beneficiary account, or income stream.

It includes a range of higher-risk, higher-return asset types along with a range of lower-risk defensive assets to support stability.

Around 71 per cent of the option targets growth assets and 29 per cent targets defensive assets.

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Unpacking these allocations, the $36 billion fund indicated around a quarter (31.5 per cent) is in international shares while 26 per cent is in Australian shares.

Meanwhile, 8.5 per cent is allocated to credit, 8 per cent to cash, 8 per cent to infrastructure, and 6.5 per cent to property.

Additionally, 5.5 per cent is earmarked for alternative growth and 6 per cent is allocated to defensive fixed income.

The Balanced Growth Managed option will be actively managed, ESSSuper said, which “allows us to make strategic adjustments and timely responses to market changes”.

In the last financial year, ESSSuper’s default Balanced option delivered a return of 7.12 per cent.

The fund’s Growth option and Balanced Growth option delivered 9.92 per cent and 11.08 per cent, respectively.

Last month, ESSSuper also announced it is set to welcome new additions to its executive leadership team in the new financial year.

Its new chief financial officer Therese Kenny makes the move from commercial real estate investment manager MaxCap and will join in August.

Meanwhile, Stuart Wilkinson will join as its first chief member officer in October.