One of AMP’s Lifestage MySuper offering, the 1970s option currently uses a high-growth asset allocation and is the largest by funds under management. 

Those AMP MySuper members born in the 1980s and 1990s who are earlier in their glide path and also have a high growth asset allocation benefitted from returns of 11.31 per cent for the financial year.

A high allocation to global listed equities, together with positive active asset allocation and security selection from several of our underlying managers helped drive strong returns for members across the cohorts, with the funds benefitting from positioning for market themes like the strong surge in AI adoption across both the US and global markets. 

Anna Shelley, AMP Chief Investment Officer said:

“We’re delighted to have delivered strong returns for our AMP MySuper members for the 2024 financial year.

“Our three largest Lifestage cohorts by assets under management saw returns greater than 11 per cent for the 2024 calendar year. From December to June, our portfolios had a tactical overweight to US equities which saw strong returns as our funds continued to outperform their benchmarks.

“We have been increasing our exposure to private debt and diversified credit, which have delivered high and consistent returns, and our funds benefitted from a very strong stock selection in international equities as well as a low allocation to direct property, which is the only negative returning asset class this year.

“Sharemarket gains were once again led by the US tech sector. Capitalising on the universal appetite for AI adoption together with our high strategic allocation to global listed equities allowed us to record strong performance for our members.

“The prospects for global equities are very strong over the long timeframe we consider for our members who will be invested for another 20+ years. AI-led productivity benefits should underpin GDP growth and corporate earnings for many years to come.  This, combined with a decade or so of spending on clean energy infrastructure, results in a very positive outlook for equity and corporate debt markets.

“Looking ahead, short term market uncertainty in the lead up to the US elections may present an attractive buying opportunity, in which event we would look to take advantage of sharemarket weakness in delivering maximum returns for our members.

“Diversification remains key to our strategy in helping deliver sustainable investment returns over the long term. We will be implementing our annual strategic asset allocation review later in the year to ensure our portfolios can continue to help more Australians retire with confidence.”