Portfolio holdings information

Details on the underlying investments for each of our investment options.

We update this information twice a year – at 30 June and 31 December. Data is currently shown for 31 December 2021.

Frequently Asked Questions

These items reflect short-term liabilities such as overdrafts and margins that need to be posted to collateral accounts for strategies using exchange traded derivatives following certain market moves.

Our Australian equities managers invest in portfolios of predominantly Australian companies. This may well include companies that are property or infrastructure businesses, which are classified as Listed Property or Listed Infrastructure in the portfolio holdings reporting. Similarly, the cash holdings within these portfolios will be reported as Cash.

The rules the government has put in place for super funds are designed to provide greater transparency about underlying investments and place increased focus on trustee’s ensuring their only consideration, when investing, is to act in the best financial interests of our members. We consider companies with high carbon emissions pose a long-term risk to our members’ retirement savings, because the world will need to rapidly transition away from a high emissions economy, and these assets may end up stranded and valueless. We also take the environmental, social and governance (ESG) performance of companies into account because the research shows that companies that perform well on these factors have better long-term performance. However, if we excluded every company that someone might not like from our portfolio, we would have an increasingly narrow field of possible investments. People have a wide range of views on companies they believe we shouldn’t invest in – this list would cover everything from dairy companies, to fashion brands, medical research, gaming and banks.

Restricting our investments like this would almost certainly lower our performance over the longer term, which would mean less money for our members’ retirements. Legally, that’s not something we can do – and even if we could legally do so, our job is to look after our members and maximise their retirement outcomes as a whole. It’s the government’s job to provide a framework where companies don’t get rewarded for bad behaviour – and strengthening that framework is definitely something we support.

Vision Super has pledged a A$100 million investment in the renewable energy fund CIP IV, managed by Copenhagen Infrastructure Partners (CIP). The CIP IV fund has plans to develop Australia’s first offshore windfarm in Gippsland. The fund also includes diversified investments across various renewable technologies, including contracted offshore wind, onshore wind, solar PV, transmission, storage, waste-to-energy and biomass assets in low-risk OECD countries in Western Europe, North America and developed Asia Pacific. Vision Super is committed to investment in well-targeted renewable energy assets because they are expected to provide favourable returns to members, as well as enabling the transition we need to a low-carbon economy.
The Sustainable balanced option is passively invested and does not have any exposure to infrastructure, including CIP IV. If you want your super to be invested in an investment option with exposure to CIP IV, you can do this by investing in any of the other pre-mixed options (including the default Balanced growth option) as well as the specialised Infrastructure option. You can read more about our ESG initiatives here.

When choosing an investment option, always consider the applicable Product Disclosure Statement available here.

Vision Super’s Sustainable balanced option is passively invested, under a low carbon mandate. That means that the equity asset classes closely match the market as a whole, but with lower carbon emissions. The amount that the portfolio invests in each company varies depending on their relative carbon emissions, with less invested in companies with high carbon emissions and more in companies with low carbon emissions. This results in a portfolio that has significantly less carbon emissions than a similarly sized pure index portfolio would emit, but without the sometimes high management costs of an actively managed portfolio. The Sustainable balanced option has the same divestments, including from thermal coal and tar sands, and divestments from oil and gas up to the divestment cap as all of our other investment options.

Vision Super has divested from tobacco producers in line with the tobacco free finance pledge. Taking the pledge has allowed Vision Super to become “verified tobacco free”, reinforcing our position as a values-based superannuation fund. Our decision to divest from tobacco producers also reflects the risk that the returns from these companies will be adversely impacted by litigation and/or regulation. The full list of companies that we consider to be prohibited investments is available on our website here.

Controversial weapons are ones that can have a severe impact on civilians, and are generally banned under international treaties. Land mines, cluster bombs and nuclear weapons are deemed to be particularly controversial because of their indiscriminate impacts on civilians and the disproportionate harm they cause – in the case of land mines, for many years after a conflict has ended. Despite being widely considered to be controversial and often prohibited by international treaties, these weapons are still produced in some parts of the world. Vision Super avoids investing in any companies directly involved in the production or sale of these controversial weapons, reflecting the risk that the returns from these companies will be adversely impacted by litigation and/or regulation. The full list of companies that we consider to be prohibited investments is available on our website here.

We have not chosen to divest from mining. Mining remains integral to the global economy, including the necessary transition to a renewable economy through the manufacture of renewable energy infrastructure such as wind turbines and solar panels.

Vision Super places limits on how much of the investment universe we are prepared to exclude in order to not risk constraining our range of potential investments.

Vision Super has largely divested from fossil fuel producers. We are divested from thermal coal and tar sands, and have divested from oil and natural gas up to our divestment cap limits (currently set at 2% of emerging market equities, 2% of Australian equities and 5% of developed market equities ex-Australia as a percentage of the relevant investment universe). It should be noted that the materiality threshold for divestment from a company is set at 25% of revenues.

We divest because we believe there is a material risk of the performance of these investments being adversely impacted by climate change (e.g. becoming stranded assets). Scientific consensus is that carbon dioxide emissions are the major contributor to harmful global warming. Thermal coal and tar sands have particularly high levels of carbon dioxide emissions per unit of energy produced, and we believe that during the transition to net zero carbon emissions, there will be a large impact on exposed industries and companies that is not reflected in current pricing.

You can find detailed information about our fund-wide divestments from fossil fuels and other harmful products such as tobacco and controversial weapons on our website here.

As at 31 March 2022, we have exposure to China via our international listed equities exposure. We have no direct exposure to China via our unlisted assets. It is important to note that other parts of the portfolio are exposed to China, even if they are not Chinese businesses. China is the second largest economy in the world and Australia’s largest trading partner. What happens in China matters for the global economy and asset markets. We also have exposure to many companies where Chinese consumers or businesses are major customers or suppliers, for example, global companies like Apple, Nike and Boeing, as well as resource companies such as BHP and Rio Tinto.

The exposure to China can vary significantly across the range of investment options. Generally speaking, investment options with a higher allocation to shares have more exposure China.

Vision Super uses outsourced investment managers to manage our portfolios. These managers hold a wide range of equities, currencies and fixed interest securities on our behalf. At times, this has included very small amounts of Russian holdings. As at 31 March 2022, the Fund held one Russian asset (a government bond) that had a zero valuation (ie these bonds are worth nothing) as we are unlikely to be able to sell them. We have asked our managers to not make any new Russian investments until further notice. This is within the context of our overriding regulatory requirement to act in members’ best financial interests.

The government requires Australian superannuation funds to publish information about the investments they hold in each investment option on behalf of members. Our portfolio holdings reporting for each investment option allows you to see what your money is invested in, across a range of asset classes as defined by the legislation and derivatives.

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