Portfolio holdings information

Download the underlying investments for each of our investment options
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In addition to the voluntary quarterly disclosure on the previous page, we make the required information available to download every six months. Our Portfolio Holdings Disclosure will be updated on our website within 90 days of 30 June and 31 December each year.

Super and NCAP options31 December 2023
Balanced growthPDF  Excel
ConservativePDF  Excel
BalancedPDF  Excel
Balanced low costPDF  Excel
GrowthPDF  Excel
Just shares PDF  Excel
Australian equitiesPDF  Excel
International equitiesPDF  Excel
Innovation and disruption PDF  Excel
Diversified bondsPDF  Excel
CashPDF  Excel
Property PDF  Excel
InfrastructurePDF  Excel
Retirement pension options31 December 2023
Balanced growth
PDF  Excel
ConservativePDF  Excel
BalancedPDF  Excel
Balanced low costPDF  Excel
GrowthPDF  Excel
Just shares PDF  Excel
Australian equitiesPDF  Excel
International equitiesPDF  Excel
Innovation and disruption PDF  Excel
Diversified bondsPDF  Excel
CashPDF  Excel
Download the complete Portfolio Holdings information in CSV format for each table
Table 1
Table 2
Table 3
Table 4

Frequently asked questions

Why do I see negative items under Cash in some investment options?

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.

Why do I see infrastructure holdings in the Australian equities option?

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.

Why is the Fund invested in companies I disagree with?
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 exposures may 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 as ‘stranded’. 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. More detail on the way we factor ESG considerations into our decision-making, including our overarching investment beliefs and divestments framework, is set out in our ESG Policy. 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 reduce adequate diversification and impact on portfolio performance over the longer term – which runs counter to our core obligation to act in the best financial interests of our members as a whole.
Why is the Balanced low cost option invested in energy companies?
Vision Super’s Balanced low cost option includes (amongst other investments) Australian and international equities investments that are 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 Balanced low cost 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. Please see our ESG Policy for more information on how we manage divestments.
Does the Fund have any exposure to tobacco companies?
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.
Does the Fund invest in companies that produce and/or sell controversial weapons?
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.
Does the Fund have exposure to mining companies?

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.

What does the divestment cap limit mean?
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
Is the Fund exposed to fossil fuels?
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). For example, for Australian equities, if a divestment would mean we were excluding more than 2% of the relevant market (i.e. ASX[300]) we would only divest up to the 2% cap. It should be noted that the materiality threshold for divestment from a company is set at 25% of revenues. For further information on how we manage divestments please refer to our ESG Policy. 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.
Which companies have been divested by the Fund?

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.

What exposure to China do the Fund’s investment options have?
As at 31 December 2022, we have exposure to China in the fund’s international listed equities investments as well as in the global fixed interest and alternative debt portfolios. 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 to China.
Does the Fund have any exposure to Russian investments?
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 December 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.
What is portfolio holdings disclosure?
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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