Super investment performance update: April 2026

It’s impossible to ignore the human impact of the ongoing conflict in the Middle East and the war in Ukraine. These events bring loss, uncertainty and disruption, and for many people they’re felt not just through the news, but through rising living costs and day-to-day pressure. Our thoughts remain with all those affected.

Events like these also influence how investment markets behave. Geopolitical tensions, including developments involving Iran, can lead to short-term movement in markets as investors react to uncertainty. This can feel unsettling, and it affects all investment managers, reflecting how closely connected the global economy is.

Market shocks aren’t new

While the causes differ, periods of uncertainty aren’t new. Markets have always moved through cycles shaped by global events, economic change and human behaviour. What matters most isn’t trying to predict short-term movements, but how portfolios are built to navigate them.

Read our recent update on why staying the course matters, which includes a video update from John Woods, our Deputy-Chief Investment Officer.

Higher energy costs feed into transport and essential services, contributing to broader cost‑of‑living pressures.

How energy shocks ripple through the economy

One of the clearest ways global conflicts show up in everyday life is through energy prices. When oil supply is disrupted, energy costs tend to rise because the world currently still relies heavily on fossil fuels.

Higher energy costs affect transport, construction, heating, electricity and essential services – pushing up the cost of living which in turn contributes to inflation which can lead central banks to lift interest rates, adding further pressure for households and businesses. This chain reaction explains why energy matters so much, not just for markets, but for financial stability more broadly.

This one of the reasons why, for 40 years, we’ve been investing to support the growth of renewable energy, and the economy’s move away from its reliance on fossil fuels.

Why our approach is different

At times like this, some funds may see short-term gains from holdings we deliberately choose not to invest in. Severe and unexpected conflicts can also trigger fear and selloffs across share markets in the short term. Just as importantly, they highlight a deeper issue: the global economy remains exposed to fossil fuel-based energy systems.

We restrict investments in companies that make their money from extracting, selling or distributing fossil fuels and restrict investments in the largest consumers of oil and gas, which can help limit the impact of rising energy prices on your super.

Energy security is a long-term shift

Moments like these don’t just create short‑term market movement. They reinforce a growing global focus on energy security, the need for cleaner, more reliable ways to power economies without the same exposure to supply shocks.

This is a shift we’ve anticipated for many years. As the world works to reduce reliance on fossil fuels, the technologies and infrastructure that replace them are expected to play a critical role in long-term economic growth. Directing capital toward these solutions is part of our DNA as a leading ethical investor.

While renewables and the energy transition are important, our Ethical Charter is broad and means we also invest more in areas like healthcare, digital infrastructure, and essential services. We look for businesses that respect human rights, care for animals, and support communities and the environment – including the energy transition, which is especially important given what’s happening in the world right now.

How your super is positioned

Your super is strongly invested in renewable energy and other future-focused sectors that we believe are well placed as the global economy adapts.

Our exposure to clean energy solutions is more than four times higher than the broader market1, while portfolio carbon intensity – measured by emissions relative to company revenue – is around 75 per cent lower than comparable market averages2. These aren’t short-term positions. They reflect long held convictions about where durable value is likely to be built as the energy system evolves, and where capital can play a constructive role in supporting a more resilient world.

Resilience is also built into how our portfolios are structured, not just what they invest in. Alongside listed markets, our super fund options now include greater exposure to private assets and alternative investments, which can help reduce exposure to short-term market movements and provide diversification when listed markets are unsettled.

This growth and resilience is reflected in the performance of underlying private market investments within our portfolios, such as the Australian Ethical Growth Opportunities Fund, which returned more than 25% during the year to the end of March and more than 12% during the quarter at a time when share markets were broadly down. Past performance is not an indication of future returns. These investments include infrastructure and other assets that underpin our cities and support energy transition, including the energy system itself, from renewable generation and battery storage.

Building the energy systems of the future

One example of an investment we own is Octopus Energy, which is tackling the energy transition across the system as a whole. It brings together renewable energy generation, the technology that manages and optimises how electricity is produced, stored and used , and solutions for households to manage their energy use, making cleaner power easier to access and rely on in everyday life – helping millions of households use electricity when wind and solar power are most available.

Operating from the UK across multiple countries, Octopus Energy shows how the transition to renewables works best when generation, technology and consumer energy use are designed together – from large-scale wind and solar projects, through to smart systems that balance supply and demand as conditions change. It reflects the kind of integrated, future focused infrastructure we believe is needed to shift the world toward cleaner, more resilient energy systems, building energy systems that reduce reliance on fossil fuels while still working reliably in peoples’ day-to-day lives

Staying focused on the long term

Times like this can feel uncomfortable when markets reflect uncertainty in the world around us. But super is designed for the long term and with your help, we’re investing for a better future for people, planet and animals.

Our investment approach focuses on a diversified mix of assets and is managed with a focus on the years ahead. While short term movements happen, staying focused on the long term has proven resilient through many different market cycles. That’s why your super is invested for the long term – growing your savings over time while backing the transition to a more resilient, sustainable world.

Super option investment performance – to March 31, 2026

The table below shows the investment performance of a representative selection of Australian Ethical investment options over 3, 7 and 10 year time periods. Please follow the link to see performance of a broader range of options and time periods.

*Option returns are net of fees and tax. CPI benchmarks are gross. Returns are for the periods outlined to the end of 31 March 2026. Past performance is not a reliable indicator of future performance. See our full suite, including our defensive and conservative options, here.

The Australian Shares super option is considered Very High-Risk and is designed for investors with a strong tolerance for risk and the capacity to bear potential losses, including the loss of capital. We offer a diverse range of super options depending on your investment objective, timeframe and risk profile.

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