The nation's largest superannuation fund, AustralianSuper, has executed a sweeping overhaul of its $250 billion balanced portfolio, slashing holdings in traditional blue-chip stalwarts to bet on critical minerals and telecommunications.
Disclosures for the half-year ended Dec. 31 reveal the fund dumped nearly $450 million in biotech giant CSL (ASX:CSL), reducing its stake by a third as the company grapples with a 28 per cent share price slide and leadership instability.
The retreat from former market darlings extended to building materials leader James Hardie (ASX:JHX), with the fund largely exiting its $600 million position following shareholder acrimony over the firm’s recent US acquisition.
The $500 million sell-down of Wesfarmers (ASX:WES) and a reduction in Woolworths (ASX:WOW) exposure—now just 1%—underscore a shift away from what analysts describe as "expensive" retail operators.
Even the Commonwealth Bank (ASX:CBA) was not spared, with trimming in the sector allowing BHP (ASX:BHP) to reclaim the top spot in the fund’s single-stock exposure for the first time in two years.
Conversely, the retirement giant is aggressively backing Telstra (ASX:TLS), building a $1.6 billion stake from scratch, and doubling down on the lithium recovery via a $1 billion investment in Pilbara Minerals (ASX:PLS).
Despite current market volatility fuelled by escalating Middle East tensions, AustralianSuper’s balanced option delivered a robust 8.7% return for the calendar year, outpacing its ten-year average as it pivots towards future-facing commodities and defensive infrastructure.