Would you buy a house, not knowing what suburb it’s in? Or how many bedrooms it has? Or if it’s new or old? That’s what many of Australia’s largest super funds are asking you to do with your money – trust them.

For many people, super will be the most significant asset they ever own. Super is the only asset in which you’re required to invest, in some cases not in a fund of your choosing, yet you’re almost never told what assets you own. According to polling commissioned by Market Forces, a whopping 86% of Australians believe they have a right to know where their super is invested.

Our analysis of Australia’s fifty largest super funds found that 83% of assets are undisclosed, equating to nearly $1 trillion dollars. That bears repeating – $1 trillion dollars of assets – undisclosed.

Only one super fund in the entire country discloses its entire portfolio – Energy Super.

Only three other funds disclose more than 50% of their portfolio – HOSTPlus, Cbus and VicSuper. Average disclosure is just 17% across the fifty largest funds.

Nineteen funds disclose nothing of their investments. Nothing.

How much information does your fund disclose? To ask your fund to disclose more, click the link below.

Fund AUM ($M) Disclosed % Undisclosed ($M) Equities Other Assets*
Energy Super 6,100 100% –   All Yes
HOSTPlus 18,500 65% 6,475 Top 100 Yes
Cbus 33,400 62% 12,692 All Yes
VicSuper 16,000 59% 6,560 All No
Catholic Super 7,300 41% 4,307 Top 100 Yes
UniSuper 54,700 40% 32,820 Top 20 Yes
GESB 22,000 37% 13,860 Top 10 Yes
First State Super 55,200 36% 35,328 Top 50 No
AustralianSuper 100,000 32% 68,000 Top 20 Yes
Local Government Super 9,300 28% 6,696 Top 30 Yes
Statewide Super 6,300 28% 4,536 Top 20 No
Equip Super 7,200 27% 5,256 Top 20 Yes
Media Super 4,400 27% 3,212 Top 20 Yes
Vision Super 7,500 18% 6,150 Top 20 No
State Super 42,000 17% 34,860 Top 50 No
HESTA 35,100 17% 29,133 Top 20 No
Super SA 20,700 17% 17,181 Top 20 No
Care Super 11,200 17% 9,296 Top 20 No
AMP 61,300 16% 51,492 Top 10 No
CommBank Group Super 9,900 16% 8,316 Top 20 No
ACSRF 7,000 16% 5,880 Top 10 No
IOOF 20,300 15% 17,255 Top 10 No
Telstra Super 17,200 14% 14,792 Top 10 No
MLC 61,500 14% 53,134 None No
SunSuper 36,000 13% 31,320 Top 10 No
MTAA 9,200 13% 8,004 Top 20 No
CSC 36,500 12% 32,120 Top 10 No
NGS Super 6,900 12% 6,072 Top 10 No
REST 39,100 10% 35,190 Top 20 No
Qsuper 65,300 7% 60,729 Top 10 No
LGIAsuper 9,500 4% 9,120 Top 5 No
BT 61,800 0% 61,800 None No
Colonial First State 71,000 0% 71,000 None No
North (AMP) 25,400 0% 25,400 None No
ANZ OnePath 32,200 0% 32,200 None No
ESSSuper 24,000 0% 24,000 None No
Mercer 21,600 0% 21,600 None No
ASGARD 23,100 0% 23,100 None No
Plum 17,500 0% 17,500 None No
Macquarie 16,800 0% 16,800 None No
Mine Wealth + Wellbeing 9,400 0% 9,400 None No
Russell SuperSolution 7,800 0% 7,800 None No
PostSuper 7,400 0% 7,400 None No
QANTAS Super 7,300 0% 7,300 None No
Suncorp 6,800 0% 6,800 None No
Westpac 6,400 0% 6,400 None No
Rio Tinto Super 5,200 0% 5,200 None No
LUCRF 5,000 0% 5,000 None No
ING 4,800 0% 4,800 None No
TWU 4,300 0% 4,300 None No

 

*Significant disclosure in asset classes other than Equities/Shares

It has been six years since the Cooper Review into the superannuation industry, which found that “‘systemic transparency’ is what is largely missing in the Australian super system”. It recommended that large funds “should be required to disclose their complete portfolio holdings on a six-monthly basis”, yet members are no closer to seeing that information today than they were in 2010.

Perhaps cynically, the super industry itself has lobbied to delay the disclosure of portfolio holdings, as recently as April this year. Providing a myriad of reason why their members couldn’t meet the 1 July 2016 deadline, the Association of Superannuation Funds of Australia (ASFA) successfully lobbied to delay mandatory disclosure until 1 July 2017.

Earlier this month, Tom Garcia, the chief executive of the Australian Institute of Superannuation Trustees (AIST) declared that the super industry had done “an extraordinarily bad job” of communicating its investment story. For many members, it is a good story. But every good story starts and ends with the whole picture – something super members are sorely lacking.