AustralianSuper investment chief flags ‘rational exuberance’ and future market risks

AustralianSuper’s balanced fund grew 9.77 per cent in the 2025-26 financial year, and the superannuation giant’s chief investment officer says it is well-placed for another big year as the artificial intelligence boom broadens out from large US technology companies to other winners.

Shaun Manuell, the head of investments at Australia’s largest retirement fund, said listed shares fuelled returns over the period, and the move to allocate more members’ funds to US and offshore equities was its best decision.

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