Our quarterly performance results (as at 31 March 2025)

Share markets had a weak March quarter on the back of concerns about the United States’ new tariff reforms, that were ultimately announced in early April. This led to most of our pre-mixed options producing modest negative returns for the period (with the exception of the Capital Stable option, which has a smaller exposure to shares).  

Short-term returns

Our MySuper Balanced option, where most members are invested, fell by 0.3% over the March 2025 quarter – a small decline given local and offshore share markets generally fell around 1% to 3% over the quarter. Over the financial year to 31 March 2025 the MySuper Balanced option return remains positive at 4.5%.  

To see the performance of all our options, visit Our performance. 

Long-term returns

While short-term market weakness can be uncomfortable, CareSuper’s long-term performance remains solid.  

Over the last 10 years (to 31 March 2025), our Balanced (MySuper) option has delivered an average annual return of 6.96%, while our Balanced Retirement Income option achieved an average annual return of 7.40%. This ranks us amongst the top 10 balanced options over the 10 years to 31 March 2025.¹ 

Performance as at 31 March 2025

Returns are net of investment fees and tax.

Market drivers

The investment landscape has changed significantly over the past few months, largely due to the US administration’s aggressive new tariff policies. When 2025 started, many investors were optimistic - expecting steady global economic growth, easing inflation and lower interest rates.  This contributed to generally buoyant conditions for financial markets in January. However, this was later offset as investors began to reassess the outlook for US technology stock earnings, which was then followed by concerns as the US Administration announed a review of trade policy. Therefore, over the March quarter, stock markets were weaker, which was a driver to the slight decline in the Balanced option. 

Since the end of March, the introduction of sweeping tariffs in early April has seen uncertainty surge, rattling financial markets and causing increased volatility. 

Share markets and the Australian dollar declined in reaction to these developments, before hopes of successful trade negotiations with many countries helped stocks recoup losses. Other asset classes have been more mixed in response to the developments, with US markets more heavily impacted than some other areas.  

These developments have created additional risks for the economic outlook, with trade disruptions delaying investment and hiring decisions, which may see global economic growth slow further. 

Despite these global uncertainties, Australia remains in relatively better shape. While tariffs have affected international trade, Australia faces a comparatively lower rate, and our solid labour market and moderating inflation continue to support domestic economic stability. Elsewhere, Europe may also fare better, as Germany’s ambitious fiscal spending plan could provide a significant boost to its economy, potentially cushioning some of the adverse effects of global trade tensions. 

Looking forward

Going forward, we will be keeping a close eye on tariff developments. Tariffs and trade negotiations have the power to fundamentally reshape the global economy and financial markets. When countries impose tariffs, it disrupts the flow of goods, alters supply chains and forces businesses to rethink sourcing strategies. In the short term, these shifts can create uncertainty as investors reassess risks and future economic growth. Over the long term, trade negotiations and tariff policies can redefine the structure of international commerce, influencing everything from inflation rates to geopolitical alliances. 

Financial markets react swiftly to trade policy changes. Stock markets often decline when tariffs are introduced, as investors fear reduced corporate earnings and slower economic growth. Currency markets also shift—if a country facing heavy tariffs sees its exports decline, demand for its currency could weaken. Bond markets may become volatile as investors adjust expectations for economic growth, inflation, and interest rates. 

From an investment perspective, market volatility presents both risks and opportunities. While caution is necessary, volatility can present long-term investors like CareSuper with attractive entry points to investment opportunities as valuations adjust. The CareSuper “smooth ride” approach of having a diversified range of investments across different asset classes and regions remains as prudent as ever, particularly in uncertain times.  

Learn more about how our investment philosophy is helping to boost your returns.