AustralianSuper has divested almost $500 million of its stake in CSL as part of a broader repositioning of its portfolio. The country’s largest superannuation fund reduced its holdings in blue-chip Australian stocks such as Wesfarmers and Woolworths, while increasing investments in critical minerals companies. These changes were revealed in recent disclosures for its balanced portfolio, a flagship fund managing over $250 billion in retirement savings. AustralianSuper declined to comment on its portfolio changes.
The disclosures indicate that AustralianSuper sold approximately $450 million worth of CSL stock, representing about a third of its balanced portfolio’s total holdings in the biotechnology company. CSL is a global biotechnology company that researches, develops, manufactures, and markets a range of products to treat serious and life-threatening human conditions. CSL shares experienced a steep decline of 28 per cent during the six-month period of the sell-off. The fund also largely exited its $600 million stake in James Hardie Industries, the building materials giant, and reduced its stake in Woolworths from 3.5 per cent to 1 per cent.
In addition to reducing its exposure to CSL, James Hardie, and Woolworths, AustralianSuper trimmed its stake in Commonwealth Bank (CBA). This move allowed mining giant BHP to surpass CBA as the largest single-stock exposure in AustralianSuper’s balanced plan for the first time in over two years. Conversely, the fund has increased its holding in Telstra to approximately $1.6 billion and reinvested in Mineral Resources and PLS, capitalising on the lithium price recovery.
Chant West, a superannuation research firm, noted that financial year-to-date returns are likely to be around 2.5 per cent across the industry, despite recent market volatility. They advised members to avoid reactive shifts to lower-risk options during market downturns, as this often results in poorer long-term outcomes.
