Our Defensive option is diversified across a wide range of asset classes with a focus on defensive assets. It targets 75% in defensive assets such as cash and fixed income, and 25% in growth assets. This option invests in a range of asset types (listed and unlisted), investment managers and styles.
May suit members who:
Did you know?
Choosing more stable returns over the short term may mean you miss out on higher long-term returns.
Investment objective
(after fees, costs and tax) over rolling 10-year periods.
Timeframe
Minimum suggested investment timeframe.
Risk
Estimated number of negative annual returns over any 20-year period:
1 to less than 2 times
Short-term risk:
3 - Low to Medium
Long-term risk:
7 - Very High
1 Includes ‘Investment fees and costs’ and ‘Transaction costs’, excludes ‘Administration fees’. Indicative only based on historical fee and cost data as at 30 June 2025. The amount you’ll pay in future years will depend on the fees and costs incurred by the trustee in managing the investment option. Other fees and costs may apply. Refer to the relevant PDS or Handbook for more information.
Below are the option’s asset allocation targets and ranges, effective 30 September 2025.
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| Defensive | Target | Range |
|---|---|---|
| Australian shares | 5% | 0 - 15% |
| International shares | 8% | 0 - 18% |
| Private equity | 1.5% | 0 - 22% |
| Infrastructure | 8.5% | 0 - 29% |
| Property | 5.5% | 0 - 26% |
| Liquid alternatives (growth) | 0% | 0 - 10% |
| Liquid alternatives (defensive) | 0% | 0 - 20% |
| Credit income | 6% | 0 - 26% |
| Fixed income | 20% | 0 - 45% |
| Cash | 45.5% | 0 - 85% |
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| Target | |
|---|---|
| Growth assets | 25% |
| Defensive assets | 75% |
Investment objective
(after fees, costs and tax) over rolling 10-year periods.
Timeframe
Minimum suggested investment timeframe.
Risk
Estimated number of negative annual returns over any 20-year period:
1 to less than 2 times
Short-term risk:
3 - Low to Medium
Long-term risk:
7 - Very High
1 Includes ‘Investment fees and costs’ and ‘Transaction costs’, excludes ‘Administration fees’. Indicative only based on historical fee and cost data as at 30 June 2025. The amount you’ll pay in future years will depend on the fees and costs incurred by the trustee in managing the investment option. Other fees and costs may apply. Refer to the relevant PDS or Handbook for more information.
Below are the option’s asset allocation targets and ranges, effective 30 September 2025.
Scroll table horizontally on mobile
| Defensive | Target | Range |
|---|---|---|
| Australian shares | 5% | 0 - 15% |
| International shares | 8% | 0 - 18% |
| Private equity | 1.5% | 0 - 22% |
| Infrastructure | 8.5% | 0 - 29% |
| Property | 5.5% | 0 - 26% |
| Liquid alternatives (growth) | 0% | 0 - 10% |
| Liquid alternatives (defensive) | 0% | 0 - 20% |
| Credit income | 6% | 0 - 26% |
| Fixed income | 20% | 0 - 45% |
| Cash | 45.5% | 0 - 85% |
Scroll table horizontally on mobile
| Target | |
|---|---|
| Growth assets | 25% |
| Defensive assets | 75% |
Investment objective
(after fees, costs and tax) over rolling 10-year periods.
Timeframe
Minimum suggested investment timeframe.
Risk
Estimated number of negative annual returns over any 20-year period:
1 to less than 2 times
Short-term risk:
3 - Low to Medium
Long-term risk:
6 - High
* As the Aware Super Term Allocated Pension (TAP) invests in the same way as Aware Super Retirement Income, this information also applies to members in the TAP.
1 Includes ‘Investment fees and costs’ and ‘Transaction costs’, excludes ‘Administration fees’. Indicative only based on historical fee and cost data as at 30 June 2025. The amount you’ll pay in future years will depend on the fees and costs incurred by the trustee in managing the investment option. Other fees and costs may apply. Refer to the relevant PDS or Handbook for more information.
Below are the option’s asset allocation targets and ranges, effective 30 September 2025.
Scroll table horizontally on mobile
| Defensive | Target | Range |
|---|---|---|
| Australian shares* | 5.5% | 0 - 16% |
| International shares* | 7.5% | 0 - 18% |
| Private equity | 1.5% | 0 - 22% |
| Infrastructure | 8.5% | 0 - 29% |
| Property | 5.5% | 0 - 26% |
| Liquid alternatives (growth) | 0% | 0 - 10% |
| Liquid alternatives (defensive) | 0% | 0 - 20% |
| Credit income | 6% | 0 - 26% |
| Fixed income | 20% | 0 - 45% |
| Cash | 45.5% | 0 - 85% |
* For Retirement Income accounts, the shares asset classes invest in strategies designed to manage market volatility. Refer to the ‘We invest differently in retirement’ section in the Retirement Income PDS for more information.
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| Target | |
|---|---|
| Growth assets | 25% |
| Defensive assets | 75% |
You can choose to invest in one option or a combination of options. And you can switch your investment options at any time for free.
We’re here to help you achieve your financial goals. We can provide simple financial advice, over the phone, to answer any questions.
You can speak to a qualified financial planner who can help you make investment choices that meet your financial goals.
