ART, which is the result of a merger between SunSuper and QSuper, is among the top funds to have reported so far and QSuper was a major fund for the state’s public servants.

But it also warned that volatility could be expected in the markets for the short to medium term.

Its 10 per cent result was for its Super Savings balanced option which is now among the top three investment funds over a three, five, seven and 10-year performance, according to ART.

In comparison, Aware Super’s best return was 8.97 per cent up until the end of April. AustralianSuper’s balanced option produced an 8.22 per cent return for the year to June while its high growth option posted a 10.48 per cent return.

Towards the end of the financial year, Chant West said the median growth fund return was sitting around 8.5 per cent, after pullbacks in May.

The result also compares well against the previous year when many funds posted negative returns.

Chief investment officer Ian Patrick said that despite the challenges in some sectors, inflationary pressures and rising interest rates, the result was an excellent outcome for members.

He indicated the property sector was a particular challenge, particularly the office sector. ART diversified into alternative sectors such as industrial property, US residential debt and aged care.

“A combination of structural and cyclical challenges have influenced supply and demand dynamics in the property sector. In light of these challenges, we proactively sought updated valuation in line with our valuation policy. The outcomes are aligned with our expectations with the office sector specifically experiencing material downward adjustments due to capital market disruption and a decline in occupancy,” he said.

“As market volatility looks to remain for at least the short to medium-term, we encourage all Australians to take note of their superannuation strategy and check their funds’ long-term investment performance net of all fees and costs and ensure they’re in the right fund for them.”