AMP has delivered a return of 15 per cent for members of its AMP MySuper 1970s superannuation fund option for the 2024 year.

Part of AMP’s Lifestage MySuper offers, the 1970s option currently uses a high-growth asset allocation and is the largest by funds under management.

Those AMP MySuper members born in the 1980s and 1990s who are earlier in their working lifetime, and also have a high growth asset allocation, benefitted from returns of over 15.2 per cent and 15.1 per cent respectively for the 2024 calendar year.

AMP MySuper members born in the 1960s and 1950s who are currently in the lead-up to retirement or in retirement and have a lower growth allocation, also continued to see strong returns, with the funds reaching 11.5% and 9.8% respectively.

Anna Shelley, AMP Chief Investment Officer said: 

“The AMP Investments team is delighted to have again delivered particularly strong returns for our superannuation members, helping them retire with greater financial confidence.

“The quality of returns reflects strategic allocation and active performance by our equity and credit managers to asset classes and our overweight to stocks which we expected to perform strongly during the year, and this strategy has been successful. 

“This includes US and global equities, which have benefited from a strong surge in AI adoption and associated productivity benefits.

“We’ve been increasing our exposure to private debt and diversified credit, which have delivered high and consistent returns.

“Our previous relatively low allocation to direct property has allowed us to increase this exposure by buying from motivated sellers at deep discounts.

“While not a material driver of overall returns, our small and careful investment in Bitcoin futures in May, traded and actively hedged through our Dynamic Asset Allocation program, has made a positive contribution.

“Looking ahead, we will continue to position our portfolio to capitalise on emerging opportunities which can deliver the most meaningful value for our members, and continue to draw on the capability and depth of experience in our Investment Team, which has seen many investment cycles.

“Ultimately, investing successfully for our members is about determining how the future will be different to the present, and as an active manager having the conviction to tilt our diversified portfolio to reflect our vision of the future. This diversification is essential to delivering sustainable investment returns over the long term.”