Mercer SmartPath members close out 2025 with strong returns^
Performance update: October to December 2025*
Despite markets softening in Q4 2025,2 results for the 2025 calendar year were strong with Mercer SmartPath members benefiting from returns of up to 10.7%.1
Mercer SmartPath performance
Q4 2025
While there were some dips in investment markets in Q4, Mercer SmartPath still delivered positive returns between 0.7% and 1.0% to members across all age groups.3
2025 calendar year
For the 12 months ending 31 December 2025, Mercer SmartPath delivered returns between 7.2% and 10.7%, with most members benefiting from performance well above the industry median.1
Over the longer term
Over the longer term – where super is best measured – all Mercer SmartPath members aged 56 or under continued to see consistently strong returns over 3, 5, 7 and 10-year time periods.1 For members aged 57 and over, where SmartPath is focussed more on stability, returns ranged between 5.7% and 10.9% p.a. over the same time periods.4
Mercer Super Trust’s analysis of Mercer SmartPath (born 1984-1988), compared to the median of all default funds reported in the SuperRatings Fund Crediting Rate Survey – Default Options as at 31 December 2025. Past performance should not be relied upon as an indicator of future performance.
Ready-made diversified investment options
Q4 2025
Our Ready-made diversified choice options also delivered positive performance in Q4, with returns ranging from 0.6% to 0.9%.5
The best performing options were those with a balanced mix of growth and defensive assets, such as Mercer Growth.5
12 months
For the 12 months to 31 December 2025, all options continued to deliver positive returns for members. Returns ranged between 5.7% for Mercer Conservative Growth, and 9.5% for Mercer High Growth.5
Over the longer term
Over the longer term, nearly all our Ready-made diversified options continued to deliver returns that were comparable to, or better than, most similar funds over 5, 7 and 10 years.5
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You're in capable hands
The Mercer Investments team operates in over 30 countries and includes more than 3,000 professionals, with over 300 based in Australia. Our local and global teams collaborate closely to monitor the markets and build portfolios aimed at driving performance while implementing robust due diligence and active risk management.
Important principles we follow:
Diversification
Investing in a diverse range of assets, geographies and sectors seeking to reduce the overall impact of high volatility in other assets. Much like the saying 'don’t put all your eggs in one basket.'
Investment Strategy
We take a thoughtful and adaptable approach to investing. This means assets are chosen based on careful planning, and we’re ready to adjust our strategy as market conditions change.
Modelling
Implementing robust risk management practices that consider a variety of possible market outcomes, and how best to prepare for them and to respond should they occur.
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* Past performance is not a reliable indicator of future performance. The value of an investment in Mercer Super may rise and fall from time to time. The investment performance, earnings or return of capital invested are not guaranteed.
^ Based on all Mercer SmartPath Corporate Super Division cohorts for members invested for the period 1 January 2025 to 31 December 2025. Mercer Super Trust analysis of Mercer SmartPath performance (after investment fees and taxes) as at 31 December 2025 with the majority of members returns compared to the top quartile returns of all default funds (10.2% or above) reported in SuperRatings Fund Crediting Rate Survey – Default Options as at 31 December 2025. Based on Mercer Super Corporate Super Division membership data as at 31 December 2025. Returns across all Mercer SmartPath cohorts for the period 1 January 2025 to 31 December 2025 varied between 7.2% and 10.7%.
1. Based on all Mercer SmartPath Corporate Super Division cohorts for members invested for the period 1 January 2025 to 31 December 2025. Mercer Super Trust analysis of Mercer SmartPath performance (after investment fees and taxes) as at 31 December 2025 with the majority of members returns compared to the top quartile returns of all default funds (10.2% or above) reported in SuperRatings Fund Crediting Rate Survey – Default Options as at 31 December 2025. Based on Mercer Super Corporate Super Division membership data as at 31 December 2025. Returns across all Mercer SmartPath cohorts for the period 1 January 2025 to 31 December 2025 varied between 7.2% and 10.7%.
2. Mercer Super Trust’s analysis of financial market asset class returns and economic insights.
3. Based on all Mercer SmartPath Corporate Super Division cohorts for members invested for the period 1 October 2025 to 31 December 2025. Mercer Super Trust analysis of Mercer SmartPath performance (after investment fees and taxes) as at 31 December 2025.
4. Based on all Mercer SmartPath Corporate Super Division cohorts (with the exception of cohorts Born 2004-2008, Born 2009-2013 and Born 2014-2018 which have insufficient performance history to complete an assessment over all time periods) for members invested for the entire corresponding time period. Mercer Super Trust analysis of Mercer SmartPath performance (after investment fees and taxes) as at 31 December 2025 compared to the returns of all default funds reported in SuperRatings Fund Crediting Rate Survey – Default Options as at 31 December 2025.
5. Mercer Super Trust’s analysis of Mercer Super’s Ready-made diversified investment options in the Corporate Super Division, compared to its respective growth asset ratio fund survey’s median as reported in SuperRatings Fund Crediting Rate Survey as at 31 December 2025.
Issued by Mercer Superannuation (Australia) Limited (MSAL) ABN 79 004 717 533, Australian Financial Services Licence #235906, the trustee of the Mercer Super Trust ABN 19 905 422 981 (‘Mercer Super’).
Any advice provided is of a general nature and does not take into account your objectives, financial situation or needs. Before acting on any advice we recommend you obtain your own financial advice and consider the Product Disclosure Statement and Financial Services Guide available at mercersuper.com.au. The product’s Target Market Determination setting out the class of people for whom the product may be suitable can be found at mercersuper.com.au/tmd.
Ratings are likely to change and are only one factor to be taken into account when deciding to invest in a product.
The trustee has appointed Mercer Investments (Australia) Limited (MIAL) ABN 66 008 612 397 AFSL #244385 as an implemented consultant to provide investment strategy advice, portfolio management and implementation services including investment manager selection and monitoring. MIAL is also the responsible entity of a number of investment funds (the Mercer Funds). Mercer Super Trust invests in the Mercer Funds. Neither MSAL or MIAL or any of the underlying fund investment managers guarantee the investment performance, earnings or return of capital invested in any of the Mercer Super Trust investment options.
‘MERCER’ and ‘Mercer SmartPath®’ are Australian registered trademarks of Mercer (Australia) Pty Ltd ABN 32 005 315 917.