AustralianSuper’s experiment to bring domestic equities stock picking inside the industry fund nearly a decade ago has earned it 2.8 percentage points of returns above the broader sharemarket a year on average, and elevated it to the single biggest actively managed share fund in Australia.

At $60 billion, it is the largest actively managed local equities portfolio by a factor of 2.5 times, exceeding both copycat superannuation funds running their own money, and wealth behemoths such as Pendal.