First State Super, which has just merged with VicSuper to create a $120 billion mega fund, returned 1.3 per cent last financial year, while AustralianSuper and Cbus also managed to deliver small positive returns of 0.52 per cent and 0.75 per cent respectively.

But many other superannuation funds will have delivered their first negative results in more than a decade, with Chant West expecting the median fund to return minus 1.3 per cent when finalised figures are available later this month.