Superannuation funds are looking to invest more of the $3.3 trillion under their control in infrastructure, real property and fixed income products in a bid to protect returns from the sting of soaring inflation.

But they have warned that they may struggle to meet funds’ objectives to beat the consumer price index by a certain percentage – typically the CPI plus 3 to 4 per cent – over long-term horizons, as high inflation makes it hard to get real returns.