Two of Australia’s largest retail superannuation funds outperformed the sector in 2023-24, delivering 11-plus per cent returns on the back of soaring technology shares as their industry fund rivals struggled to offset falling unlisted asset prices.

Heavy exposure to global equity markets pushed Colonial First State and AMP’s financial year returns up to 12.1 per cent and 11.1 per cent in their default MySuper options respectively. Their results came one day after industry fund behemoth AustralianSuper delivered just 8.5 per cent.