With the S&P 500 holding an impressive 23 per cent gain for the year, a 93 per cent rise over the past five years and a near 200 per cent return over the past decade, the chief investment officers at Australia’s biggest superannuation funds are heading into Christmas with a spring in their step.

According to data from the Association of Superannuation Funds of Australia, international shares accounted for about 27 per cent of superannuation assets at the end of June, the biggest single exposure. And it is likely to have increased since then; in AustralianSuper’s balanced option, for example, overseas stocks currently make up 30.1 per cent of the portfolio.

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