This research project examines the extent to which Australian superannuation funds have varied their asset allocations, both over time and relative to each other.  The report details developments in asset allocation for superannuation funds over the last 20 years, with two key trends identified: 

The rise in exposure to alternative assets; and  

The impact of dynamic asset allocation policies.

These changes have been adopted almost universally across the industry, and a high degree of homogeneity of strategy remains evident.    Despite these trends, funds remain anchored to benchmark asset allocations which reflect the long‐term characteristics of markets, and rely on the long‐term nature of superannuation to allow them to rebound from negative returns. In particular, funds retain substantial ongoing exposure to growth assets on the assumption that they will deliver adequate returns over the long haul.