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Our 
Investment governance

As a profit-for-member superannuation fund, Hostplus is run only to benefit members. It is our duty to deliver the best retirement outcomes to our members. 

This responsibility guides the decisions we make, and great care is taken to ensure our actions fulfil our duties to our members.

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Our portfolio disclosures

Our portfolio disclosures provide details of our investment holdings and Valuations Policy. By sharing this information, we aim to ensure transparency and regulatory compliance, providing comfort to our members and investors. 

Hostplus invests in a wide range of assets diversified between countries, industries and asset types.

For example, our Balanced (default) investment option invests not only in listed Australian and international equities, but also unlisted assets, such as direct property, infrastructure, credit and private equity, which typically provide strong, stable returns when equity markets turn.

View our investment holdings by investment option for more information on our portfolio diversification.

At Hostplus we have a Valuations Policy for the Superannuation Fund (‘Fund’) and for the Pooled Superannuation Trust (‘PST’).

As the Fund holds units in the PST, it therefore does not have direct exposure to the underlying Investment Managers and assets within the PST. Accordingly, the valuations that underpin the unit prices are the primary responsibility of the PST Trustee, who is governed by the Valuations Policy – PST (to which the Trustee is privy, as the Trustee of the Fund and the Trustee of the PST are trustees in common).

We appoint a range of trusted, specialist investment managers to invest on the Fund's behalf. Each manager is assessed on its suitability in relation to the overall investment strategy. Each manager’s investment performance is regularly reviewed, with changes made to our manager allocations where necessary. 

The investment managers for each asset class as at 30 June 2025 are listed in the following tables. 

Please note: These figures may include cash and accounting accruals. Holdings are shown to one decimal place. Small holdings under 0.05% will show as 0.0%. Figures may not add up to the total due to rounding.

Our approach to responsible investing

Responsible investment is an important part of our investment approach that helps us better manage financial risk and optimise retirement outcomes for our members.

To find out more about our approach to responsible investment, you can read our Responsible Investment Policy.

In accordance with our Responsible Investment Policy, we believe it is in our members’ best financial interests to retain exposure to a broad range of sectors and engage with companies we invest in, rather than divest from them. However, we make an exception for companies involved in ‘controversial weapons’. 

Controversial weapons are governed by several international treaties and conventions. Australia is a signatory to many of these, making it illegal to produce such weapons domestically. However, Australian entities can still invest in, or finance, overseas companies involved in these weapons.

These weapons are indiscriminate and can cause mass destruction, excessive injury and long-term health impacts. Due to their severe impact, especially on civilians, Hostplus has decided to ban them from our investment portfolios. 

Our Controversial Weapons Divestment Policy outlines our commitment to exclude controversial weapons from our investment portfolios wherever  practicable.

We aim to vote the proxy rights associated with all of our Australian and international equities holdings1 and we are committed to publicly disclosing all proxy voting records. You can find the latest record of Hostplus’ proxy voting activity here.

1 This commitment is balanced with practical and members’ best interest considerations. In limited circumstances, share blocking, overly restrictive Power of Attorney requirements or postal voting systems may mean voting is not practical.

As a shareholder, Hostplus favours engagement over divestment.

Our policy is to retain exposure to a broad range of sectors and, where feasible, seek to create change within companies through engagement, rather than divest from a company or sector and lose influence. 

Engagement involves two-way constructive communication between us and investee companies on matters like the organisation’s environmental, social and governance (ESG) issues, as well as performance, strategy, leadership, quality and level of reporting.

Hostplus engages with companies primarily through its membership of the Australian Council of Superannuation Investors (ACSI) and service provider Hermes EOS.

By taking a collective engagement approach, we are able to exert greater influence beyond our own shareholding in an investee company and to manage resources more effectively. As an ACSI member, Hostplus also actively influences ACSI’s priority engagement themes and companies each year.

To see how engagement delivers positive outcomes, view the recent reports below:

Modern slavery encompasses illegal practices such as trafficking in persons, slavery, servitude, forced marriage, forced labour, debt bondage, deceptive recruiting for labour or services, and child labour.

Under the Modern Slavery Act 2018 (Cth) (‘the Act’), we are committed to identifying, assessing and addressing modern slavery risk in our operations and supply chain. Our Modern Slavery Statement – updated annually – explains how we meet our obligations under the Act.

We also have a Modern Slavery Policy that provides a framework of  overarching principles and guidance through which we will seek to ensure that modern slavery risk management is part of the day-to-day operation of Hostplus. This includes a Supplier Code of Conduct that sets out expectations for all suppliers of goods and services to Hostplus.

Principles for Responsible Investment
Hostplus is a signatory to the United Nations-supported Principles for Responsible Investment (PRI).

These principles establish a collective international framework for institutional investors to integrate environmental, social and governance (ESG) considerations into their investment decision-making.

The principles are:

  • Principle 1: We will incorporate ESG issues into investment analysis and decision-making processes.
  • Principle 2: We will be active owners and incorporate ESG issues into our ownership policies and practices.
  • Principle 3: We will seek appropriate disclosure on ESG issues by the entities in which we invest.
  • Principle 4: We will promote acceptance and implementation of the Principles within the investment industry.
  • Principle 5: We will work together to enhance our effectiveness in implementing the Principles.
  • Principle 6: We will each report on our activities and progress towards implementing the Principles.

Each year, the PRI surveys signatories on their responsible investment practices. The reported information is published through public transparency reports and assessed by the PRI.  Hostplus is proud to have received a rating of 4 out of 5 stars for our responsible investment and stewardship policy from PRI.

Read our PRI Transparency Report and find further information on the PRI assessment methodology.

Hostplus stewardship statement
Hostplus is a signatory to the Australian Asset Owner Stewardship Code (the 'Stewardship Code') and is pleased to have adopted all of its six principles.

Being a signatory to the Stewardship Code allows us to continue to proactively manage and disclose the stewardship activities we undertake on behalf of our members. These activities are consistent with our desire to create value for members by influencing companies to change their behaviour in ways which protect and enhance long-term, sustainable value.

To see how we implement the code, view the Hostplus stewardship statement.

The Australian Council of Superannuation Investors (ACSI)
Established in 2001, ACSI exists to provide a strong voice on financially material environmental, social and governance (ESG) issues. Members include Australian and international asset owners and institutional investors.

As a foundation member of ACSI, Hostplus plays an active role in addressing serious ESG issues and engaging with listed companies to ensure that the interests of Hostplus members are well represented. 

The Responsible Investment Association Australasia (RIAA)
Hostplus is a member of the RIAA, an organisation that champions responsible investing and a sustainable financial system in Australia and New Zealand. 

Our approach to climate change

Our primary duty is to optimise retirement outcomes for our members. In accordance with this duty, we recognise climate change as a financial risk, the extent of which will vary based on factors including the nature, scope and timing of social and regulatory changes.

To manage these risks in our investment portfolio, we’ve established policies, systems and processes to ensure that our operational and reporting frameworks consider these risks. Climate-change considerations are incorporated into our investment process in the following ways.

Hostplus’ Board oversees our investment decisions, including the management of financial risks due to climate change.

The Board follows an investment approach under our investment governance framework. Management of financial risks related to climate change is embedded in the framework through our investment philosophy, Responsible Investment Policy, Stress Testing Policy and investment strategy process.  

We include climate-change-related financial risks within our internal risk framework, recognising their potential to impact us and our members through financial, physical, transitional, regulatory, member-retention and reputational risks.

Our Chief Investment Officer oversees these risks, which, based on the current risk level, must be assessed at least every six months. The Board sets our risk appetite. If a risk falls outside this appetite, the Board decides whether to accept the risk or request additional controls.

We’ve put controls in place to mitigate and manage climate-change-related financial risks. These include:       

  • incorporating these risks within our investment philosophy and investment strategy (including the strategic asset allocation process)
  • conducting climate-change stress testing and scenario analysis       
  • assessing the capabilities of investment managers to handle these risks, and
  • engaging with investee companies regarding the assessment, management and disclosure of climate-change-related financial risks.  

We incorporate climate-change-related financial risk into our investment philosophy, which informs our investment decision-making process.  Together with our investment adviser, we also consider these risks in our investment strategy, including our strategic asset allocation, alongside other factors. Our Board reviews and approves this strategy at least annually, guiding our investment allocation decisions.

We analyse the overall profile of our investment options using a statistical approach that applies a range of factors, including climate change scenario stress testing. This testing helps to inform us of potential impacts on financial performance in the event that particular climate change events might occur. The climate change scenarios that are used are reviewed annually as part of the formal annual review of our investment strategy.

As part of our efforts to manage climate-change-related financial risks, we have committed to transition the investment portfolio to net zero emissions by 2050, aligning with Australia’s commitment to the Paris Agreement.

Our Board appoints specialist external investment managers based on advice from our investment adviser and internal investment team, who regularly monitor the progress of these managers. We assess each manager’s risk management capabilities related to climate change as part of the selection and review process, reporting on these assessments to the Board in the annual Responsible Investing Review.  

We invest primarily through specialist external investment managers. We believe this gives our members great value and access to the skills and expertise of some of the best investment managers in the world. We work closely with our investment consultant to select and monitor these managers. While approaches to ESG integration may vary, each manager's ESG capabilities must at least be in line with their asset class peer group to be included in the portfolio.

We believe it’s not in our members’ best financial interests to apply a blanket ban on any exposure to fossil fuels in our fund. However, we’re keenly aware of the impact of fossil fuels in exacerbating global climate change. For that reason, climate change is a key consideration for us and our investment managers when applying our investment decision frameworks described above. Where possible, our managers consider climate-change-related financial risks alongside other factors when making their investment decisions.

Our investment strategy is to retain exposure to a broad range of sectors. We believe our members' financial interests are best served by an orderly transition to a low-carbon economy and that investee companies should have the opportunity to adapt. Rather than divesting sectors like fossil fuels, we use our influence as a shareholder to drive change within companies, supporting a smooth transition and investing in potential climate solutions.‍

For members who want their superannuation to reflect their personal values, we have socially responsible investment options that seek to reduce exposure to investing in fossil fuels and other sectors where feasible. These options are:

Hostplus engages with listed investee companies through specialist engagement service providers, the Australian Council of Superannuation Investors (ACSI) and Federated Hermes EOS. By taking a collective engagement approach, we can exert greater influence in an investee company beyond our own shareholding, aiming to positively influence their climate-change risk management practices and disclosures.

We take a pragmatic and commercial approach to voting at company AGMs, aiming to vote on all resolutions where practicable and reviewing select shareholder proposals on a case-by-case basis. Our voting process considers factors such as company-specific circumstances, recommendations from proxy voting advisers and from input investment managers. 

In addition to incorporating climate-change risk into our investment decisions and engaging with companies, we invest in potential climate solutions. This includes renewable energy, energy storage, and clean energy technology like green hydrogen electrolysers, aiming to deliver future returns for our members. Read our investment case studies to learn more about some of these investments. 

 

We recognise that managing climate-change-related financial risk is an evolving area requiring ongoing review and advancement. Therefore, we commit to annually reviewing our approach and reporting the results to the Board through the annual Responsible Investing Review.