Super Fund Manager Radar: Show me the incentive and I'll show you the outcome

This report tracks the equity positioning and active share of Australia's 12 largest superannuation managers (the "Super Majors"). The APRA performance test creates a sharp, career-existential disincentive — two consecutive years of underperformance forces a fund to close to new members — and active share continues to shrink as a result. Active share across the Super Majors fell 590bp over two years to 19.7% at Jun-26, with roughly 80% of the average domestic equity book now mirroring the index; active share in the Top 20 is just 11%, rising to 49% in stocks 201-300. Shrinking active share and deepening passive penetration have halved ASX 50 trading velocity since 2006 and fuelled extreme results-season volatility, with 32% of the ASX 200 moving three standard deviations or more on result day in August 2026. Funds remain UW the ASX 50 and OW mid-caps, with BSL, JHX and QAN the highest-conviction longs;