Ms Misic will be responsible for leading the ‘top down’ aspects of the portfolio, which includes portfolio construction and risk analysis, economic and capital market research, and portfolio overlays. The role reports directly to HESTA Chief Investment Officer, Sonya Sawtell-Rickson.

Ms Misic joins HESTA from the $29 billion Telstra Super, where she has been Acting Chief Investment Officer since March 2025. She is also Head of Alternative Investments and Real Assets at Telstra Super, a role she has held since December 2022.

HESTA CEO Debby Blakey said the appointment would further strengthen leadership and expertise within the Fund’s investment team.

“We’re excited to welcome Kate to HESTA, who brings a strong track record in investments. This is a critical role within our investment team and we’re confident Kate’s expertise will help us continue to deliver the strong long-term returns our members deserve,” Ms Blakey said.

Ms Sawtell-Rickson added Ms Misic’s experience would support HESTA’s efforts to capitalise on long-term opportunities for members in a fast-changing environment.

“Kate has broad and deep experience navigating a range of market conditions and asset classes, including internal management, which will be invaluable for HESTA as we continue to leverage our total portfolio approach,” she said.

“Her deep knowledge and trusted leadership will be invaluable as we continue to evolve, internalise and strengthen our investment strategy for the benefit of our members.”

Ms Misic said she was excited to join the Fund and support its clear sense of purpose.

“I’m thrilled to be joining HESTA. I look forward to contributing to an investment strategy that delivers real impact for members, many of whom have dedicated their careers to caring for others,” Ms Misic said.

Before joining Telstra Super, Ms Misic held roles at Warakirri Asset Management, Frontier Investment Consulting and Wilshire Australia.

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Lisa Carroll

CFA Society Australia is proud to announce that eight organisations across super funds, asset managers, and consultants have adopted the voluntary CFA Institute Inclusion Code (Australia).

Grounded in global standards, the CFA Institute Inclusion Code has been adapted for Australia through consultation with a working group of leading firms, ensuring its relevance to the Australian investment industry. Since the Australian launch of the code in September 2024, the signatories who have adopted the code total eight and include:

1. HESTA
2. Frontier Advisors
3. ECP Asset Management
4. Elston Asset Management
5. MFS International (Australia)
6. CFA Society Australia

Lisa Carroll, CEO, CFA Society Australia, commented: “We applaud these organisations which, alongside CFA Society Australia, have committed to the Inclusion Code after its first year. This milestone illustrates the Australian investment industry’s commitment and leadership to building a more inclusive investment profession.”

Sonya Sawtell-Rickson, Chief Investment Officer, HESTA, commented: “At HESTA we are committed advocates for a more sustainable and inclusive economy. We believe that more diverse and inclusive teams have greater insight and perspective, enhancing decision making and contributing to stronger long-term performance that improves investment outcomes for our members.  HESTA is proud to be a signatory of the CFA Institute Inclusion Code. It is an important step in increasing inclusive cultures in the Australian financial industry.”

Sarah Maynard, ASIP, Global Senior Head, Inclusion Code, CFA Institute, commented: “The Inclusion Code offers organisations a foundation for embedding inclusive practices into strategic talent management and decision-making processes. There is growing recognition that inclusion supports sound business governance and strengthens relationships with clients, employees, and investors alike. As organisations continue to align their operations with stakeholder expectations, the Code provides a practical framework for integrating inclusion into strategy and accountability — reinforcing long-term value and resilience.”

The CFA Institute Inclusion Code is available to investment organisations in Australia of any size that seek to shape a more inclusive future for the investment industry. It provides six metrics-based principles and an implementation framework for signatories to voluntarily measure, report, and improve inclusion in their workplaces. Signatories agree to inclusion through recruitment, retention, leadership development, and across their organisational cultures.

The six principles to which signatories voluntarily commit are:

• Pipeline: Expanding the inclusive talent pipeline.
• Talent Acquisition: Designing, implementing, and maintaining inclusive and equitable hiring and onboarding practices.
• Promotion and Retention: Designing, implementing, and maintaining inclusive and equitable promotion and retention practices to reduce barriers to progress.
• Leadership: Using an organisation’s position and voice to promote inclusion and improve inclusive outcomes in the investment industry. Organisations will hold themselves responsible for their firm’s progress.
• Influence: Using an organisations role, position, and voice to promote and increase measurable inclusive results in the investment industry.
• Measurement: Measuring and reporting on progress in driving better diversity, equity, and inclusion results by providing regular reporting on the firm’s related metrics to senior management, the board, and CFA Institute.

Furthermore, the firms have voluntarily committed to meeting the following foundational reporting requirements within two years of signing the Australian Inclusion Code:

• Establishing senior leader ownership and an oversight governance process.
• Publishing formal, written, publicly available communications outlining the organisation’s Inclusion strategy, policy, commitments, and high-level objectives.
• Adopting an implementation plan to integrate inclusion within the signatory organisation’s people, processes, and policies.

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Sonya Sawtell-Rickson

HESTA’s MySuper Balanced Growth option has again achieved a strong return for members, delivering 10.18%1 for the 2024/25 financial year, with the performance of listed equities and prudent management of market volatility contributing to the result.

The outcome represents the third straight year of annual returns above 9% for the MySuper Balanced Growth option. Over 10 years to 30 June 2025, the Fund’s default investment option – where most members are invested – has averaged an annual return of 7.64% and ranked in the top quartile over 5, 7 and 10 years2.

Among other super investment options, Indexed Balanced Growth, High Growth and Sustainable Growth achieved very strong annual returns of 12.01%, 12.00%, and 11.06%1, respectively.

Members in retirement also enjoyed robust returns for the 2024/25 financial year, with HESTA’s Retirement Income Stream Balanced Growth achieving a return of 11.81%1 and Retirement Income Stream Conservative yielding 8.45%1.

HESTA Chief Investment Officer, Sonya Sawtell-Rickson, said the Fund’s investment team was on the lookout for opportunities to continue to drive performance and build the retirement savings for members over the long-term.

“We started the year with a cautious stance, and our robust liquidity management and stress testing allowed us to take advantage of long-term buying opportunities during the periods of market volatility,” Ms Sawtell-Rickson said.

Ms Sawtell-Rickson added policy announcements in the US and conflict in the Middle East had impacted markets in recent months, with management of these risks remaining a focus.

“While volatility has eased after a surge in March and April, geopolitical events remain an important consideration as we head into the new financial year,” she said.

“Our expectation is that global economic growth will likely be slower, though the response of several central banks has helped temper recession fears. Further rate reductions are expected over the year ahead, including here in Australia, which should provide additional support to the economy and households.”

HESTA CEO Debby Blakey said the financial results were great news for the Fund’s more than one million members who rely on the delivery of strong long-term returns through the cycle.

“We are very pleased to report another strong performance for our members, particularly given the more volatile and uncertain period in global markets over the past six months,” Ms Blakey said.

“The consistency of our returns over the long run can make a significant difference to our members, helping improve their retirement readiness.

“It was also great to see our income stream options perform well for the financial year, with the positive returns helping retired members maintain their savings as they draw an income stream and enjoy the retirement they deserve.”

The returns mean a member invested in MySuper Balanced Growth with the average starting balance of $80,000 will have likely received investment returns in their account of more than $8,000 by the end of the financial year3.

The returns come as many members are set to receive a further boost to their retirement savings, with the super guarantee increasing from 11.5% to 12% from 1 July. Also this week, super will begin being paid on the Commonwealth Paid Parental Leave scheme, which Ms Blakey said was a welcome step to help narrow the significant gender super gap.

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Notes:
[1] Annual return for the period to 30 June 2025.
[2] As measured by ratings agency SuperRatings Pty Ltd – a Corporate Authorised Representative (CAR No.1309956) of Lonsec Research Pty Ltd AFSL No. 421445. SR50 Balanced Index to 31 May 2025. Product ratings and awards are only one factor to be considered when making a decision. See hesta.com.au/ratings for more information.
[3] Figure assumes investment in MySuper Balanced Growth option for duration of the 2024/25 financial year and does not factor in any contributions or deductions. Average balance of HESTA member as at 30 June 2024. Estimated investment returns based on 10.18% return for the financial year.

All returns are net of investment fees and costs, transaction costs and taxes. Past performance is not a reliable indicator of future performance.

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Sonya Sawtell-Rickson

HESTA is continuing its commitment to progress 40:40 gender balance across its investment value chain* and will look to commit future capital to gender diverse investment teams.

The focus comes as the Fund today released the findings of its Gender Diversity in Investment Management 2024 progress survey. The biannual survey of investment partners reveals women now make up 28% of the investment management workforce among HESTA’s external managers. The figure is an increase on 24% in 2022 and 17% when the survey first ran in 2018.

The research on gender representation and workplace policies also anticipates that, for the first time, in 2025 all of HESTA’s investment partners will have mixed gender management teams – a significant milestone in the Fund’s push for improved gender parity across the funds management industry.

HESTA CEO Debby Blakey said the survey was an important piece of ongoing research, outlining where further improvements could be made.

“The research highlights encouraging signs of improvement. However there remains significant work ahead to address the underrepresentation of women in the industry and accelerate progress towards our aspiration of gender-balanced representation across the investment value chain by 2030,” Ms Blakey said.

“Research clearly shows organisations benefit from diversity in a number of ways from improved decision making, diversity of thought, greater innovation and enhanced financial performance.

“We will continue to promote the value of greater diversity among our managers in the interest of our members’ long-term investment performance. Achieving gender balance by 2030 will require the support and commitment of our investment partners and the broader industry.”

The research outlined some examples of industry progress, including initiatives from investment managers IFM and Generation Investment Management. IFM’s parental leave policies, updated in 2021, grant all eligible parents 26 weeks of paid leave, with expansion in 2022 to include surrogacy and foster care arrangements.

Generation’s returnship program was launched in 2019 and supports individuals returning to their careers after extended breaks, often for caregiving responsibilities, focusing on transferable skills and providing manager support. Both initiatives seek to address systemic barriers, diversify talent pipelines, and drive meaningful workplace change.

Since 2018, HESTA has regularly surveyed its domestic and international investment managers about their workforce gender diversity as part of a broader program to track gender diversity across the $93 billion fund’s investment value chain.

Additional findings from the survey include:

• Women’s participation in investment decision-making is steadily increasing, with women holding 24% of Investment Committee positions (up from 14% in 2020).
• The percentage of women in roles below Portfolio Manager (PM) level slipped from 32% to 30%, leaving opportunity to strengthen the pipeline. The number remains above 2020 levels of 26.5%.
• 45% of investment managers have established gender diversity targets for their investment teams (up from 34% in 2022).
• 100% of investment partners have implemented policies to prevent and respond to workplace sexual harassment.

As with the broader aspiration for its investment ecosystem, HESTA’s internal target for its investment management team is a 40:40:20 gender balance by 2030. As at June 30 2024, women comprised 42% of the team, including 67% of the Investment Committee.

As at reporting time, women accounted for 28% of the HESTA team at PM level or above, which was up from 18% in the prior survey. The pipeline of employees in the team below PM level remains strong, with 51% of roles filled by women. This figure has fallen from 57% in 2022, with part of the decline at this level due to promotions.

HESTA CIO Sonya Sawtell-Rickson outlined the super fund’s commitment to stronger action internally and from its investment partners to drive change in the industry.

“All of HESTA’s investment partners now are anticipated to have mixed-gender investment teams this calendar year, which is a significant milestone and demonstrates the impact of our partners’ willingness to embrace diversity,” Ms Sawtell-Rickson said.

“We remain committed to advancing gender diversity internally at HESTA and working with our investment partners to drive change. As part of our ambition to achieve this 40:40 target across our investment value chain, we will look for opportunities to allocate future capital to investment partners who capture the benefits of gender diversity.”

To encourage greater gender diversity across investment management teams, HESTA has urged its investment partners to consider a number of deliberate and effective actions, including setting time-bound composition targets for gender diversity, conducting regular gender pay-gap analysis, introducing more inclusive workplace policies, and demonstrating a clear commitment to disclosure and transparency. These actions have been taken at HESTA.

———

*The investment value chain includes all partners involved in how the Fund invests on behalf of members.

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The moves underscore the fund’s ongoing focus on data security and commitment to enhancing its investment strategy in a rapidly changing environment.

Mr Blayney joins HESTA in a newly created role within the Investment Management team, reporting to Head of Portfolio Design, Dianne Sandoval. In this new role, Mr Blayney will be pivotal in leading the Dynamic Asset Allocation team, responsible for delivery of HESTA’s dynamic asset allocation investment strategy and process.

Mr Blayney brings a wealth of experience to HESTA, having previously served as the Head of Multi Asset at Pendal Group, and before that held senior roles with First State Super, Perpetual and Towers Watson.

As General Manager of Information Security, Mr Catherall will report to Senior Technology and Digital Strategist Peter Lawrence.

With over 20 years working in financial services, Mr Catherall brings extensive expertise in security strategy, risk management, and cyber resilience. He previously served as Regional Chief Information Security Officer (CISO) at CHUBB, CISO at AVIVA, and Head of Information Security Management at ANZ.

HESTA CEO Debby Blakey said the appointments supported HESTA’s focus on keeping members’ data safe and its strategy to deliver strong long-term performance through active investment strategies.

“These appointments help ensure we can continue to be well-positioned as a leading global investor, maintaining our great track record of performance, and will further strengthen our digital security capability,” Ms Blakey said.

“Michael has the skills and capabilities we are looking for in helping inform our investment approach through market volatility, which is critical to delivering strong long-term returns for members. Nick’s experience will be invaluable in driving forward our information security strategy, with the ongoing protection of member data of the utmost importance.”

HESTA’s Chief Investment Officer, Sonya Sawtell-Rickson said, “Michael’s depth of experience in investment management and superannuation will be a tremendous asset, allowing us to further refine our investment strategies. His proven track record in dynamic asset allocation will undoubtedly strengthen our investment capabilities and support us in navigating the changing market environment to best serve our members’ interests.”

Looking forward to the new experience, Mr Blayney said, “I am excited to join HESTA and lead the Dynamic Asset Allocation team. This is a fantastic opportunity to contribute to a great team in a mission-driven organisation, motivated to improve the retirement incomes of members.”

Excited by the impact Mr Catherall will have on the team, Senior Technology and Digital Strategist Peter Lawrence said, “Nick is a fantastic addition to the team. His industry experience and proven ability to align cybersecurity with business objectives, while focusing on compliance and resilience, will be instrumental in further shaping our Information Security strategy.”

Mr Catherall said he was excited to join HESTA at a pivotal time for the super industry, “I feel fortunate to be joining such a passionate and purpose-driven team and I look forward to contributing to the great work they are doing, and building on these strong foundations as we navigate the evolving digital landscape.”

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Over the past decade, from 1 July 2014 to 30 June 2024, HESTA’s MySuper Balanced Growth has averaged an annual return of 7.62 per cent per annum.

“Despite ongoing uncertainty in financial markets and cost-of-living pressures for many of our members, we’ve continued to build on the strong long-term investment performance we’ve delivered for members,” HESTA CEO Debby Blakey said.

“This continues to show how our world-leading retirement system delivers fantastic results for millions of working Australians.”

As the default investment choice for the majority of HESTA’s over 1 million members, MySuper Balanced Growth continues to deliver substantial long-term growth, ranking in the top quartile over 3, 5, 7 and 10 years.^[2]

Ms Blakey said for members in retirement strong long-term investment performance would also help maintain their savings as they drew an income stream.

“It was fantastic to see that our Income Stream Balanced Growth option returned 10.16% for the financial year ending 30 June 2024, and has delivered 8.13% over the past 10 years.”

HESTA measures its members’ retirement readiness using the ASFA Retirement Standard, with the aim of shifting members from a ‘modest’ to a more ‘comfortable’ retirement.

“For many of our members, their superannuation will supplement the income they receive from the age pension,” Ms Blakey said.

“Strong long-term investment returns can make a difference for many of our members, helping them to enjoy the retirement they deserve after spending their working lives helping others.”

Since the Fund started measuring its members’ retirement readiness in late 2016, it has shifted an extra 187,645^[3] members towards a more ‘comfortable’ retirement as outlined in the ASFA Retirement Standard^[4]

“Members understanding that they are on track to be ready for retirement is helping them to continue to make smart financial decisions as they feel empowered to face the future with confidence,” Ms Blakey said.

Several of HESTA’s diversified investment options posted impressive results for the financial year.

• The High Growth option yielded an 11.91% return.
• Indexed Balanced Growth achieved 11.86%.
• Income Stream High Growth returned 12.70%.
• Income Steam Indexed Balanced Growth achieved 13.11%.

HESTA’s Chief Investment Officer, Sonya Sawtell-Rickson, said the strong returns reflected resilience in public financial markets, even as interest rates remained above 4 per cent over the financial year.

However, she warned that recession triggers remain live in Australia and many other developed countries.

“It is the long-term performance, year in and year out, that matters for our members and HESTA has a long and proud history of delivering competitive returns,” Ms Sawtell-Rickson said.

“Challenges for investors include persisting market volatility and the relatively high valuations in many markets around the world. However, we’re still seeing investment opportunities in the climate transition, governments pushing to diversify supply chains, and the potential productivity benefits from the adoption of AI.

“We remain focused on continuing to be nimble, including ensuring we have liquidity available if opportunities present.”

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