Absolute Return Strategies are an actively managed asset class that aims to deliver positive returns and preserve capital in a varity of investment markets without following traditional benchmarks.  They may not always reach this goal, as it is not possible to guarantee positive returns in any market.  The term "Absolute Return" describes the goal of these strategies: to be positive regardless of how general markets are performing.

While Absolute Return Strategies are a relatively new asset class for super funds in Australia, they have been in existence for many years overseas.  They have been one of the fastest growing investment categories over the past decade and now have more than $500 billion in assets under management around the world.

Common characteristics of Absolute Return Strategies generally include:

• a low net exposure to general market movements
• flexibility to use non-traditional investment techniques
• borrowing to enhance investment positions and potential returns.

The member's accrued benefit in the Fund. This generally represents accumulated employer and member contributions, transfers and interest, less contribution tax, administration fees, costs and insurance premiums.

Currency managers can change the percentage of the hedged currency with the aim of producing additional returns for members.

Active investment managers try to outperform the market by researching, monitoring and selecting investments they believe will enable them to achieve better returns than the market.

The fee charged by a super fund against a member's account, contributions or balance to cover administration costs. HESTA's administration fee is only $1 per week plus 0.07% Trustee operating fee. This fee is used to administer your account and the overall management of the Fund and to provide communication and educational material to members. If your account balance is under $1,000, the administration fee will generally not exceed the interest credited to your account in any one year. However, taxes and insurance charges still apply and, in times of low or negative investment returns, a fee of up to $10 per year may be charged.

A group of similar assets. The main asset classes include shares, fixed interest, property and cash. Each asset class has a different level of risk and expected return.

In investment terms, an asset is something that can be sold or held for future benefit.

APRA is the prudential regulator of the Australian Financial Services Industry including banks, insurance companies and superannuation funds, credit unions and building societies.

Members' superannuation entitlements as set by Federal or State industrial awards or certified agreements. Sometimes these entitlements differ from entitlements members have under the minimum requirements set by the Superannuation Guarantee.