We can gain a lot of ideas and interesting insights into the mindset of Australian investors by looking at which ASX shares are the most widely held in self-managed superannuation funds (SMSFs).
SMSF investors have the most flexibility in where to put their money. Interestingly, it's ASX shares that have the biggest allocation, followed by direct property, cash and term deposits, managed funds and then unlisted trusts.
Let's take a look at which ASX shares are the most popular within SMSF portfolios.
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The most widely held ASX shares
SMSF cloud accounting software provider Class recently released its 2025 annual benchmark report, giving insights into the SMSF landscape.
As of 30 June 2025, there were 12 ASX shares that featured in at least 20% of SMSF portfolios. They were as follows:
- BHP Group Ltd (ASX: BHP) – 49%
- Woodside Energy Group Ltd (ASX: WDS) – 41.8%
- Westpac Banking Corp (ASX: WBC) – 36.7%
- National Australia Bank Ltd (ASX: NAB) – 36.2%
- ANZ Group Holdings Ltd (ASX: ANZ) – 36.1%
- Telstra Group Ltd (ASX: TLS) – 35.7%
- Commonwealth Bank of Australia (ASX: CBA) – 34.3%
- CSL Ltd (ASX: CSL) – 33.2%
- Wesfarmers Ltd (ASX: WES) – 30.7%
- Macquarie Group Ltd (ASX: MQG) – 29.4%
- Woolworths Group Ltd (ASX: WOW) – 25%
- Rio Tinto Ltd (ASX: RIO) – 21.2%
Perhaps it's no surprise that virtually all of these businesses are known for paying a pleasing dividend yield because of the appeal that may have for income investors.
Curiously, while it's BHP and Woodside that have the highest number of SMSFs invested in them, it's a different order for the most dollars invested in each stock.
Below is the biggest percentage of total SMSF ASX share investments, according to Class, with a weighting of at least 2%:
- CBA – 8%
- NAB – 4.1%
- Westpac – 4%
- BHP – 3.9%
- Wesfarmers – 3.3%
- Macquarie – 3.1%
- ANZ – 3%
- CSL – 3%
- Telstra – 2.2%
This goes to show that the big ASX bank shares still have significant backing by a smaller group of SMSF investors.
What about international shares and ASX ETFs?
Some SMSFs have invested in a range of assets, with international shares and exchange-traded funds (ETFs) becoming increasingly popular.
Of the funds that hold international shares, the five most widely held international shares were Microsoft, Alphabet, Amazon.com, Apple and Nvidia.
Visa, Tesla and Berkshire Hathaway are the other international shares that are held by at least 9% of SMSFs that own international shares.
Of the SMSFs that are invested in ETFs, the following are the most widely held funds:
- Vanguard Australian Shares Index ETF (ASX: VAS)
- VanEck MSCI International Quality ETF (ASX: QUAL)
- iShares S&P 500 ETF (ASX: IVV)
- Vanguard MSCI Index International Shares ETF (ASX: VGS)
- Vanguard Australian Property Securities Index ETF (ASX: VAP)
- Vanguard All-World ex-US Shares Index ETF (ASX: VEU)
By utilising a mixture of different types of investments, SMSFs can create an ASX share portfolio that provides strong returns and diversification for portfolios.
