Telstra and CSL shares are among the most popular ASX 200 stocks.
For the year to date, Telstra Ltd (ASX: TLS) has risen 21%, while CSL Ltd (ASX: CSL) has fallen 26%.
Twice a year, Australia's largest superannuation fund, AustralianSuper, reveals its most popular "balanced" portfolio, which holds around $250 billion in retirement savings.
As reported by the Australian Financial Review, AustralianSuper revealed that Telstra shares and CSL shares were among its biggest trades over the past 6 months.
Did AustralianSuper buy or sell Telstra and CSL? Let's find out.
Telstra
Telstra shares have performed strongly this year, while offering an attractive dividend yield of nearly 4%.
Following its FY25 result, JP Morgan Chase & Co (NYSE: JPM) released a new research note with an updated price target of $4.75 and a neutral rating.
However, according to AustralianSuper's latest disclosure, the superannuation fund has been buying the telecommunications stock.
According to the disclosure, AustralianSuper bought 200 million shares in Telstra in the first six months of the year. That brings its total holding to around $1 billion, up from $80 million at the end of 2025.
CSL
CSL has attracted significant investor interest this year.
With the big four banks trading at record levels for most of the year, the healthcare giant was seen as an attractively valued alternative.
However, sentiment appeared to shift in August when CSL reported its FY25 results.
Investors were spooked by a surprise restructuring, job cuts, and strategic demerger, sending the CSL share price down 17%. This marked the company's single biggest fall since it listed in 1999.
Since then, many brokers have released updated research notes, with the majority suggesting the company has been oversold and has significant upside potential from here.
JP Morgan currently has a price target of $282 on CSL shares. Macquarie Group Ltd (ASX: MQG) is more optimistic, with a price target of $295.90.
However, according to AustralianSuper's most recent disclosure, the fund has been offloading CSL shares. The value of AustralianSuper's CSL holding in its balanced plan fell by around $500 million, due to a combination of selling and a falling share price.
What other big trades did AustralianSuper make?
In its disclosure, AustralianSuper also revealed that it had been buying Medibank Private Ltd (ASX: MPL) shares and selling Woolworths Group Ltd (ASX: WOW).
Medibank Private is up 28% for the year to date.
Meanwhile, Woolworths has fallen 13%, with the majority of this decline coming after it reported its FY25 results.
