Industry superannuation fund Legalsuper has re-balanced its portfolio on the back of June's successful merger with the Victorian Bar Superannuation Fund and Black Dawson Partners' Superannuation Fund.

Legalsuper chief executive Andrew Proebstl said the fund had reallocated its Australian equities portfolio to the tune of $20 million.

Cooper Investors scored a $10 million mandate, while micro-cap manager Contango Asset Management and wholesale portfolio manager Balanced Equity Management received $5 million each.

The international equities portfolio was also re-balanced, with Capital International and Marathon Asset Management both receiving $10 million.

"The market has had a recent recovery and these changes in allocations take the portfolio back to benchmark," Proebstl told Investor Weekly.

He said the recent merger with the Victorian Bar Superannuation Fund and Black Dawson Partners' Superannuation Fund could lead to further tweaking of the portfolio.

"When the merger happened there was an inflow of $176 million across a number of managers and as a result you start to look at which of these managers you need to maintain," he said.

Merging funds often had different investment strategies and they needed to be brought together, he said.

He said he some manager change announcements were possible at the end of August.

"The investment committee is taking a critical look over the whole portfolio at the moment," he said.