• FirstChoice Employer Super balanced fund (Lifestage 1965-69) delivers 10.5% return
  • FirstChoice Employer Super growth fund (Lifestage 1975-79) delivers 12.2% return
  • Essential Super delivers 10.7% return 

20 July 2023 Colonial First State (CFS) today announces double-digit returns for members of its default superannuation MySuper products over the year to 30 June 2023.


FirstChoice Employer Super’s balanced fund (Lifestage 1965-69) delivered a 10.5% return, while FirstChoice Employer Super’s growth fund (Lifestage 1975-79) delivered a 12.2% return.


CFS also achieved a 10.7% return for Essential Super members over the financial year. 


“We are delighted with the investment performance we have able to achieve for our members over what has been a volatile period in investment markets,” said Kelly Power, Chief Executive Officer of Colonial First State Superannuation.


“This is testament to the depth and capability of our new investment team and our ongoing commitment to be Australia's first choice for retirement and investment savings,” said Ms Power.


“We have made substantial investments in the business over the past 12 months and remain focused on delivering outstanding value and unparalleled capability for our customers and their financial advisers that support them,” added Ms Power.


Over the last two year the group has made significant changes to deliver strong investment performance for members. These include the appointment of BlackRock to strengthen investment capability and the appointment of a new Chief Investment Officer. 


Jonathan Armitage, Colonial First State’s Chief Investment Officer, said the strong investment performance over the year has largely been driven by strong returns in global and domestic equities.


 “We have also seen good relative returns from fixed income in what has been a very challenging market, which has helped us achieve a such a strong result,” he said. 


“Looking ahead, we see significant valuation discrepancies across unlisted assets between different asset holders. CFS is in a strong position to capitalise on those opportunities and continue delivering strong returns for members through our disciplined investment approach.”

Key information

  • CFS total funds under management (FUM): $147.4 billion 
  • Total customer accounts: 940,000
  • FirstChoice Employer Super total members: 197,000
  • FirstChoice Employer Super total funds under administration (FUA): $14.9 billion 
  • FirstChoice Employer Super balanced (Lifestage 1965-69) FY23 performance after fees: 10.5%
  • FirstChoice Employer Super growth (Lifestage 1975-79) FY23 performance after fees: 12.2%
  • Essential Super FY23 performance after fees: 10.7%

Media enquiries

Steven Reilly, Director External Communications, Colonial First State


Unleash in ways you never thought possible

Get in touch

Get in touch with us online or call us
8:30am to 6pm AEST Monday to Friday.

Find a financial adviser

Use our tool to find professional financial advice,

local to you.

Download mobile app

Track your balance and see your 

transactions history from anywhere.

About Colonial First State

Colonial First State (CFS) is Superannuation and Investments HoldCo Pty Limited ABN 64 644 660 882 and its subsidiaries which include Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) and Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL). CFS is majority owned by an affiliate of Kohlberg Kravis Roberts & Co. L.P. (KKR), with the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 (CBA) holding a significant minority interest.