CFS continues its upward trajectory with a second consecutive year of impressive double-digit returns for members invested in a range of balanced and growth super options - that’s anything but average financial year 2023-24 results.

  • We delivered double-digit, industry-leading returns for most FirstChoice super members. 
  • Members also benefited from some of the lowest administration fees available.* 
  • Testament to the CFS Investment team’s active management during volatile markets. 

Breaking news: CFS ranked #1

Independent research bodies, SuperRatings and Chant West have released 2023-24 super fund performance scorecards. CFS has been recognised for strong performance including:

  • CFS placed #1 and #2 by SuperRatings in the best performing MySuper Lifecycle investment options.**
  • Chant West placed CFS equal first in the Top 10 Performing Growth Funds.#
  • CFS Enhanced Index Balanced option achieved number three in top fifty balanced options (SuperRatings).**

CFS delivered outstanding investment results for super members for the year ending 30 June 2024. This was driven largely by our ability to take advantage of the strength in global and domestic shares, and that we don’t hold legacy unlisted assets that have held back other super funds. 


For members this means double-digit returns for those invested in our balanced and growth options. 


For members of FirstChoice Employer Super, annual results included: 

  • 14.3% Growth - Lifestage 1975-79 
  • 12.1% Balanced - Lifestage 1965-69 

While FirstChoice Wholesale Personal Super members, according to preliminary data for the 12 months to 30 June 2024, benefited from results of: 

  • 12.2% CFS Enhanced Index Growth  
  • 11.2% CFS Enhanced Index Balanced 

"These are among the highest returns for super members you’re going to see for this financial year,” said Jonathan Armitage, CFS Chief Investment Officer.  

What's behind these results?

The strong investment performance reflects the disciplined, diversified approach the CFS Investment team takes to managing volatile market conditions.  


“The strength of global share markets has been the core driver of investment returns over the last 12 months. Any options that invested in the global share market have performed relatively well over the past year,” Jonathan said. 


“CFS is also in the unique position of holding no legacy unlisted assets. In an environment of higher interest rates, this has allowed us to deliver another year of solid returns for members.” 


CFS continues to build momentum

This year’s results for members continue the strong performance delivered during the previous financial year. CFS is moving forward with momentum on three critical fronts – delivering outstanding returns for our members with low fees and market-leading investment choice. 


Hear from Jonathan Armitage, CFS Chief Investment Officer, about our investment performance. 


I just wanted to take a moment to talk about some fantastic investment performance numbers that we've generated here at CFS over the last financial year. 


I'm really pleased and delighted to be able to talk about double digit returns for most of our members, and that's been driven by some very strong investment markets, particularly in domestic equities here in Australia and global equities. 


It's pleasing to be able to talk to you about these investment performance numbers 


because it's indicative of the journey that CFS is going on and the strong focus that we have on producing outstanding investment returns for our members. 


Thank you for your support and also your trust. 

How the media reported CFS's performance

Media reports covering how super funds performed during the financial year 2023-24 confirmed CFS beat industry fund competitors in key categories such as MySuper balanced.


The Australian reported CFS's strong investment returns outstripped big industry fund competitors on the back of our exposure to US tech stocks.


The Australian Financial Review said CFS  "outperformed the sector in 2023-24", delivering 12.1 per cent returns for its MySuper balanced option "on the back of soaring technology shares".


Nine's Today Show finance expert Effie Zahos said CFS performed "extremely well" – significantly above the expected Super Ratings median return of 8.8% for balanced funds.



How Nine's Today Show reported CFS's 2023-24 financial year performance against competitors, referencing 12.1% returns for our MySuper Balanced option.



Where to next?

Markets are likely to continue to be volatile in the coming year with global events, including the US election, plus higher inflation persisting.  


Inflation is likely to settle higher than it’s been over the past decade, Jonathan said, which means making money from the markets will be a different proposition than it has been in recent years. 


“Looking ahead, we continue to believe that inflation data will be volatile, keeping interest rates higher for longer and creating continued headwinds for some sectors such as commercial real estate.” 


Jonathan tipped fixed income, private debt, and emerging markets as among the standout investment opportunities in coming years. He noted that CFS is well positioned to capitalise on these, and other, opportunities to deliver for members. 


“The returns from fixed income were very low just a few years ago,” he said. “Now, the returns are materially higher from investment-grade, high-yield credit.  


"And we're seeing growth in private debt, which should continue to offer very attractive returns over the next three to five years.” 

“All this means you’ve got a wider range of building blocks that you can use in investment portfolios based around fixed income. That offers good diversification across geographies and sectors, as well as different levels of liquidity.” 


Emerging market valuations in India and China also offered good growth prospects, Jonathan said. 


“We look forward to again delivering strong returns for members through our disciplined investment approach in financial year 2024-25.” 


Read the media release

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* Based on admin fee for FirstChoice Wholesale Personal Super (excl. FirstRate options) and MySuper Products, Chant West December 2023 Super Fund fee Survey. Other fees apply. 


** FirstChoice Essential Super growth option (MySuper Lifestage 1975-79) was the best performing MySuper Lifecycle option in FY24, delivering a 14.4% return, followed by FirstChoice Employer Super growth option (MySuper Lifestage 1975-79), which ranked second with a 14.3% return. As rated by research house SuperRatings.


Chant West Top 10 Performing Growth Funds (year to June 2024) – CFS FirstChoice Choice Growth returned 10.7% equal to Mine Super and IOOF.


Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the trustee of the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557 and issuer of FirstChoice range of super and pension products. This document may include general advice but does not consider your individual objectives, financial situation, needs or tax circumstances. You can find the Target Market Determinations (TMD) for our financial products at, which include a description of who a financial product might suit. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at or by calling us on 13 13 36.