The CFS Investments team has made some adjustments to the asset allocation of the CFS Multi-Manager, Multi-Sector options with the aim of improving investor outcomes.
The changes are (where applicable):
1. Increasing the proportion of the global share allocation that is hedged against currency movements.
2. Switching a portion of the fixed interest allocation from global to Australian securities
3. Switching a portion of the global listed property allocation to unlisted infrastructure.
4. Increasing the allocation to global emerging market shares within the global share allocation. For the High Growth option, one-third is funded from global shares and two-thirds from global property securities. The composite benchmark no longer includes the MSCI World Small Cap Index as part of the global shares benchmarking.
5. Increasing the allocation to small companies within the Australian shares allocation. The composite benchmark no longer includes the S&P/ASX Small Ordinaries Index, with the Australian shares allocation now fully benchmarked against the S&P/ASX 300 Total Return Index.
This has a corresponding change to the composite benchmarks, as follows:
CFS Defensive
Previous
New
Change
Cash
Bloomberg AusBond Bank Bill Index
30.00%
30.00%
No change
Australian fixed interest
Bloomberg AusBond Composite 0+ Yr Index
25.00%
29.00%
4.00%
Global fixed interest
Bloomberg Global Aggregate Corporate Index (AUD hedged)
10.00%
10.00%
No change
Global fixed interest
Bloomberg Global Aggregate Index (AUD hedged)
25.00%
21.00%
-4.00%
Global shares
MSCI All Country World ex Australia Net Index
4.00%
4.00%
No change
Global shares - hedged
MSCI All Country World ex Australia Net Index Hedged AUD
2.00%
2.00%
No change
Australian shares
S&P/ASX 300 Total Return Index
4.00%
4.00%
No change
CFS Conservative
Previous
New
Change
Cash
Bloomberg AusBond Bank Bill Index
20.00%
20.00%
No change
Australian fixed interest
Bloomberg AusBond Composite 0+ Yr Index
19.00%
23.00%
4.00%
Global fixed interest
Bloomberg Global Aggregate Corporate Index (AUD hedged)
10.00%
10.00%
No change
Global fixed interest
Bloomberg Global Aggregate Index (AUD hedged)
20.00%
16.00%
-4.00%
Global listed infrastructure
FTSE Developed Core Infrastructure 50/50 Net Index Hedged AUD
2.00%
2.00%
No change
Global listed property securities
FTSE EPRA/NAREIT Developed ex Australia Rental Index NTR (AUD hedged)
2.00%
1.00%
-1.00%
Global shares
MSCI All Country World ex Australia Net Index
7.00%
7.50%
0.50%
Global shares - hedged
MSCI All Country World ex Australia Net Index Hedged AUD
4.00%
4.50%
0.50%
Unlisted infrastructure
MSCI Australia Quarterly Private Infrastructure Index (Unfrozen) - Post-fee Total Return (50th Percentile)
2.00%
3.00%
1.00%
Global shares – emerging markets
MSCI Emerging Markets Net Index
2.00%
3.00%
1.00%
Global shares – small companies
MSCI World Small Cap Index
2.00%
0.00%
-2.00%
Unlisted Australian property
MSCI/Mercer Australia Core Wholesale Monthly Property Fund Index – NAV-Weighted Post-Fee Total Return (All Funds)
2.00%
2.00%
No change
Australian shares
S&P/ASX 300 Total Return Index
7.00%
8.00%
1.00%
Australian shares – small companies
S&P/ASX Small Ordinaries Index
1.00%
0.00%
-1.00%
CFS Diversified
Previous
New
Change
Cash
Bloomberg AusBond Bank Bill Index
12.50%
12.50%
No change
Australian fixed interest
Bloomberg AusBond Composite 0+ Yr Index
13.00%
17.00%
4.00%
Global fixed interest
Bloomberg Global Aggregate Corporate Index (AUD hedged)
9.00%
9.00%
No change
Global fixed interest
Bloomberg Global Aggregate Index (AUD hedged)
14.00%
10.00%
-4.00%
Global listed infrastructure
FTSE Developed Core Infrastructure 50/50 Net Index Hedged AUD
2.50%
2.50%
No change
Global listed property securities
FTSE EPRA/NAREIT Developed ex Australia Rental Index NTR (AUD hedged)
2.50%
1.25%
-1.25%
Global shares
MSCI All Country World ex Australia Net Index
14.00%
14.50%
0.50%
Global shares - hedged
MSCI All Country World ex Australia Net Index Hedged AUD
7.50%
8.50%
1.00%
Unlisted infrastructure
MSCI Australia Quarterly Private Infrastructure Index (Unfrozen) - Post-fee Total Return (50th Percentile)
2.50%
3.75%
1.25%
Global shares – emerging markets
MSCI Emerging Markets Net Index
3.00%
4.00%
1.00%
Global shares – small companies
MSCI World Small Cap Index
2.50%
0.00%
-2.50%
Unlisted Australian property
MSCI/Mercer Australia Core Wholesale Monthly Property Fund Index – NAV-Weighted Post-Fee Total Return (All Funds)
2.50%
2.50%
No change
Australian shares
S&P/ASX 300 Total Return Index
13.00%
14.50%
1.50%
Australian shares – small companies
S&P/ASX Small Ordinaries Index
1.50%
0.00%
-1.50%
CFS Moderate
Previous
New
Change
Cash
Bloomberg AusBond Bank Bill Index
9.50%
9.50%
No change
Australian fixed interest
Bloomberg AusBond Composite 0+ Yr Index
10.00%
13.00%
3.00%
Global fixed interest
Bloomberg Global Aggregate Corporate Index (AUD hedged)
8.00%
8.00%
No change
Global fixed interest
Bloomberg Global Aggregate Index (AUD hedged)
11.00%
8.00%
-3.00%
Global listed infrastructure
FTSE Developed Core Infrastructure 50/50 Net Index Hedged AUD
3.00%
3.00%
No change
Global listed property securities
FTSE EPRA/NAREIT Developed ex Australia Rental Index NTR (AUD hedged)
3.00%
1.50%
-1.50%
Global shares
MSCI All Country World ex Australia Net Index
16.00%
16.50%
0.50%
Global shares - hedged
MSCI All Country World ex Australia Net Index Hedged AUD
9.00%
10.00%
1.00%
Unlisted infrastructure
MSCI Australia Quarterly Private Infrastructure Index (Unfrozen) - Post-fee Total Return (50th Percentile)
3.00%
4.50%
1.50%
Global shares – emerging markets
MSCI Emerging Markets Net Index
3.50%
5.00%
1.50%
Global shares – small companies
MSCI World Small Cap Index
3.00%
0.00%
-3.00%
Unlisted Australian property
MSCI/Mercer Australia Core Wholesale Monthly Property Fund Index – NAV-Weighted Post-Fee Total Return (All Funds)
3.00%
3.00%
No change
Australian shares
S&P/ASX 300 Total Return Index
16.00%
18.00%
2.00%
Australian shares – small companies
S&P/ASX Small Ordinaries Index
2.00%
0.00%
-2.00%
CFS Balanced
Previous
New
Change
Cash
Bloomberg AusBond Bank Bill Index
4.50%
4.50%
No change
Australian fixed interest
Bloomberg AusBond Composite 0+ Yr Index
8.00%
11.00%
3.00%
Global fixed interest
Bloomberg Global Aggregate Corporate Index (AUD hedged)
7.00%
7.00%
No change
Global fixed interest
Bloomberg Global Aggregate Index (AUD hedged)
9.00%
6.00%
-3.00%
Global listed infrastructure
FTSE Developed Core Infrastructure 50/50 Net Index Hedged AUD
3.50%
3.50%
No change
Global listed property securities
FTSE EPRA/NAREIT Developed ex Australia Rental Index NTR (AUD hedged)
3.50%
1.75%
-1.75%
Global shares
MSCI All Country World ex Australia Net Index
18.50%
18.50%
No change
Global shares - hedged
MSCI All Country World ex Australia Net Index Hedged AUD
10.00%
11.50%
1.50%
Unlisted infrastructure
MSCI Australia Quarterly Private Infrastructure Index (Unfrozen) - Post-fee Total Return (50th Percentile)
3.50%
3.50%
No change
Global shares – emerging markets
MSCI Emerging Markets Net Index
4.00%
6.00%
2.00%
Global shares – small companies
MSCI World Small Cap Index
3.50%
0.00%
-3.50%
Unlisted Australian property
MSCI/Mercer Australia Core Wholesale Monthly Property Fund Index – NAV-Weighted Post-Fee Total Return (All Funds)
3.50%
3.50%
No change
Australian shares
S&P/ASX 300 Total Return Index
19.00%
21.50%
2.50%
Australian shares – small companies
S&P/ASX Small Ordinaries Index
2.50%
0.00%
-2.50%
CFS Growth
Previous
New
Change
Cash
Bloomberg AusBond Bank Bill Index
1.00%
1.00%
No change
Australian fixed interest
Bloomberg AusBond Composite 0+ Yr Index
5.00%
8.00%
3.00%
Global fixed interest
Bloomberg Global Aggregate Corporate Index (AUD hedged)
6.00%
6.00%
No change
Global fixed interest
Bloomberg Global Aggregate Index (AUD hedged)
6.00%
3.00%
-3.00%
Global infrastructure securities
FTSE Developed Core Infrastructure 50/50 Net Index Hedged AUD
4.00%
4.00%
No change
Global property securities
FTSE EPRA/NAREIT Developed ex Australia Rental Index NTR (AUD hedged)
4.00%
2.00%
-2.00%
Unlisted infrastructure
MSCI Australia Quarterly Private Infrastructure Index (Unfrozen) - Post-fee Total Return (50th Percentile)
4.00%
4.00%
No change
Unlisted Australian property
MSCI/Mercer Australia Core Wholesale Monthly Property Fund Index – NAV-Weighted Post-Fee Total Return (All Funds)
4.00%
4.00%
No change
Global shares
MSCI All Country World ex Australia Net Index
20.00%
20.00%
No change
Global shares - hedged
MSCI All Country World ex Australia Net Index Hedged AUD
11.00%
12.50%
1.50%
Global shares – emerging markets
MSCI Emerging Markets Net Index
4.50%
7.00%
2.50%
Global shares – small companies
MSCI World Small Cap Index
4.00%
0.00%
-4.00%
Australian shares
S&P/ASX 300 Total Return Index
23.50%
26.50%
3.00%
Australian shares – small companies
S&P/ASX Small Ordinaries Index
3.00%
0.00%
-3.00%
CFS High Growth
Previous
New
Change
Cash
Bloomberg AusBond Bank Bill Index
1.00%
1.00%
No change
Global infrastructure securities
FTSE Developed Core Infrastructure 50/50 Net Index Hedged AUD
6.00%
6.00%
No change
Global property securities
FTSE EPRA/NAREIT Developed ex Australia Rental Index NTR (AUD hedged)
6.00%
4.00%
-2.00%
Global shares
MSCI All Country World ex Australia Net Index
28.00%
28.00%
No change
Global shares - hedged
MSCI All Country World ex Australia Net Index Hedged AUD
14.00%
17.00%
3.00%
Global shares – emerging markets
MSCI Emerging Markets Net Index
5.00%
8.00%
3.00%
Global shares – small companies
MSCI World Small Cap Index
4.00%
0.00%
-4.00%
Australian shares
S&P/ASX 300 Total Return Index
32.00%
36.00%
4.00%
Australian shares – small companies
S&P/ASX Small Ordinaries Index
4.00%
0.00%
-4.00%
Changes to the overall “Target” asset allocation as per the PDS:
- Global property securities – decrease from 6% to 4%
- Global shares – increase from 51% to 53%
CFS Geared Growth
Previous
New
Change
Cash
Bloomberg AusBond Bank Bill Index
10.00%
10.00%
No change
Global infrastructure securities
FTSE Developed Core Infrastructure 50/50 Net Index Hedged AUD
6.00%
6.00%
No change
Global property securities
FTSE EPRA/NAREIT Developed ex Australia Rental Index NTR (AUD hedged)
6.00%
6.00%
No change
Global shares
MSCI All Country World ex Australia Net Index
20.50%
24.50%
4.00%
Global shares - hedged
MSCI All Country World ex Australia Net Index Hedged AUD
13.00%
13.00%
No change
Global shares – emerging markets
MSCI Emerging Markets Net Index
5.00%
5.00%
No change
Global shares – small companies
MSCI World Small Cap Index
4.00%
0.00%
-4.00%
Australian shares
S&P/ASX 300 Total Return Index
32.00%
35.50%
3.50%
Australian shares – small companies
S&P/ASX Small Ordinaries Index
3.50%
0.00%
-3.50%
CFS Thrive+ Sustainable Growth
Previous
New
Change
Cash
Bloomberg AusBond Bank Bill Index
1.00%
1.00%
No change
Australian fixed interest
Bloomberg AusBond Composite 0+ Yr Index
8.00%
11.00%
3.00%
Global fixed interest
Bloomberg Global Aggregate Corporate Index (AUD hedged)
3.00%
3.00%
No change
Global fixed interest
Bloomberg Global Aggregate Index (AUD hedged)
6.00%
3.00%
-3.00%
Unlisted infrastructure
MSCI Australia Quarterly Private Infrastructure Index (Unfrozen) - Post-fee Total Return (50th Percentile)
4.00%
4.00%
No change
Unlisted Australian property
MSCI/Mercer Australia Core Wholesale Monthly Property Fund Index – NAV-Weighted Post-Fee Total Return (All Funds)
4.00%
4.00%
No change
Global shares – emerging markets
MSCI Emerging Markets Net Index
5.00%
5.00%
No change
Global shares
MSCI World ex Australia Net Index
23.00%
23.00%
No change
Global shares - hedged
MSCI World ex Australia Net Index Hedged AUD
18.00%
18.00%
No change
Australian shares
S&P/ASX 300 Total Return Index
28.00%
28.00%
No change
You should read this Update in conjunction with the
FirstChoice Investment Options Menu.
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Things you should know
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. Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the responsible entity and issuer of products made available under FirstChoice Wholesale Investments and other managed investment schemes.
Information on this webpage is provided by CFSIL. It 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 https://www.cfs.com.au/tmd 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 www.cfs.com.au or by calling us on 13 13 36.