In April 2024, First Sentier Investors (FSI) informed CFS that they would no longer be offering investment management capability for certain portfolios, including the First Sentier Developing Companies fund. 


Following an extensive review of alternative replacement investment managers, we have appointed Longwave Capital as the new manager of the fund.  


Longwave will manage the fund with the aim of achieving the existing objective to provide long term returns that exceed the S&P/ASX Small Ordinaries Accumulation Index. We believe that Longwave is well placed to achieve that objective.  


Importantly, Longwave will align the fund’s portfolio to the highly rated Longwave Australian Small Companies strategy and gradually transition the existing portfolio to hold different stocks. 


With the cessation of investment management services by FSI, and change in investment strategy, we acknowledge that there will be an impact to the fund’s compliance status as per the Significant Investor Visa (SIV) program. At the time of this notice and up until on or about 30 June 2024, we are of the view that the fund will qualify for the purposes of the Emerging companies’ strategy under the SIV program. However, with the appointment of the new manager and transition of the portfolio holdings to the Longwave strategy, we acknowledge that during the 2025 financial year, the fund will no longer satisfy the requisite statutory parameters to qualify as a SIV complying fund pursuant to the Migration (IMMI 15/100: Complying Investments) Instrument 2015. 


We appreciate that there are investors in the fund that are reliant on the fund’s Complying Investments status as part of their application under the SIV program. With the consequential SIV status change of the fund, such investors will need to consider the resultant impact to their visa application. We encourage those investors to engage with their professional advisers and seek advice as to an appropriate course of action for their individual circumstances and objectives, or alternatively contact the relevant government authority for guidance. 

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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 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.