From 19 September 2022, members can choose to include the CFS Thrive+ Sustainable Growth option as part of their portfolio.


This update provides details of the new investment option and you should read it in conjunction with the FirstChoice Employer Superannuation Product Disclosure Statement and Investment Option Menu dated 21 November 2022. 




CFS Thrive+ investment philosophy and process

We believe that how an organisation manages its environmental and social issues, and the quality of its corporate governance, directly influences its ability to sustain returns over the longer term. In line with this philosophy, we created the CFS Thrive+ Sustainable Growth investment option to deliver competitive market returns and advocate for better outcomes for our clients and society.  

This investment option offers far more than a basic environmental, social and governance (ESG) filter. It is managed to sustainable investment criteria that encourages investment in companies with a sustainable business and strong environmental, social and governance characteristics. It seeks to avoid investments in certain companies or activities that have a highly adverse effect on the environment or society. The Thrive+ Sustainable Investment Charter  is the framework that guides us in seeking out investments to support and those to avoid. It applies across all asset classes.  

We believe that an investment option like this requires active management of inclusions, exclusions and stewardship. To manage the screening process, we've partnered with specialist external managers that are aligned to our sustainable investment criteria and have robust frameworks in place for selecting, retaining and selling investments. Please refer to the Manager Profile for a list of the specialist managers we have appointed. 

We also choose to work with managers who actively engage and advocate the companies we invest in to implement better environmental and social practices. This enables us to use investment capital to encourage change across the globe on behalf of our investors.  

Industries or themes we aim to seek out or avoid (exclusionary screens) have been developed with input from an investor survey to ensure that CFS Thrive+ aligns to personal values. As defined in the Thrive+ Sustainable Investment Charter (Charter), a level of screening will apply to fossil fuel activity, weapons and firearms, gambling, pornography, alcohol, tobacco and predatory lending and a focus on issues such as, but not limited to, climate change, healthcare, resource efficiency, sustainable communities and diversity and inclusion.  Please refer to the Charter for the current sustainable investment criteria - exclusions, gross revenue thresholds and themes that CFS Thrive+ supports. The sustainable investment criteria may change over time as the world and our understanding of it changes.   


We will take all reasonable care to implement the exclusionary screens. Exclusions form part of the investment management agreements with our appointed managers. From time to time, due to timing differences between activities of a company (for example where there has been an acquisition or divestment), the reporting of a company’s activities or an error by an external service provider, some companies may temporarily fall outside this screen. If we discover an investment no longer meets our criteria, we will endeavour to divest the holding as soon as practicable.  

Investment performance risk

Excluding certain industries from CFS Thrive+ Sustainable Growth means that the sector exposure of this investment option differs from that of traditional funds not predominantly focused on sustainable investment. As a result, the performance of CFS Thrive+ Sustainable Growth may deviate from traditional funds in the short to medium term. Over the longer term, the expected risk and return objectives of CFS Thrive+ Sustainable Growth is consistent with traditional funds.

Investment information

Investment category 



To provide capital growth and income over the long term. To outperform the option’s composite benchmark over rolling three-year periods before fees and taxes. 


The option is managed to ’sustainable investment' criteria that encourages investment in companies with a sustainable business and strong environment, social and governance characteristics. It seeks to avoid investments in certain companies or activities that have a highly adverse effect on the environment or society. This option is governed by the Thrive+ Sustainable Investment Charter. The option allocates 80% of investments to growth assets such as Australian and global shares to provide potential for capital growth, and 20% to defensive assets such as fixed interest and cash. In order to provide additional diversification, the portfolio is allocated across a number of investment managers. The portfolio aims to hedge currency risk except for part of the allocation to global shares. 

Minimum suggested timeframe



5 years



Asset allocation

Australian shares 


Global shares 


Australia Fixed Interest 


Global Fixed Interest 












Composite benchmark 

3.0% Bloomberg AusBond Bank Bill Index,  

9.0% Bloomberg AusBond Composite 0+ Yr Index  

8.0% Bloomberg Global Aggregate Index hedged to Australian dollars,  

36% S&P/ASX 300 Accumulation Index,  

22% MSCI All Country World ex Australia Net Index,  

22% MSCI All Country World ex Australia Net Index AUD Hedged

Fees and other costs*

Total administration and investment fees and costs (pa)
Administration fees and costs (pa)^1
Investment fees and costs (pa)
Performance fee (pa)^2
Buy/sell spread (%)
Total administration and investment fees and costs (pa)


Administration fees and costs (pa)^1


Investment fees and costs (pa)




Performance fee (pa)^2
Buy/sell spread (%)


1. Dollar-based administration fees of $60 pa ($5.00 per month) per account are payable in addition to the fees shown above. 

2. Refer to Performance fee section below for more information. This estimate is based on the average of the performance fees charged on the underlying funds in the five previous financial years to 30 June 2022. As past performance is not a reliable indicator of future performance, the performance fee payable in the future may differ. 


Cost of Product for 1 year - $435 (assuming a balance of $50,000 with a contribution of $5,000 during the year). 

Other transaction costs 

(A) Gross transaction costs (pa)^3
(B) Costs recovered (pa)
(C) Net transaction costs (pa) (C= A-B)
(A) Gross transaction costs (pa)^3


(B) Costs recovered (pa)


(C) Net transaction costs (pa) (C= A-B)


3. As this is a new investment option, these costs are estimates. (Inception 19 September 2022.)

Performance Fee 

The CFS Thrive+ Sustainable Growth option has exposure to underlying funds that, together, comprise the assets of the option.  


These underlying funds may pay a performance fee to the underlying investment manager of up to 30% for absolute performance or performance above a benchmark such as the S&P/ASX 300 Accumulation Index or the Reserve Bank of Australia (RBA) cash rate.  


Such performance fees may be calculated before or after the deduction of management fees depending on the underlying fund.  


The effect of any performance fees paid by the underlying fund is reflected in the return of the allocation that the CFS Thrive+ Sustainable Growth investment option makes to each underlying fund, and this will result in a reduction of the investment performance for the CFS Thrive+ Sustainable Growth investment option. The allocation to underlying investment funds with or without performance fees may change at any time without notice to investors. 



This example assumes that the CFS Thrive+ Sustainable Growth investment option includes a 22% allocation to an underlying investment fund that has a performance fee. The underlying investment fund achieves a 2% return above the MSCI World (ex-Australia) Index and applies a 20% performance fee.  


The overall investment performance of the CFS Thrive+ Sustainable Growth investment option would effectively reduce by 0.09% due to performance fees (2% × 20% × 22%). 

*All fees and costs shown in this Update are inclusive of the net effect of GST and any related GST credits. 

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Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the issuer of FirstChoice Employer Super offered from the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557. 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 1300 654 666. All applications for these products must be on the application form attached to the PDS, which can be completed online (other than for FirstChoice Employer Super) or on paper. Applications for FirstChoice Employer Super can be made by speaking to your employer or Relationship Manager (RM).