The investment manager for the Platypus Australian Equities option is changing. Firetrail Investments (Firetrail) is being appointed to manage the option, which will transition to the Firetrail High Conviction Australian equities strategy. The option name will be updated to reflect this change.
Why the change is happening
On 31 August 2026, Australian Unity Funds Management Limited (the responsible entity of the Platypus Australian Equities Fund) announced that Platypus Asset Management (Platypus) will cease managing the Australian equities strategy underlying this option, with effect from 28 September 2026. This decision was made by Australian Unity. In response, CFS undertook a review and actively sourced a well-credentialled replacement investment manager to continue managing the option on behalf of investors.
Following this review, CFS has appointed Firetrail. Firetrail is an established Australian equities manager with a long track record and strong independent research house ratings. Like the previous managers objective, the new strategy is to outperform broader Australian share market index return over time.
We believe appointing Firetrail is in investors’ best interests, so the option can continue to be actively managed by a high-quality manager.
What this means for investors
Investors do not need to take any action. The investment option remains open and invested, and investors can continue to buy and sell units as normal. CFS will manage the transition to Firetrail in an orderly manner and in the interests of investors.
- The option name will change to reflect the appointment of Firetrail.
- There will be some underlying portfolio turnover, however CFS will work to retain common shares where possible to minimise trading and transaction costs.
- Changes to the investment objective, strategy, benchmark, asset allocation will be confirmed in a further update once the transition is complete.
- There will be no change to the management fee as part of this transition.
We expect the transition to be completed in late September 2026, and Firetrail will formally take over management of the portfolio at that time. We will confirm once the transition is complete.
The table below outlines the changes to the investment option:
Previous objective
New objective
The option aims to outperform the S&P/ASX 300 Total Return Index (before fees and expenses) over a rolling three-year rolling period.
The option invests predominantly in a concentrated portfolio of Australian listed companies and aims to outperform the S&P/ASX 200 Total Return Index over rolling three-year periods, before fees and taxes.
Previous strategy
New strategy
The option aims to deliver strong returns over the medium to long-term by identifying high quality Australian companies with strong future growth prospects. The option adopts a ‘high conviction’ approach, meaning the portfolio is concentrated, holding typically between 25 and 40 stocks listed on an Australian securities exchange. The option can invest up to 100% of its assets in Australian shares, however, it generally holds up to 10% in cash and cash equivalents.
The option aims to deliver strong returns through a predominantly concentrated portfolio of Australian shares. The investment manager adopts a high-conviction investment approach based on detailed fundamental research. The option primarily invests in securities listed, or expected to be listed, on Australian and New Zealand securities exchanges.
Previous benchmark
New benchmark
S&P/ASX 300 Total Return Index
S&P/ASX 200 Total Return Index
Assets
Range
Target
Assets
Range
Target
Australian shares
90-100%
100%
Australian shares
90-100%
100%
Cash and cash equivalents
0-10%
0%
Cash
0-10%
0%
Investment category:
Investment category:
Australian share
Australian share
Minimum suggested timeframe:
Minimum suggested timeframe:
At least 7 years
At least 7 years
Standard risk measure:
Standard risk measure:
7
7
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For more information about these changes, please refer to the relevant PDS, speak to a financial adviser if you have one, or call us on 13 13 36, 8:30am to 6pm Monday to Friday Sydney time.
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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 the 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 the CFS Multi-Manager Funds Product Disclosure Statement and products made available under FirstChoice Investments and FirstChoice Wholesale Investments.
Information in this update and on this webpage is provided by AIL and 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 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), TMD 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.