Target Market Determinations
What's a Target Market Determination?
A Target Market Determination is a document which describes a group of retail clients (the target market) for whom a product is likely to be appropriate or consistent with their likely objectives, financial situation and needs, plus any conditions around how the product can be distributed.
It also describes the events or circumstances where we may need to review the Target Market Determination for a financial product.
Target Market Determinations - Super, Pension and IDPS Products
Target Market Determinations - Managed Investment Schemes
A consumer (or class of consumer) may intend to hold a product as part of a diversified portfolio. In such circumstances, the product should be assessed against the consumer’s attributes for the relevant portion of the portfolio, rather than the consumer’s portfolio as a whole. For example, a consumer may seek to construct a conservative portfolio with a small allocation to growth assets. In this case, it may be likely that a product with a High or Very High risk/return profile is consistent with the consumer’s objectives for that allocation notwithstanding that the risk/return profile of the consumer as a whole is Low or Medium. In making this assessment, distributors should consider all features of a product (including its key attributes).
For further information, please review this information.
For definitions related to the content within the following Target Market Determinations, please review this information.
A number of funds have had a name change effective 18 November 2023, you can find out more information about these changes here. The Target Market Determinations will be updated early in 2024 to reflect these changes.
Product name
- AB Managed Volatility Equities
- Acadian Australian Equity
- Acadian Australian Equity Long Short
- Acadian Defensive Income
- Acadian Geared Australian Equity
- Acadian Geared Sustainable Global Equity
- Acadian Global Equity Long Short
- Acadian Global Managed Volatility Equity
- Acadian Sustainable Global Equity
- Affirmative Global Impact Bond
- Airlie Australian Share
- Alphinity Sustainable Share
- Antares Ex-20 Australian Equities
- Antipodes Global
- Aspect Absolute Return
- Aspect Diversified Futures
- Ausbil Active Sustainable Equity
- Ausbil Australian Active Equity
- Ausbil Australian Emerging Leaders
- AZ Sestante Conservative
- AZ Sestante Wholesale Diversified
- AZ Sestante Growth
- Baillie Gifford Long Term Global Growth
- Baillie Gifford Sustainable Growth
- Barrow Hanley Concentrated Global Share
- Barrow Hanley Wholesale Global Share
- Bell Wholesale Global Emerging Companies
- Bennelong Ex-20 Australian Equities
- Bentham Global Income
- Brandywine Global Income Optimiser
- Celeste Australian Small Companies
- CFS Enhanced Cash
- CFS ETF Exposure Series: All-World ex-US Shares
- CFS ETF Exposure Series: Physical Gold
- CFS ETF Exposure Series: US Shares
- CFS ETF Exposure Series: US Treasury Bills
- CFS Global Small Companies
- CFS Thrive+ Sustainable Growth
- Colchester Global Government Bond
- CFS Enhanced Index Balanced
- CFS Enhanced Index Conservative
- CFS Enhanced Index Diversified
- CFS Enhanced Index Growth
- CFS Enhanced Index High Growth
- CFS Enhanced Index Moderate
- CFS Geared Index Australian Share
- CFS Geared Index Global Share
- CFS Global Health & Biotechnology
- CFS Global Technology & Communications
- CFS Index Australian Bond
- CFS Index Australian Share
- CFS Index Balanced
- CFS Index Conservative
- CFS Index Diversified
- CFS Index Global Bond
- CFS Index Global Listed Infrastructure Securities
- CFS Index Global Property Securities
- CFS Index Global Share
- CFS Index Global Share - Hedged
- CFS Index Growth
- CFS Index High Growth
- CFS Index Moderate
- CFS Index Property Securities
- Context Capital Long Term
- Context Capital Medium Term
- Context Capital Short Term
- Dexus Wholesale AREIT
- DNR Capital Australian Equity Income
- DNR Capital Australian Equities High Conviction
- Eiger Australian Small Companies
- Epoch Global Equity Shareholder Yield
- Evidentia Long Term
- Evidentia Medium Term
- Fidelity Asia
- Fidelity Australian Equities
- First Sentier Australian Bond
- First Sentier Australian Small Companies
- First Sentier Balanced
- First Sentier Concentrated Australian Share
- First Sentier Conservative
- First Sentier Developing Companies
- First Sentier Diversified
- First Sentier Diversified Fixed Interest
- First Sentier Equity Income
- First Sentier Future Leaders
- First Sentier Geared Global Property Securities
- First Sentier Geared Share
- First Sentier Global Credit Income
- First Sentier Global Listed Infrastructure
- First Sentier Global Property Securities
- First Sentier High Growth
- First Sentier Imputation
- First Sentier Property Securities
- First Sentier Strategic Cash
- First Sentier Target Return Income
- CFS Alternatives
- CFS Asian Share
- CFS Australian Share
- CFS Australian Small Companies
- CFS Balanced
- CFS Conservative
- CFS Defensive
- CFS Diversified
- CFS Emerging Markets
- CFS Fixed Interest
- CFS Geared Australian Share
- CFS Geared Global Share
- CFS Geared Growth Plus
- CFS Global Infrastructure Securities
- CFS Global Property Securities
- CFS Global Share
- CFS Global Share - Hedged
- CFS Growth
- CFS High Growth
- CFS Moderate
- CFS Property Securities
- FirstRate Cash
- FirstRate Cash Non-Auto-rebalancing
- Franklin Australian Absolute Return Bond
- Generation Global Share
- GQG Partners Global Equity – Hedged
- GQG Partners Global Equity
- Hyperion Global Growth Companies
- Intermede Global Equities
- Investors Mutual Australian Share
- Ironbark Royal London Core Global Share
- Ironbark Royal London Concentrated Global Share
- Ironbark Wholesale Property Securities
- Janus Henderson Global Natural Resources
- Janus Henderson Tactical Income
- Kapstream Absolute Return Income
- L1 Capital Catalyst
- Lazard Select Australian Equity
- Macquarie Global Listed Real Estate
- Macquarie Wholesale Income Opportunities
- Magellan Global Share
- Magellan Global Share - Hedged
- Magellan Infrastructure
- Martin Currie Wholesale Real Income
- Merlon Australian Share Income
- MFS Global Equity
- Mutual Income
- Nanuk New World
- OC Wholesale Premium Small Companies
- Pendal Australian Share
- Pendal Global Emerging Market Opportunities
- Pendal Global Select
- Pendal Monthly Income Plus
- Pendal Property Investment
- Pendal Sustainable Australian Fixed Interest
- Pendal Sustainable Australian Share
- Pendal Sustainable Balanced
- Perennial Value Wholesale Australian Share
- Perpetual Australian Share
- Perpetual Balanced Growth
- Perpetual Conservative Growth
- Perpetual Diversified Growth
- Perpetual Diversified Income
- Perpetual Diversified Real Return
- Perpetual Industrial Share
- Perpetual Share-Plus Long-Short
- PIMCO Australian Bond
- PIMCO Diversified Fixed Interest
- PIMCO Global Bond
- Platinum Asia
- Platinum International
- PM Capital Enhanced Yield
- PM Capital Global Companies
- Quay Global Real Estate (Unhedged)
- Realindex Australian Share Value
- Realindex Australian Small Companies Value
- Realindex Emerging Markets Value
- Realindex Global Share Value
- Realindex Global Share Value – Hedged
- Resolution Capital Global Property Securities
- Sage Capital Equity Plus
- Schroder Absolute Return Income
- Schroder Australian Equity
- Schroder Real Return
- Solaris Core Australian Equity
- State Street Australian Equity
- Stewart Investors Global Emerging Markets Leaders Sustainability
- Stewart Investors Worldwide Leaders Sustainability
- Stewart Investors Worldwide Sustainability
- T. Rowe Price Australian Equity
- T. Rowe Price Dynamic Global Bond
- T. Rowe Price Global Equity
- T. Rowe Price Global Equity – Hedged
- Talaria Global Equity
- UBS Diversified Fixed Income
- WaveStone Australian Share
- Western Asset Australian Bond
- Yarra Enhanced Income
Product name
- AB Managed Volatility Equities
- Acadian Australian Equity
- Acadian Australian Equity Long Short
- Acadian Geared Australian Equity
- Acadian Geared Sustainable Global Equity
- Acadian Global Equity Long Short
- Acadian Sustainable Global Equity Fund
- Airlie Australian Share
- Antipodes Global
- Aspect Diversified Futures
- Ausbil Active Sustainable Equity
- Ausbil Australian Active Equity
- Ausbil Australian Emerging Leaders
- Baillie Gifford Long Term Global Growth
- Barrow Hanley Concentrated Global Share
- Barrow Hanley Global Share
- Bennelong Ex-20 Australian Equities
- Celeste Australian Small Companies
- CFS Global Small Companies
- CFS Enhanced Index Balanced
- CFS Enhanced Index Conservativ
- CFS Enhanced Index Diversified
- CFS Enhanced Index Growth
- CFS Enhanced Index High Growth
- CFS Index Australian Share
- CFS Index Global Share
- CFS Index Global Share – Hedged
- CFS Index Property Securities
- Dexus AREIT
- DNR Capital Australian Equity Income
- Epoch Global Equity Shareholder Yield
- Fidelity Australian Equities
- First Sentier Balanced
- First Sentier Conservative
- First Sentier Developing Companies
- First Sentier Diversified
- First Sentier Diversified Fixed Interest
- First Sentier Equity Income
- First Sentier Future Leaders
- First Sentier Geared Global Property Securities
- First Sentier Geared Share
- First Sentier Global Credit Income
- First Sentier Global Listed Infrastructure
- First Sentier Global Property Securities
- First Sentier High Growth
- First Sentier Imputation
- First Sentier Property Securities
- First Sentier Strategic Cash
- First Sentier Target Return Income
- CFS Asian Share
- CFS Australian Share
- CFS Australian Small Companies
- CFS Balanced
- CFS Conservative
- CFS Defensive
- CFS Emerging Markets
- CFS Fixed Interest
- CFS Geared Australian Share
- CFS Geared Global Share
- CFS Geared Growth Plus
- CFS Global Infrastructure Securities
- CFS Global Property Securities
- CFS Global Share
- CFS Global Share – Hedged
- CFS Growth
- CFS High Growth
- CFS Moderate
- CFS Property Securities
- Generation Global Share
- Investors Mutual Australian Share
- Ironbark Property Securities
- Ironbark Royal London Concentrated Global Share
- Janus Henderson Global Natural Resources
- Kapstream Absolute Return Income
- Lazard Select Australian Equity
- Macquarie Global Listed Real Estate
- Macquarie Income Opportunities
- Magellan Global Share
- Magellan Infrastructure
- Martin Currie Real Income
- Merlon Australian Share Income
- MFS Global Equity
- OC Premium Small Companies
- Pendal Australian Share
- Pendal Monthly Income Plus
- Pendal Property Investment
- Pendal Sustainable Australian Share
- Pendal Sustainable Balanced
- Perennial Value Australian Share
- Perpetual Australian Share
- Perpetual Balanced Growth
- Perpetual Conservative Growth
- Perpetual Diversified Growth
- Perpetual Diversified Income
- Perpetual Industrial Share
- PIMCO Australian Bond
- PIMCO Global Bond
- Platinum Asia
- Platinum International
- PM Capital Enhanced Yield
- PM Capital Global Companies
- Realindex Australian Share Value
- Realindex Australian Small Companies Value
- Realindex Global Share Value
- Realindex Global Share Value – Hedged
- Schroder Absolute Return Income
- Schroder Australian Equity
- Schroder Real Return
- Solaris Core Australian Equity
- State Street Australian Equity
- Stewart Investors Worldwide Leaders Sustainability
- T. Rowe Price Australian Equity
- T. Rowe Price Global Equity
- UBS Diversified Fixed Income
- WaveStone Australian Share
Product name
Investment options
- Acadian Australian Equity Long Short - Class A
- Acadian Defensive Income Fund – Class A
- Acadian Global Equity Long Short - Class A
- Acadian Global Managed Volatility Equity Fund – Class A
- Affirmative Global Impact Bond Fund - Class A
- Aspect Absolute Return Fund - Class A
- Aspect Diversified Futures Fund – Class A
- Baillie Gifford Long Term Global Growth Fund - Class A
- Baillie Gifford Sustainable Growth Fund – Class A
- CFS Defensive Builder
- CFS Enhanced Cash – Class A
- CFS Equity Builder
- CFS Growth Builder
- CFS Index Australian Bond – Class A
- CFS Index Australian Share – Class A
- CFS Index Global Bond – Class A
- CFS Index Global Listed Infrastructure Securities – Class A
- CFS Index Global Property Securities – Class A
- CFS Index Global Share – Class A
- CFS Index Global Share – Hedged Class A
- CFS Index Property Securities – Class A
- CFS Thrive+ Sustainable Growth – Class A
- CFS Multi-Index Balanced Fund – Class A
- CFS Multi-Index Conservative Fund – Class A
- CFS Multi-Index Diversified Fund – Class A
- CFS Multi-Index High Growth Fund – Class A
- CFS Multi-Index Moderate Fund – Class A
- CFS Index Balanced - Class A
- CFS Index Conservative - Class A
- CFS Index Diversified - Class A
- CFS Index Growth - Class A
- CFS Index High Growth - Class A
- CFS Index Moderate - Class A
- Milliman Managed Risk Australian Share - Class A
- Milliman Managed Risk Global Share - Class A
- Milliman Managed Risk Multi-Index High Growth - Class A
- Realindex Australian Share Value – Class A
- Realindex Australian Small Companies Value – Class A
- Realindex Emerging Markets Value – Class A
- Realindex Global Share Value – Class A
- Realindex Global Share Value Hedged – Class A
Product name
*Product is closed to new investors.
Procedure guides - financial adviser use only
For distributors of our FirstChoice and FirstWrap products we've outlined details of our Target Market Determinations and summarised the information that you’re required to provide us on a regular basis under the DDO reforms.
Please note that these guides are for financial adviser use only and are not relevant to investors.
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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 Investments and FirstChoice Wholesale Investments.
Information 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 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.