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


Product name


Investment options

*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.

Unleash in ways you never thought possible

Get in touch

Get in touch with us online or call us
8:30am to 6pm AEST Monday to Friday.

Find a financial adviser

Use our tool to find professional financial advice,

local to you.

Download mobile app

Track your balance and see your 

transactions history from anywhere.

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.