CFS delivers 16.6% return for MySuper growth fund members in 2024

Monday 13 January 2025 Colonial First State (CFS) today announces strong double digit returns over the year to 31 December 2024 for members of its MySuper balanced and growth equivalent funds.

The FirstChoice Employer Super balanced fund (MySuper Lifestage 1965-69) delivered a 13.8% return, while the FirstChoice Employer Super growth fund (MySuper Lifestage 1975-79) delivered a 16.6% return.

The calendar year result follows industry-leading returns for CFS’s MySuper members in FY24 together with annual fees which were 15 per cent lower than the average MySuper fund*.

“We are delighted to once again deliver strong returns for our MySuper members. We know that strong performance, low fees and good customer service are important to our members and we are pleased to be consistently delivering in each area, said Kelly Power, Chief Executive Officer of Colonial First State Superannuation.

The latest data from the Australian Financial Complaints Authority points to CFS as the best rated super fund in Australia for customer service, with the lowest levels of customer complaints out of the 20 largest funds.

Colonial First State’s Chief Investment Officer, Jonathan Armitage pointed to the CFS investment team’s disciplined approach to managing volatility as a key factor in again delivering strong returns for MySuper members.

“Delivering double digit returns is particularly pleasing given 2024 was a volatile period in investment markets due to significant geopolitical events including ongoing conflicts and elections in key global markets. Our MySuper members benefitted from the very strong returns from global equities as well as robust performance from Australian shares.”

“Achieving such strong performance against this backdrop reflects the experience and capability of our investment team. We believe that inflation data will continue to be volatile in 2025 so diversification and active risk management will be critical components of portfolio construction in the year ahead,” added Mr Armitage.

_{*Chant West Super Fund Fee Survey as at 31 June 2023 for MySuper products based on $50,000 account balance}