Colonial First State delivers strong double digit member returns in FY24

• FirstChoice Employer Super balanced fund (MySuper Lifestage 1965-69) delivers 12.1% return
• FirstChoice Employer Super growth fund (MySuper Lifestage 1975-79) delivers 14.3% return

4 July 2024 Colonial First State (CFS) today announces double digit returns over the year to 30 June 2024 for members of its MySuper balanced and growth funds.

This marks the second consecutive year that CFS has delivered double digit returns for these MySuper members.

The FirstChoice Employer Super balanced fund (MySuper Lifestage 1965-69) delivered a 12.1% return, while the FirstChoice Employer Super growth fund (MySuper Lifestage 1975-79) delivered a 14.3% return.

“We are very pleased to announce that CFS has continued to deliver strong returns for its members over the year to 30 June. This is the second consecutive year that members of our MySuper balanced and growth funds have seen double-digit returns,” said Kelly Power, Chief Executive Officer of Colonial First State Superannuation.

“CFS continues to gain momentum as a leader in the Australian superannuation market by delivering strong returns for our customers, market-leading investment choice and annual fees that are 15 per cent lower than the average MySuper fund.”

Jonathan Armitage, Colonial First State’s Chief Investment Officer, said the strong investment performance over the 12 months to 30 June has largely been driven by strong returns in global and domestic equities.

“The strength of global share markets has really been the core driver of investment returns over the last 12 months. CFS is also in the relatively unique position of holding no legacy unlisted assets. In an environment of higher interest rates, this has allowed us to deliver another year of solid returns for members,” Mr Armitage said.

“Looking ahead, we continue to believe that inflation data will be volatile, keeping interest rates higher for longer and creating continued headwinds for some sectors such as commercial real estate.

“Managing the evolving macro-economic environment will also be paramount over the coming year and we look forward to again delivering strong returns for members through our disciplined investment approach in FY25.”