CFS delivered industry leading returns over the year to 30 June 2024 for members of FirstChoice super invested in our balanced and growth options. This marks the second consecutive year that CFS has delivered extraordinary returns for members.  

It’s a testament to the CFS Investment team and the disciplined, diversified approach they take to managing unpredictable market conditions. 

Headline results for the year ending 30 June 2024 include: 

• 14.3% Growth - Lifestage 1975-79 (FirstChoice Employer Super) 
• 12.1% Balanced - Lifestage 1965-69 (FirstChoice Employer Super) 
• 11.2% CFS Enhanced Index Balanced (FirstChoice Wholesale Personal Super)* 
• 12.2% CFS Enhanced Index Growth (FirstChoice Wholesale Personal Super)* 
   

Jonathan Armitage, CFS Chief Investment Officer, said the industry-leading 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 been the core driver of investment returns over the last 12 months. CFS is also in the 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,” Armitage said.  

While the US share market delivered stand-out returns, our disciplined approach to building diversified portfolios saw the investment team increasing the range of investment return drivers that we have within our portfolios. 

Adding private debt to our investment portfolios contributed and will continue to help manage some of the volatility in returns. We also know that volatility can create opportunities, and we have the liquidity built into our portfolios to capitalise on new investment opportunities. 

Inflation data is continuing to be volatile and is of concern to central banks and policymakers. It may be that the market simply has to get used to the fact that the resting heartbeat of inflation is higher than we've become used to. 

“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,” said Armitage. 

“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 and investors in FY25.”