Following a comprehensive review, the CFS Investments team is adjusting the asset allocation of the First Sentier multi-asset options with the aim of improving investor outcomes. These adjustments will complete in June 2024.

 

The changes, including the composite benchmarks, are as follows:

First Sentier Conservative
Asset class
Benchmark allocation - Current
Benchmark allocation - New
Benchmark allocation - Change
Range - Current
Range - New
Asset class
Australian shares
Benchmark allocation - Current
Australian shares

15%

Benchmark allocation - New
Australian shares

12%

Benchmark allocation - Change
Australian shares

-3%

Range - Current
Australian shares

10%-20%

Range - New
Australian shares

0% -20%

Asset class
Global shares
Benchmark allocation - Current
Global shares

10%

Benchmark allocation - New
Global shares

14%

Benchmark allocation - Change
Global shares

+4%

Range - Current
Global shares

5%-15%

Range - New
Global shares

5% -25%

Asset class
Global property securities
Benchmark allocation - Current
Global property securities

5%

Benchmark allocation - New
Global property securities

2%

Benchmark allocation - Change
Global property securities

-3%

Range - Current
Global property securities

0%-10%

Range - New
Global property securities

0% -10%

Asset class
Global infrastructure securities
Benchmark allocation - Current
Global infrastructure securities

-

Benchmark allocation - New
Global infrastructure securities

2%

Benchmark allocation - Change
Global infrastructure securities

+2%

Range - Current
Global infrastructure securities

-

Range - New
Global infrastructure securities

0% -10%

Asset class
Fixed interest
Benchmark allocation - Current
Fixed interest

40%

Benchmark allocation - New
Fixed interest

50%

Benchmark allocation - Change
Fixed interest

+10%

Range - Current
Fixed interest

-

Range - New
Fixed interest

40% -60%

Asset class
Cash
Benchmark allocation - Current
Cash

30%

Benchmark allocation - New
Cash

30%

Benchmark allocation - Change
Cash

-10%

Range - Current
Cash

-

Range - New
Cash

10% -30%

Asset class
Fixed interest and cash
Benchmark allocation - Current
Fixed interest and cash
Benchmark allocation - New
Fixed interest and cash
Benchmark allocation - Change
Fixed interest and cash
Range - Current
Fixed interest and cash

60%-80%

Range - New
Fixed interest and cash

-

New composite benchmark:

 

20.0% Bloomberg AusBond Bank Bill Index, 20.0% Bloomberg AusBond Composite 0+Yr Index, 20.0% Bloomberg Global Aggregate Index (AUD hedged), 6.0% MSCI All Country World ex Australia Net Index, 4.0% MSCI All Country World ex Australia Net Index Hedged AUD, 2.0% MSCI World Small Cap Index, 2.0% MSCI Emerging Markets Index, 10.0% Bloomberg Global Aggregate Corporate Index (AUD hedged), 11.0% S&P/ASX 300 Accumulation Index, 1.0% S&P/ASX Small Ordinaries Index, 2.0% FTSE EPRA/NAREIT Developed Index (AUD hedged), 2.0% FTSE Global Core Infrastructure 50/50 Index (AUD hedged).

First Sentier Balanced
Asset class
Benchmark allocation - Current
Benchmark allocation - New
Benchmark allocation - Change
Range - Current
Range - New
Asset class
Australian shares
Benchmark allocation - Current
Australian shares

25%

Benchmark allocation - New
Australian shares

18.5%

Benchmark allocation - Change
Australian shares

-6.5%

Range - Current
Australian shares

20%-30%

Range - New
Australian shares

10% -30%

Asset class
Global shares
Benchmark allocation - Current
Global shares

20%

Benchmark allocation - New
Global shares

25.5%

Benchmark allocation - Change
Global shares

+5.5%

Range - Current
Global shares

15%-25%

Range - New
Global shares

15% -35%

Asset class
Global property securities
Benchmark allocation - Current
Global property securities

5%

Benchmark allocation - New
Global property securities

3%

Benchmark allocation - Change
Global property securities

-2%

Range - Current
Global property securities

0%-10%

Range - New
Global property securities

0% -15%

Asset class
Global infrastructure securities
Benchmark allocation - Current
Global infrastructure securities

-

Benchmark allocation - New
Global infrastructure securities

3%

Benchmark allocation - Change
Global infrastructure securities

+3%

Range - Current
Global infrastructure securities

-

Range - New
Global infrastructure securities

0% -15%

Asset class
Fixed interest
Benchmark allocation - Current
Fixed interest

35%

Benchmark allocation - New
Fixed interest

37%

Benchmark allocation - Change
Fixed interest

+2%

Range - Current
Fixed interest

-

Range - New
Fixed interest

25% -45%

Asset class
Cash
Benchmark allocation - Current
Cash

15%

Benchmark allocation - New
Cash

13%

Benchmark allocation - Change
Cash

-2%

Range - Current
Cash

-

Range - New
Cash

5% -25%

Asset class
Fixed interest and cash
Benchmark allocation - Current
Fixed interest and cash
Benchmark allocation - New
Fixed interest and cash
Benchmark allocation - Change
Fixed interest and cash
Range - Current
Fixed interest and cash

40%-60%

Range - New
Fixed interest and cash

-

New composite benchmark:

 

13.0% Bloomberg AusBond Bank Bill Index, 14.0% Bloomberg AusBond Composite 0+Yr Index, 14.0% Bloomberg Global Aggregate Index (AUD hedged), 12.5% MSCI All Country World ex Australia Net Index, 7.5% MSCI All Country World ex Australia Net Index Hedged AUD, 2.5% MSCI World Small Cap Index, 3.0% MSCI Emerging Markets Index, 9.0% Bloomberg Global Aggregate Corporate Index (AUD hedged), 17.0% S&P/ASX 300 Accumulation Index, 1.5% S&P/ASX Small Ordinaries Index, 3.0% FTSE EPRA/NAREIT Developed Index (AUD hedged), 3.0% FTSE Global Core Infrastructure 50/50 Index (AUD hedged).

First Sentier Diversified
Asset class
Benchmark allocation - Current
Benchmark allocation - New
Benchmark allocation - Change
Range - Current
Range - New
Asset class
Australian shares
Benchmark allocation - Current
Australian shares

35%

Benchmark allocation - New
Australian shares

28.5%

Benchmark allocation - Change
Australian shares

-6.5%

Range - Current
Australian shares

30%-40%

Range - New
Australian shares

20% -40%

Asset class
Global shares
Benchmark allocation - Current
Global shares

25%

Benchmark allocation - New
Global shares

32.5%

Benchmark allocation - Change
Global shares

+7.5%

Range - Current
Global shares

20%-30%

Range - New
Global shares

25% -45%

Asset class
Global property securities
Benchmark allocation - Current
Global property securities

5%

Benchmark allocation - New
Global property securities

4.5%

Benchmark allocation - Change
Global property securities

-0.5%

Range - Current
Global property securities

0%-10%

Range - New
Global property securities

0% -15%

Asset class
Global infrastructure securities
Benchmark allocation - Current
Global infrastructure securities

5%

Benchmark allocation - New
Global infrastructure securities

4.5%

Benchmark allocation - Change
Global infrastructure securities

-0.5%

Range - Current
Global infrastructure securities

0%-10%

Range - New
Global infrastructure securities

0% -15%

Asset class
Fixed interest
Benchmark allocation - Current
Fixed interest

25%

Benchmark allocation - New
Fixed interest

25%

Benchmark allocation - Change
Fixed interest

-

Range - Current
Fixed interest

-

Range - New
Fixed interest

15% -30%

Asset class
Cash
Benchmark allocation - Current
Cash

5%

Benchmark allocation - New
Cash

5%

Benchmark allocation - Change
Cash

-

Range - Current
Cash

-

Range - New
Cash

0% -15%

Asset class
Fixed interest and cash
Benchmark allocation - Current
Fixed interest and cash
Benchmark allocation - New
Fixed interest and cash
Benchmark allocation - Change
Fixed interest and cash
Range - Current
Fixed interest and cash

20%-40%

Range - New
Fixed interest and cash

-

New composite benchmark:

 

5.0% Bloomberg AusBond Bank Bill Index, 9.0% Bloomberg AusBond Composite 0+Yr Index, 9.0% Bloomberg Global Aggregate Index (AUD hedged), 15.0% MSCI All Country World ex Australia Net Index, 10.0% MSCI All Country World ex Australia Net Index Hedged AUD, 3.5% MSCI World Small Cap Index, 4.0% MSCI Emerging Markets Index, 7.0% Bloomberg Global Aggregate Corporate Index (AUD hedged), 26.0% S&P/ASX 300 Accumulation Index, 2.5% S&P/ASX Small Ordinaries Index, 4.5% FTSE EPRA/NAREIT Developed Index (AUD hedged), 4.5% FTSE Global Core Infrastructure 50/50 Index (AUD hedged).

First Sentier High Growth
Asset class
Benchmark allocation - Current
Benchmark allocation - New
Benchmark allocation - Change
Range - Current
Range - New
Asset class
Australian shares
Benchmark allocation - Current
Australian shares

40%

Benchmark allocation - New
Australian shares

41%

Benchmark allocation - Change
Australian shares

1%

Range - Current
Australian shares

35%-45%

Range - New
Australian shares

30% -50%

Asset class
Australian small companies
Benchmark allocation - Current
Australian small companies

10%

Benchmark allocation - New
Australian small companies

-

Benchmark allocation - Change
Australian small companies

-10%

Range - Current
Australian small companies

5%-15%

Range - New
Australian small companies

-

Asset class
Global shares
Benchmark allocation - Current
Global shares

50%

Benchmark allocation - New
Global shares

58%

Benchmark allocation - Change
Global shares

+8%

Range - Current
Global shares

40%-60%

Range - New
Global shares

50% -70%

Asset class
Cash
Benchmark allocation - Current
Cash

0%

Benchmark allocation - New
Cash

1%

Benchmark allocation - Change
Cash

+1%

Range - Current
Cash

0%-10%

Range - New
Cash

0% -10%

New composite benchmark:

 

1.0% Bloomberg AusBond Bank Bill Index, 31.0% MSCI All Country World ex Australia Net Index, 18.0% MSCI All Country World ex Australia Net Index Hedged AUD, 4.0% MSCI World Small Cap Index, 5.0% MSCI Emerging Markets Index, 37.0% S&P/ASX 300 Accumulation Index, 4.0% S&P/ASX Small Ordinaries Index.

Manager Update

In October 2023, we notified you that the CFS Investments team replaced First Sentier as the investment manager of the First Sentier multi-asset funds and that the CFS Investments team will seek opportunities to enhance the risk and return outcomes for investors over time. Please see more information here.

 

In April 2024, First Sentier informed CFS that they have made changes to their investment capabilities within Australia and will no longer offer investment management capability for certain portfolios that formed part of the First Sentier multi-asset funds. The CFS Investments team has been actively sourcing well-credentialled replacement investment managers. Each replacement manager has a strong track record in the respective asset class.

 

With effect from June 2024, the CFS Investments team has selected the below investment managers to replace First Sentier as the investment manager of the following asset classes within the First Sentier multi-asset funds:
Asset Class
New Investment Manager
Asset Class
Australian Fixed Interest
New Investment Manager
Australian Fixed Interest

Macquarie Investment Management 

Asset Class
Global Credit
New Investment Manager
Global Credit

Loomis Sayles

There is no immediate change to the option names, however we will update these at the next available opportunity.

 

You should read this Update in conjunction with the FirstChoice Investments Option Menu.

We’re here to help

For more information about these changes, please refer to the relevant PDS, speak to a financial adviser if you have one, or call us on 13 13 36, 8:30am to 6pm Monday to Friday Sydney time. 

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.

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 Wholesale Investments and other managed investment schemes.

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.