Colonial First State delivers strong double digit member returns in 2023

• FirstChoice Employer Super balanced fund (MySuper Lifestage 1965-69) delivers 11.8% return
• FirstChoice Employer Super growth fund (MySuper Lifestage 1975-79) delivers 13.2% return
• CFS Enhanced Index balanced fund delivers 11.6% return
• CFS Enhanced Index growth fund delivers 12.5% return
• Thrive+ sustainable growth fund delivers 15.1% return

Tuesday 06 February 2024 Colonial First State (CFS) today announces above-median double digit returns over the year to 31 December 2023 for members of its MySuper balanced and growth funds.  

The FirstChoice Employer Super balanced fund (MySuper Lifestage 1965-69) delivered an 11.8% return, while the FirstChoice Employer Super growth fund (MySuper Lifestage 1975-79) delivered a 13.2% return. 

The CFS Enhanced Index balanced fund and CFS Enhanced Index Growth fund both delivered above median members returns of 11.6% and 12.5% respectively. 

The Thrive+ sustainable growth fund also delivered double digit returns over the same period at 15.1%. 

This places CFS among the highest performing super funds in 2023, significantly outperforming the median balanced and growth fund returns as reported by Super Ratings and Chant West, and further building on the strong performance delivered for CFS members in the last financial year.  

“We are delighted to have delivered double digit returns for our members. These results have seen CFS outperform median returns across the industry,” said Kelly Power, Chief Executive Officer of Colonial First State Superannuation. 

“Our strong returns are especially pleasing given our continued focus on maintaining highly competitive fees and delivering value for our members,” Ms Power added. 

The calendar year result follows double digit returns for CFS’ MySuper members in FY23 which were accompanied by annual fees which are 15 per cent lower than the average super fund.* 

Jonathan Armitage, Colonial First State’s Chief Investment Officer, said the returns have been driven by factors including a strong performance in global and domestic equities. 

“Delivering double digit returns is a good outcome given the significant market uncertainty in 2023. Good equity market returns and a higher allocation to global shares were among the drivers of this result,” he said. 

“We believe that inflation data will continue to be volatile in 2024 so diversification and active risk management will be critical components of portfolio construction in the year ahead.  We continue to see valuation discrepancies across unlisted assets and will be looking to capitalise on those opportunities,” Mr Armitage added. 

Mr Armitage said that the continuing strong performance is testament to the capability of CFS’ investment team as well as a disciplined investment approach. 

“Over the past year we have been focused on bringing industry-leading expertise to expand our capabilities in areas such as active risk and portfolio management.  This is driving good investment outcomes for our members which we expect to continue in the year ahead. 

“With respect to Thrive+, we have been especially pleased to see its strong performance over the last twelve months, demonstrating that a sustainable growth fund can deliver compelling returns for investors while also making a positive contribution to the environment,” he said. 

Media enquiries

James Mitchell, Senior Manager External Communications, Colonial First State

james.mitchell@cfs.com.au