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Changes to the FirstChoice Wholesale Multi-Manager Funds

This update outlines changes to the FirstChoice Wholesale Multi-Manager Funds PDS dated 3 February 2020 issued by Colonial First State Investments Limited ABN 98 002 348 352 AFS Licence 232468. You should read this update together with the original PDS dated 3 February 2020. You can obtain a copy of the PDS, free of charge, by calling us on 13 13 36.

 

As part of our ongoing management of the range of Colonial First State Multi-Manager funds, we have made a number of changes to some of the funds.

Asset Allocation

In order to refine the risk and return outcomes of the funds, we have made the following adjustments to the asset allocations of some of the funds, effective 8 June 2020.

 

FirstChoice Wholesale Conservative Fund

Asset Class Previous Allocation
%
New Allocation
%

Australian shares

9.5

9.5
Global shares 7.0 7.0
Global shares – hedged 3.5 3.5
Emerging market shares 1.0 1.0
Alternatives 4.0 6.0
Global property securities 2.5 3.0
Global infrastructure securities 2.5 3.0
Fixed interest 30.0 30.0
Cash and defensive alternatives 40.0 37.0
Previous name: Goldman Sachs <Wholesale> Income Plus

FirstChoice Wholesale Diversified Fund

Asset Class Previous Allocation
%
New Allocation
%

Australian shares

16.0

16.5
Global shares 12.5
13.0
Global shares – hedged 5.5
7.0
Emerging market shares 2.0
2.5
Alternatives 6.0
6.0
Global property securities 4.0
4.0
Global infrastructure securities 4.0
4.0
Fixed interest 25.0
24.0
Cash and defensive alternatives 25.0
23.0
Previous name: Goldman Sachs <Wholesale> Income Plus

FirstChoice Wholesale Moderate Fund

Asset Class Previous Allocation
%
New Allocation
%

Australian shares

20.0

20.0
Global shares 15.0
15.0
Global shares – hedged 7.5
9.0
Emerging market shares 2.5
3.0
Alternatives 6.0
6.0
Global property securities 4.5
5.0
Global infrastructure securities 4.5
5.0
Fixed interest 25.0
22.0
Cash and defensive alternatives 15.0
15.0
Previous name: Goldman Sachs <Wholesale> Income Plus

FirstChoice Wholesale Balanced Fund

Asset Class Previous Allocation
%
New Allocation
%

Australian shares

23.0

23.0
Global shares 17.0
17.0
Global shares – hedged 9.0
10.5
Emerging market shares 3.0
3.5
Alternatives 7.0
8.0
Global property securities 5.5
6.0
Global infrastructure securities 5.5
6.0
Fixed interest 22.0
20.0
Cash 8.0
6.0
Previous name: Goldman Sachs <Wholesale> Income Plus

FirstChoice Wholesale Growth Fund

Asset Class Previous Allocation
%
New Allocation
%

Australian shares

27.0

27.0
Global shares 20.0
20.0
Global shares – hedged 10.5
11.0
Emerging market shares 3.5
4.0
Alternatives 7.5
8.0
Global property securities 5.5
7.0
Global infrastructure securities 6.0
7.0
Fixed interest 17.0
16.0
Cash 3.0
0.0
Previous name: Goldman Sachs <Wholesale> Income Plus

Changes to composite benchmarks

The composite benchmark for each of the above funds has been adjusted to reflect these changes.

 

FirstChoice Wholesale Conservative Fund

 

30.0% Bloomberg AusBond Bank Bill Index, 15.0% FTSE World Broad Investment Grade Index (AUD hedged), 15.0% Bloomberg AusBond Composite 0+Yr Index, 3.0% FTSE EPRA/NAREIT Developed Rental Index (AUD hedged), 3.0% FTSE Developed Core Infrastructure 50/50 Index (AUD hedged), 9.5% S&P/ASX 300 Accumulation Index, 6.0% MSCI All Country World Index, 3.5% MSCI All Country World Index (AUD hedged), 1.0% MSCI Emerging Markets Index, 13.0% RBA cash rate, 1.0% MSCI World Small Cap Index.

 

FirstChoice Wholesale Diversified Fund

 

18.0% Bloomberg AusBond Bank Bill Index, 12.0% FTSE World Broad Investment Grade Index (AUD hedged), 12.0% Bloomberg AusBond Composite 0+Yr Index, 4.0% FTSE EPRA/NAREIT Developed Rental Index (AUD hedged), 4.0% FTSE Developed Core Infrastructure 50/50 Index (AUD hedged), 16.5% S&P/ASX 300 Accumulation Index, 11.0% MSCI All Country World Index, 7.0% MSCI All Country World Index (AUD hedged), 2.5% MSCI Emerging Markets Index, 11.0% RBA cash rate, 2.0% MSCI World Small Cap Index.

 

FirstChoice Wholesale Moderate Fund

 

12.0% Bloomberg AusBond Bank Bill Index, 11.0% FTSE World Broad Investment Grade Index (AUD hedged), 11.0% Bloomberg AusBond Composite 0+Yr Index, 5.0% FTSE EPRA/NAREIT Developed Rental Index (AUD hedged), 5.0% FTSE Developed Core Infrastructure 50/50 Index (AUD hedged), 20.0% S&P/ASX 300 Accumulation Index, 12.5% MSCI All Country World Index, 9.0% MSCI All Country World Index (AUD hedged), 3.0% MSCI Emerging Markets Index, 9.0% RBA cash rate, 2.5% MSCI World Small Cap Index.

 

FirstChoice Wholesale Balanced Fund

 

6.0% Bloomberg AusBond Bank Bill Index, 10.0% FTSE World Broad Investment Grade Index (AUD hedged), 10.0% Bloomberg AusBond Composite 0+Yr Index, 6.0% FTSE EPRA/NAREIT Developed Rental Index (AUD hedged), 6.0% FTSE Developed Core Infrastructure 50/50 Index (AUD hedged), 22.0% S&P/ASX 300 Accumulation Index, 1.0% S&P/ASX Small Ordinaries Accumulation Index, 14.0% MSCI All Country World Index, 10.5% MSCI All Country World Index (AUD hedged), 3.5% MSCI Emerging Markets Index, 8.0% RBA cash rate, 3.0% MSCI World Small Cap Index.

 

FirstChoice Wholesale Growth Fund

 

8.0% FTSE World Broad Investment Grade Index (AUD hedged), 8.0% Bloomberg AusBond Composite 0+Yr Index, 7.0% FTSE EPRA/NAREIT Developed Rental Index (AUD hedged), 7.0% FTSE Developed Core Infrastructure 50/50 Index (AUD hedged), 25.5% S&P/ASX 300 Accumulation Index, 1.5% S&P/ASX Small Ordinaries Index, 16.5% MSCI All Country World Index, 11.0% MSCI All Country World Index (AUD hedged), 4.0% MSCI Emerging Markets Index, 8.0% RBA cash rate, 3.5% MSCI World Small Cap Index.

Changes to underlying investment managers

The following investment options had manager allocation changes:

Investment option
Previous manager allocations
New manager allocations
Effective Date

FirstChoice Wholesale Alternatives

Aspect Capital

15.0% Aspect Capital
15.0% 2 March 2020
Dymon Asia
10.0% Dymon Asia
7.0%
Amundi
15.0% Amundi
8.0%
AQR
20.0% AQR
20.0%
H2O Asset Management
14.0% H2O Asset Management
15.0%
Wellington Management
16.0% Wellington Management
20.0%
Franklin Templeton
10.0% Oaktree Capital
15.0%
FirstChoice Wholesale Fixed Interest
Colonial First State (Indexed Australian Bonds)1
26.5% Colonial First State (Indexed Australian Bonds)1
28.0% 3 February 2020
Loomis Sayles
10.0% Loomis Sayles
10.0%
Franklin Templeton 11.0% Franklin Templeton 12.5%
Colchester 11.5% Colchester 11.5%
Wellington Management 17.0% Wellington Management 19.0%
H2O Asset Management 8.5% H2O Asset Management 9.5%
Morgan Stanley 7.5% Morgan Stanley 9.5%
  Colonial First State Global Asset Management1 8.0%      
FirstChoice Wholesale Global Infrastructure Securities Lazard 30.0% Lazard 30.0% 18 March 2020
Cohen & Steers 30.0% Cohen & Steers 30.0%
Colonial First State Global Asset Management1 10.0% Colonial First State Global Asset Management 10.0%
Maple Brown Abbott 30.0% Atlas 30.0%
Previous name: Goldman Sachs <Wholesale> Income Plus

1 This allocation is managed by Colonial First State Global Asset Management. In September 2019 the investment manager changed its name to First Sentier Investors.

Disclaimer
Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State) is the issuer of super, pension and investment products. This document may include general advice but does not take into account your individual objectives, financial situation or needs. You should read the relevant Product Disclosure Statement (PDS) carefully and assess whether the information is appropriate for you and consider talking to a financial adviser before making an investment decision. A PDS for Colonial First State’s products are available at colonialfirststate.com.au or by calling us on 13 13 36.