CFS FirstChoice Dynamic Managed Accounts
What changed
Portfolios have been repositioned across Australian and global equities, including the removal of Bennelong Ex 20 Australian Equities and Janus Henderson Global Natural Resources.
Australian equities
All portfolios sold their holding in Bennelong Ex 20 Australian Equities. The allocation has been redirected approximately:
- 60% to CFS Index Australian Equities
- 40% to First Sentier Australian Small Companies
Bennelong Ex 20 has underperformed over the past 18 months and we do not believe market conditions over the next six to 12 months will favour Bennelong's investment approach.
Exposure to the ex-100 segment of the Australian market has been maintained through First Sentier Australian Small Companies, which we believe provides a more style-neutral and defensive option. The remainder of the Bennelong allocation has been directed to the CFS Australian Equities Index option.
Global equities
All portfolios also sold their holding in Janus Henderson Global Natural Resources and allocated the proceeds to GQG Partners Global Equity.
This provides exposure to a broader portfolio of global shares while retaining exposure to the energy sector.
Portfolio trades
| Investment |
Conservative |
Moderate |
Diversified |
Balanced |
Assertive |
Aggressive |
| Bennelong Ex 20 |
3.80% |
-5.00% |
-5.80% |
8.20% |
-12.50% |
-12.50% |
| First Sentier Small Companies |
+1.52% |
+2.00% |
+2.32% |
+3.28% |
+5.00% |
+5.00% |
| CFS Australian Equities Index |
+2.28% |
+3.00% |
+3.48% |
+4.92% |
+7.00% |
+7.50% |
| Janus Henderson Global Natural Resources |
-1.50% |
-1.30% |
-1.70% |
-2.10% |
-2.90% |
-3.50% |
| GQG Partners Global Equity |
+1.50% |
+1.30% |
+1.70% |
+2.10% |
+2.90% |
+3.50% |
CFS FirstChoice Fund of Funds
What changed
Changes have been made across Australian equities, global equities and infrastructure, with additional real asset exposure introduced within the Diversified portfolio.
Australian equities
All portfolios sold their holding in Bennelong Ex 20 Australian Equities, with approximately 60% of the allocation redirected to CFS Index Australian Equities and 40% to First Sentier Australian Small Companies.
Bennelong Ex 20 has underperformed over the past 18 months and we do not believe market conditions over the next six to 12 months will favour Bennelong's investment approach.
Exposure to the ex-100 segment of the Australian market has been retained through First Sentier Australian Small Companies, which we believe provides a more style-neutral and defensive option. The remainder has been allocated to the CFS Australian Equities Index option.
Global equities
All portfolios sold their holding in Janus Henderson Global Natural Resources and allocated the proceeds to GQG Partners Global Equity.
The change provides exposure to a broader portfolio of global shares while continuing to provide exposure to the energy sector.
Infrastructure and real assets
The Conservative and Growth portfolios sold their holdings in First Sentier Global Listed Infrastructure and invested in the CFS Global Infrastructure Index.
In the Diversified portfolio, we increased the allocation to real assets. This involved selling First Sentier Global Listed Infrastructure, investing in the CFS Global Infrastructure Index and increasing the allocation to Martin Currie Real Income. The balance of the increase was funded from cash.
Portfolio trades
| Investment |
Conservative |
Diversified |
Growth |
| Bennelong Ex 20 |
-3.80% |
-5.00% |
-9.50% |
| First Sentier Small Companies |
+1.10% |
+2.00% |
+3.80% |
| CFS Australian Equities Index |
+1.70% |
+3.00% |
+5.70% |
| Janus Henderson Global Natural Resources |
-3.00% |
-3.80% |
-5.00% |
| GQG Partners Global Equity |
+3.00% |
+3.80% |
+5.00% |
| First Sentier Global Listed Infrastructure |
-1.50% |
-2.00% |
-7.18% |
| CFS Global Infrastructure Index |
+2.50% |
+4.00% |
+7.18% |
| Cash |
– |
-3.00% |
– |
| Martin Currie Real Income |
– |
+1.00% |
– |