Portfolio Changes for CFS FirstChoice Dynamic Managed Accounts
All portfolios sold their holding in Bennelong Ex 20 Australian Equities and allocated 60% to CFS Index Australian Equities and 40% to First Sentier Australian Small Companies – Bennelong Ex 20 has underperformed over the last 18 months and we do not feel that market condition over the next 6 to 12 months will favour Bennelong’s approach. We have maintained an exposure to the ex-100 part of the market through the use of the First Sentier Small Companies fund for 40% of the Bennelong allocation, which we believe to be a more style-neutral, defensive option. The remainder of the Bennelong allocation has gone to the CFS Australian Equities index option.
All portfolios sold their holding in Janus Henderson Global Natural Resources and allocated to GQG Partners Global Equity – move to a broader portfolio of global shares that also has exposure to energy.
| Conservative | Moderate | Diversified | Balanced | Assertive | Aggressive | |
| Bennelong Ex 20 | 3.80% | -5.00% | -5.80% | 8.20% | -12.50% | -12.50% |
| FSI Small Co’s | 1.52% | 2.00% | 2.32% | 3.28% | 5.00% | 5.00% |
| CFS Aus Eq Index | 2.28% | 3.00% | 3.48% | 4.92% | 7.00% | 7.50% |
| Janus Henderson Global Nat Res. | -1.50% | -1.30% | -1.70% | -2.10% | -2.90% | -3.50% |
| GQG Global Equity | 1.50% | 1.30% | 1.70% | 2.10% | 2.90% | 3.50% |
Portfolio Changes for CFS FirstChoice Fund of Funds
All portfolios sold their holding in Bennelong Ex 20 Australian Equities and allocated 60% to CFS Index Australian Equities and 40% to First Sentier Australian Small Companies – Bennelong Ex 20 has underperformed over the last 18 months and we do not feel that market condition over the next 6 to 12 months will favour Bennelong’s approach. We have maintained an exposure to the ex-100 part of the market through the use of the First Sentier Small Companies fund for 40% of the Bennelong allocation, which we believe to be a more style-neutral, defensive option. The remainder of the Bennelong allocation has gone to the CFS Australian Equities index option.
All portfolios sold their holding in Janus Henderson Global Natural Resources and allocated to GQG Partners Global Equity – move to a broader portfolio of global shares that also has exposure to energy.
The Conservative and Growth portfolios sold their holding in the First Sentier Global Listed Infrastructure fund and bought the CFS Global Infrastructure Index fund. In the Diversified fund, we increased our allocation to real assets, selling the First Sentier Global Listed Infrastructure fund, buying the CFS Global Infrastructure Index fund, and adding to the Martin Currie Real Income fund with the balance coming from cash.
| Conservative | Diversified | Growth | |
| Bennelong Ex 20 | -3.80% | -5.00% | -9.50% |
| FSI Small Co’s | 1.10% | 2.00% | 3.80% |
| CFS Aus Eq Index | 1.70% | 3.00% | 5.70% |
| Janus Henderson Global Nat Res. | -3.00% | -3.80% | -5.0% |
| GQG Global Equity | 3.00% | 3.80% | 5.00% |
| FSI Global Listed Infra | -1.50% | -2.00% | -7.18% |
| CFS Global Infra Index | 2.50% | 4.00% | 7.18% |
| Cash | – | -3.00% | – |
| Martin Currie Real Income | – | 1.00% | – |
For more information, please contact Andrew Davies or Joel Sasim.