FirstChoice Wholesale Emerging Markets - Colonial First State

Jul 08Oct 08Jan 09Apr 09Jul 09Oct 09Jan 10Apr 10Jul 10Oct 10Jan 11Apr 11Jul 11Oct 11Jan 12Apr 12Jul 12Oct 12Jan 13Apr 13Jul 13Oct 13Jan 14EnergyMaterialsIndustrialsConsumerDiscretConsumerStaplesHealth CarePropertyTrustsFinancialsInformationTechTelecoServicesUtilitiesOtherFirstChoice Wholesale Emerging MarketsInvestmentsPersonal superPensionFirstChoice Wholesale Option Profile & Commentary - March 20143 month 6 month 1 year 3 years 5 years 10 years Since Inception Fund size Management(%) (%) (%) pa (%) pa (%) pa (%) pa inception datecosts*Investments -4.66 2.04 10.77 -0.77- 6.31 - -3.73 May 2008 $5.36m 1.53%Distribution Return 0.00 0.38 1.01 0.84- 0.82 - 0.88Growth Return -4.66 1.66 9.76 -1.61- 5.49 - -4.61Personal super -4.09 1.92 11.30 -0.42- 5.48 - 5.90 Nov 2008 $11.45m 1.56%Pension -4.64 2.04 10.77 -0.72- 6.44 - 5.19 Dec 2008 $15.45m 1.56%Benchmark^ -3.89 2.29 10.88 0.75- 8.07 -^MSCI Emerging Markets Net IndexPast performance is not an indicator of future performance for this option or any other option available from Colonial First State.All returns are calculated on an annualised basis using exit price to exit price with distributions reinvested, net of management costs, transaction costs and for FirstChoice Personal Super and FirstChoice Employer Super net oftax payable by the trustee. All return calculations exclude contribution surcharge, excess contribution tax or individual taxes payable by the investor and all other fees and rebates disclosed in the relevant product disclosurestatements available on our website or by calling us. For FirstChoice Investments, the ‘distribution’ component is the amount paid by the way of distribution, which may include net realised capital gains.* Management costs include management fees, estimated performance fees (if applicable), investment expenses and custody fees but do not include contribution fees, transaction costs or adviser or plan service fees which mayalso apply. Please refer to the PDS for full details of the applicable fees and costs.Investment objectiveTo provide long-term capital growth from a diversified portfolio of predominantly emerging market companies. To outperform the MSCI Global Emerging MarketsIndex (net dividends reinvested), in Australian dollar terms over rolling three-year periods before fees and taxes.Investment strategyTo invest in a diversified portfolio of predominantly emerging market companies. The investments are managed by a number of leading emerging market sharemanagers which have different, yet complementary, investment styles, which is designed to deliver more consistent returns with less risk than would be achieved ifinvesting with a single investment manager. The underlying managers of this option have guidelines for managing currency exposure. The overall portfolio does nothedge currency risk.Investment categoryInvestment rangesGlobal specialistRange BenchmarkGlobal shares 95 - 100% 100%Minimum suggested timeframe Cash 0 - 5% 0%At least 7 yearsIncome distributionCents perunitFrankinglevelRealisedcapitalTotal 12/13 fin yr 0.7 0% 0%Total 11/12 fin yr 0.61 0% 0%Performance chart ($100,000 invested since inception)$100,000$90,000$80,000$70,000$60,000$50,000Sector allocation25%20%15%10%5%0%FirstChoice Wholesale Emerging Markets returns are calculated using exit price to exit price with distributionsreinvested, net of management and transaction costs.Manager allocationBenchmark %Wells Capital 30.00%Franklin Templeton Investments 25.00%Origin Asset Management 20.00%Fisher Investments 25.00%We may change managers or allocations to individual managers without prior notice to investors.Regional allocationAsia 57.46%Europe 5.01%South America 11.70%Middle East 4.34%Africa 5.03%Mexico 6.97%Other 9.38%Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State) is the issuer of interests in FirstChoice Personal Super, FirstChoice Wholesale Personal Super, FirstChoice Pension,FirstChoice Wholesale Pension and FirstChoice Employer Super from the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557. The investment information in this option profile is historical, produced as atthe date specified above. The information below (except performance and key data information) relates to the FirstChoice Wholesale Investments option only. Information for other options in the FirstChoice product range will bedifferent and is available at colonialfirststate.com.au or by calling us on 13 13 36. We may change asset allocation and securities within the option at any time. Past performance is not an indicator of future performance for thisoption or any other option available from Colonial First State.FS3704

FirstChoice Wholesale Option ProfileInvestmentsPersonalSuperPensionFirstChoice Wholesale Emerging Markets – 31 March 2014Market reviewGlobal share prices were little changed in the first quarter of 2014, withthe MSCI World ex-Australia Index adding 0.4% in local currency terms.The Australian dollar strengthened during the period, however, whicheroded returns for Australian investors. The Index declined by 3.4% inAustralian dollar terms.As expected the US Federal Reserve started reducing the scale of its‘Quantitative Easing’ program. Markets appeared to take this in theirstride, buoyed by generally favourable economic data.Among developed markets, Europe and the USA both rose in value byaround 2%. Asian markets were weaker; the Japanese Nikkei 225 Indexand Chinese CSI 300 Index declined more than 6% and 4% respectively.Emerging regions tended to struggle too. Geopolitical tensions in Russiaand Ukraine, in particular, appeared to dampen risk appetite towardsemerging equity markets.Fund performance and activityThe FirstChoice Emerging Markets portfolio rose over the March quarterbut underperformed its benchmark However, two of the four managers inthe portfolio did outperform the benchmark.From a country perspective, the overall portfolio's exposure to frontiercountries detracted from performance as did an underweight position toSouth Africa and an overweight position to China. Stock selection inRussia and Malaysia also detracted from performance.In terms of sector, an overweight position to Information Technology andConsumer Discretionary sectors contributed positively to performance,while an overweight in Consumer Staples detracted to give an overallpositive contribution.Fisher Investments (down 3.5%) was the best performing manager for thequarter and outperformed the benchmark. The manager benefitted fromtheir positions in non-benchmark holdings in India and Taiwan. From asector perspective, the manager’s overweight positions in IT andunderweight positions in the Telecommunication sector added the most toperformance. Individual positions which added the most to the manager’sperformance were overweight positions in Bank Rakyat Indonesia (up36.6%), Taiwan Semiconductor (up 10.8%), Tencent (up 5.2%) andHDFC Bank (up 15.0%).Origin Asset Management (down 6.3%), was the weakest manager for theMarch quarter. The major source of underperformance for the managerwas overweight position to non-index countries, China and Russia.Individual positions which detracted the most from the manager’sperformance were overweight positions in Sistema (down 32.4%), EurasiaDrilling (down 45.0%), CTC Media (down 34.8%), Country Garden(down 33.2%) and Richter Gedeon (down 17.1%).Outlook and strategyThe investments are managed by a number of leading emerging marketshare managers which have different, yet complementary, investmentstyles, which is designed to deliver more consistent returns with less riskthan would be achieved if investing with a single investment manager.This document provides general advice only and is not personal advice. It does not take into account your individual objectives, financial situation or needs. ProductDisclosure Statements (PDSs) for all Colonial First State products are available at colonialfirststate.com.au or by contacting Investor Services on 13 13 36 or from yourfinancial adviser. You should read the relevant PDS and assess whether the information in it is appropriate for you, and consider talking to a financial adviser before makingan investment decision. Commonwealth Bank of Australia and its subsidiaries do not guarantee the performance of Colonial First State’s products or the repayment ofcapital by the products. Investments in these products are not deposits or other liabilities of the Commonwealth Bank of Australia or its subsidiaries and investment typeproducts are subject to investment risk including loss of income and capital invested. Information used in this publication, which is taken from sources other than ColonialFirst State is believed to be accurate. Information provided by the Investment Manager are views of the Investment Manager only and can be subject to change. Subject toany contrary provision in any applicable law, neither Colonial First State nor any of its related parties, their employees or directors, provides any warranty of accuracy orreliability in relation to such information or accept any liability to any person who relies on it.