Challenger (CGF) has positioned itself well within the superannuation sector and more specifically the post retirement part of pool. Although we agree the size of this market is likely to increase with demographic changes, the group currently only provides annuities that service a portion of the market (the rest is in allocated pensions, SMSFs). Our primary concern with CGF is the capital intensity of their investment allocation at this current point in the investment cycle, however their position has relatively improved over the period. Subscribers can access the updated Full Research Report by clicking here Want a broker to contact you? Click here.