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Australia Real Income

Essential listed Real Asset ingredients for growing income

Overview

The Martin Currie Australia (MCA) Real Income strategy invests in a diversified portfolio of listed Real Assets, primarily from Australia and other developed market countries.

We aim to meet the income needs of investors by providing a consistent and growing income stream that grows with inflation through an actively managed selection of listed Real Assets including Real Estate Investment Trusts (REITs), infrastructure, and utilities.

By investing in a benchmark-unaware manner, with stocks selected carefully by MCA’s dedicated Real Assets team and a clear focus on client objectives, our approach is distinct from traditional equity portfolios, income-focused strategies or stand-alone property or infrastructure portfolios.

Key Pillars of the Strategy

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Proprietary multi-lensed research by an experienced team

The MCA team has over 40 years of experience investing in Australian equities and listed Real Assets using a disciplined and repeatable multi-lensed investment approach.

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Real Assets are essential building blocks of society and the economy

Our unique approach targets listed Real Assets from global developed and emerging market countries with an essential-use nature. We seek dominant assets with a local population growth dynamic, recurring cash flows that can grow with inflation, strong pricing power and balance sheets, and a focus on incremental, brownfields expansion.

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Optimised portfolio construction for income-focused returns

Our benchmark unaware portfolio is constructed to minimise concentration risks, income shocks and capital impairment.

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Fully integrated fundamental Active Ownership approach

Responsibility for Active Ownership lies directly with the research analysts and portfolio managers responsible for making investment decisions.

We believe that our long-term track record in income generation through varied market cycles demonstrates our ability to deliver stable and dependable returns to investors seeking income-oriented strategies.

Key Information

The strategy aims to provide a pre-tax yield above the S&P/ASX 200 Index yield and provide income stream growth above inflation.

Portfolio characteristics Australia Real Income
Objective Income
Asset Class Listed Real Assets
Style Income
Investable Universe Australian and global developed market listed Real Asset securities
Benchmark No formal benchmark
Market capitalisation All cap
Regional limit Up to 20% in non-ASX securities from global developed markets
Sector limit None
Security limit Absolute 9%
Number of stocks Typically 35
Portfolio turnover Typically 25% p.a.
Forecast tracking error We do not target tracking error but total risk outcome is typically 90% of the market.
Inception 17 November 2010

Key Benefits of the Australia Real Income strategy

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Greater income certainty

A focus on high quality, consistent dividend paying listed Real Assets and portfolio construction that avoids income concentration, provides access to a more predictable income stream and inflation protection, no matter the economic cycle or capital movements of a stock.

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Lower total volatility

As income is a greater driver of total returns, Real Assets typically exhibit lower total volatility compared to broader equity markets or sector-specific strategies, providing greater income stability.

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Diversification benefits

The multi-sector blend of high-quality Real Assets has lower economic sensitivity and lower correlation to equity markets, offering diversification benefits and a differentiated source of income and growth.

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Portfolio liquidity and transparency

Listed Real Assets also provide liquidity, pricing transparency, diversification and trading cost benefits not typically found in direct investments or unlisted funds.

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Long term return potential from alignment with secular megatrends

Positions aligned with population growth, energy demand and data growth megatrends allow the strategy to benefit from future growth opportunities.

Learn more about the strategy here.

Investment team

Martin Currie’s suite of Real Income strategies are managed by the experienced Martin Currie Australia Real Asset team.

The strategy benefits from the close collaboration and deep industry expertise of wider Martin Currie Australia investment team and the broader Martin Currie global investment floor.

Ashton Reid, CFA

Portfolio Manager, Real Assets

View biography >

Andrew Chambers

Portfolio Manager, Real Assets

View biography >