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Overview
The Martin Currie Australia Ethical Income strategy seeks to provide a high, stable and growing income stream by investing in a diversified benchmark-unaware portfolio of high-quality, income-paying securities while accommodating for client-driven ethical values.
Our income approach is premised on the philosophy that high-quality companies that have solid earnings can sustain dividends, grow income distributions to match rises in the cost of living, and are likely to be less volatile than the wider equity market. These are key attributes of what we like to call a ‘sufficient income for life’. Our approach also aims to extract the full benefit of franking credits and maximise after tax income for 0% tax payers.
Our focus on a ‘sufficient income for life’ has resulted in an Australian equity portfolio that looks very differently to both traditional equities and other income-focused approaches.
ESG research is integrated deeply into Martin Currie Australia's multi-lensed research process and we incorporate negative ethical values screening and further ESG exclusions based on client-specific requirements. Through our experience, we have found that the inclusion of a client’s own ethical values has been complementary to our focus on high-quality companies, and thus has not compromised the objective of aiming to provide a high, stable and growing income stream.
We have over 10 years of experience in managing income strategies through very varied market cycles, including the COVID-19 impacted 2020, and we believe this shows that our unique methodologies can provide investors with a portfolio with the attributes of ‘sufficient income for life’.
We believe that there are few peer strategies available in the market that address both income and client values in the way that the Martin Currie Australia Ethical Income strategy can.
Key Information
To provide an after-tax yield above the S&P/ASX 200 Index and to provide income stream growth above inflation
Portfolio characteristics | Australia Ethical Income |
---|---|
Objective | Income |
Asset Class | Equities |
Style | Income/Quality |
Investable Universe | Australian listed securities |
Benchmark | Benchmark unaware |
Market capitalisation | All cap |
Country limit | N/A |
Sector limit | Absolute 25% |
Security limit | Absolute 6% |
Number of stocks | Typically 40 |
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 | 8 December 2015 |
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"Investors don’t want to have to choose between their values and income – and we believe they shouldn’t have to."
Why Invest in Australia Ethical Income
Not all equities are created equal for income
We have put both the ‘sufficient income for life’ needs and ethical values of clients at the heart of the product design for the Martin Currie Australia Ethical Income strategy
Focus on a high, stable and growing income stream
Our benchmark unaware portfolio construction helps to avoids income shocks, hedge against rising inflation, and improve capital growth without the use of costly derivatives
More appropriate risk profile for income investors
Maximising income and reducing the concentration in Australian equities is much more important than benchmark relative alpha and tracking-error risk measures
Investment Strategy
The strategy aims to deliver a growing income stream through:
- No binary choice between ethics and returns – Unique investment process that reflects ethical values without compromising income objective of providing a ‘sufficient income for life’
- Income-focused return profile – Favouring high quality, highly franked, consistent dividend payers to reduce income shocks and grow income
- Benchmark unaware portfolio construction – Low security and sector concentrations to provide income diversification so no single stock dominates
- Fundamental active ownership - Purposeful engagement with companies and client advocacy through proxy voting
- Experienced stock pickers with long term track record - Deep industry experience generating ‘active insights’
Read more about how the Martin Currie Australia Ethical Income strategy seeks to provide a ‘sufficient income for life’, without making investors choose between their values and income in the Strategy Guide.

Investment Strategy
The strategy aims to deliver a growing income stream through:
- No binary choice between ethics and returns – Unique investment process that reflects ethical values without compromising income objective of providing a ‘sufficient income for life’
- Income-focused return profile – Favouring high quality, highly franked, consistent dividend payers to reduce income shocks and grow income
- Benchmark unaware portfolio construction – Low security and sector concentrations to provide income diversification so no single stock dominates
- Fundamental active ownership - Purposeful engagement with companies and client advocacy through proxy voting
- Experienced stock pickers with long term track record - Deep industry experience generating ‘active insights’


Reece Birtles
- Job title
- Chief Investment Officer, Australia
- Experience
- 31 years

Will Baylis
- Job title
- Portfolio Manager
- Experience
- 38 years

Martin Currie Ethical Income Fund

Martin Currie Ethical Values With Income Fund
Contact Us
Please visit our contact page or speak to a member of our sales team, to discuss the most appropriate investment to meet your requirements and for more information on our investment capabilities.
Ross Kent
Investment Client Portfolio Manager
T: +61 (0)3 9017 8629
M: +61 (0)455 253 384
E: rkent@martincurrie.com.au
Felicity Walsh
Managing Director, Australia and New Zealand
M: +61 (0) 429 209 566
E: Felicity.Walsh@franklintempleton.com
Our Capabilities
Please visit our contact page or speak to a member of our sales team, to discuss the most appropriate investment to meet your requirements and for more information on our investment capabilities.
Ross Kent
Investment Client Portfolio Manager
T: +61 (0)3 9017 8629
M: +61 (0)455 253 384
E: rkent@martincurrie.com.au
Felicity Walsh
Managing Director, Australia and New Zealand
M: +61 (0) 429 209 566
E: Felicity.Walsh@franklintempleton.com
Contact Us
Please visit our contact page or speak to a member of our sales team, to discuss the most appropriate investment to meet your requirements and for more information on our investment capabilities.
Mel Bucher
Head of Global Distribution
T: +44 (0) 131 479 4748
M: +44 (0) 758 414 7720
E: mbucher@martincurrie.com
Danni Yang, CFA®
Investment Client Portfolio Manger, Global Long-Term Unconstrained
M: +44 (0) 7826548065
E: dyang@martincurrie.com
Contact Us
Please visit our contact page or speak to a member of our sales team, to discuss the most appropriate investment to meet your requirements and for more information on our investment capabilities.
Mel Bucher
Head of Global Distribution
T: +44 (0) 131 479 4748
M: +44 (0) 758 414 7720
E: mbucher@martincurrie.com
Contact Us
Please visit our contact page or speak to a member of our sales team, to discuss the most appropriate investment to meet your requirements and for more information on our investment capabilities.
Mel Bucher
Head of Global Distribution
T: +44 (0) 131 479 4748
M: +44 (0) 758 414 7720
E: mbucher@martincurrie.com
Tim Baker, CFA®
Associate Client Portfolio Manager
M: +44 (0) 7795238754
E: tbaker@martincurrie.com
Our Capabilities
Please visit our contact page or speak to a member of our sales team, to discuss the most appropriate investment to meet your requirements and for more information on our investment capabilities.
Mark Cho, CFA®
Head of Americas Distribution
Intermediary Sales/Wealth Management
T: +1 212 632 3292
E: mcho@martincurrie.com
Breanna Ellsworth, CFA®
Client Portfolio Manager, Distribution - US
T: +1 212 632 3293
E: bellsworth@martincurrie.com
Drew Comatos
Client Portfolio Manager, North America
Intermediary Sales/Wealth Management
T: +1 203 703 6472
E: dcomatos@martincurrie.com
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