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Australia Green Value

Reducing carbon emissions within a Value focus.

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Overview

The Martin Currie Australia Green Value strategy is designed for investors who are seeking to maintain the long-term capital growth potential of the Value style but with a reduced carbon exposure.

To do this, the strategy provides investors with a diversified and contrarian exposure to our highest conviction Australian equity ideas with strong Green Valuation potential, while balancing risks through our focus on Quality and Direction.

We use our proprietary Carbon Value at Risk (VaR) tool within our Green Valuation process to clearly distinguish between Value stocks that are attractive, even after incorporating a carbon externality cost, and those that are unlikely to survive in a low carbon future. The Carbon VaR tool also helps identify Value-style stocks that will either benefit or have a minimal impact on earnings from the transition.

Based on this insight, we are able to favour the most attractively valued companies with lower carbon emissions while providing a true value exposure commensurate with our flagship Value Equity strategy.

We believe that there are few peer strategies available in the market that address the Value style alongside carbon reduction in this way, while seeking to provide higher returns than the S&P/ASX 200 Accumulation index over the longer term.

Key Information

To provide an after-fee return in excess of the S&P/ASX 200 Accumulation Index over rolling five-year periods.

Portfolio characteristics Australia Green Value
Objective Long-Term Growth
Asset Class Equities
Style Value
Investable Universe Australian listed securities
Benchmark S&P/ASX 200 Accumulation Index
Market capitalisation All cap
Country limit N/A
Sector limit Benchmark +/- 12%
Security limit Benchmark +/- 6%
Number of stocks Typically 33
Portfolio turnover Typically 25% p.a.
Forecast tracking error We do not target tracking error but is typically 5% p.a. (ex ante)
Inception  13 November 2019

  • "Australian Value style strategies often rate poorly on carbon and environmental credentials due to sector biases and industry skew of the S&P/ASX 200. As a result, Value style strategies typically have higher carbon exposure than Quality/Growth style strategies."

Why Invest in Australia Green Value

Heritage

Long term capital growth with reduced carbon exposure

We have put the accumulation and carbon needs of clients at the heart of the product design for the Martin Currie Australia Green Value strategy

Heritage

Navigating the higher carbon exposures of Australian Value stocks

By considering Carbon Value-at-Risk, we can build a Value-style portfolio that has lower carbon, but doesn’t forfeit its underlying Value-style characteristics

Heritage

Active management to avoid herd mentality and value traps

A deep understanding of the Value style, market behaviour, and both expected returns & risk drives our contrarian positions

Investment team

The Green Value strategy is co-managed by Reece Birtles and Michael Slack.

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.

Reece Birtles

Reece Birtles

Job title
Chief Investment Officer, Australia
Experience
31 years
Michael Slack

Michael Slack

Job title
Head of Australian Equity Research
Experience
33 years

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