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Overview
The Martin Currie Global Urban Population Megatrend strategy aims to provide for investors looking for a a total return driven by a consistent and growing income stream.
The strategy invests in a diversified portfolio of quality listed Real Asset securities including REITs, infrastructure, and utilities, from developed and emerging countries.
Our approach is premised on the philosophy that the performance of Real Assets is driven by their unique leverage to the multi-decade megatrend opportunity of urban population growth.
Our key thesis is that as urban population grows, so too will demand for Real Assets to service everyday needs. With a growing demand, coupled with the nondiscretionary nature of the services provided, Real Assets often have strong pricing power, proven cash flows, and the ability to grow income distributions regardless of the economic cycle. Given these attractive characteristics, real assets are generally less volatile than the wider equity market or sector-specific strategies and have a lower correlation with the returns of other asset classes.
While the global megatrend of urban population growth is enduring and is expected to hold well into the future, not all countries and cities are growing, and some are in fact going backwards. Our approach is to invest where Real Asset demand growth is underpinned by a naturally growing customer base, avoiding low growth regions like Japan where population declines become an investment headwind. As such we focus on select target countries, regions and cities with the most attractive demographic growth.
Key Information
Earn a pre-tax yield income yield above the MSCI AC World Index yield
Portfolio characteristics | Global Urban Population Megatrend |
---|---|
Objective | Income / Long-Term Growth |
Asset Class | Listed Real Assets |
Style | Income |
Investable Universe | Global listed Real Asset securities |
Benchmark | No formal benchmark |
Market capitalisation | All cap |
Country limit | Max country weight 40% |
Sector limit | Unconstrained |
Security limit | Absolute 8% and Max 40% in securities >5% |
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 | July 2020 |
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"As urban populations grow, the demand for the essential services that listed Real Assets provide rises, and helps to grow dividends irrespective of the business cycle."
Why Invest in Global Urban Population Megatrend
Attractive total returns by capturing income
We have put client income needs at the heart of the product design for the Martin Currie Global Urban Population Megatrend strategy
Income from Real Assets can grow with urbanisation
As tangible every day-use building blocks of the economy, Real Assets are driven by demographic themes rather than the business or economic cycle. As urban populations grow, the demand for Real Assets increase, helping to grow dividends
Investments that are highly exposed to key demographic themes
By focusing on high growth target cities and regions, investments into Real Assets tap into future defining, urban population megatrend
Investment Strategy
The strategy aims to deliver a growing income stream through:
- Unique blend of listed Real Assets driven by the urban population growth megatrend - REITs, utilities and infrastructure are the essential building blocks for a growing urban population’s every-day needs
- Income-focused return profile - Unique investment approach aligns stock selection and portfolio construction with need to reduce income shock and grow income with inflation
- Benchmark unaware portfolio construction - Low security concentrations to provide income diversification so no single stock dominates
- Proven investment process with fundamental active ownership - Proprietary multi-lensed investment approach with 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 Global Urban Population Megatrend strategy seeks to capture income-focused total returns from the upside of urban population growth in the Strategy Guide.

Investment Strategy
The strategy aims to deliver a growing income stream through:
- Unique blend of listed Real Assets driven by the urban population growth megatrend - REITs, utilities and infrastructure are the essential building blocks for a growing urban population’s every-day needs
- Income-focused return profile - Unique investment approach aligns stock selection and portfolio construction with need to reduce income shock and grow income with inflation
- Benchmark unaware portfolio construction - Low security concentrations to provide income diversification so no single stock dominates
- Proven investment process with fundamental active ownership - Proprietary multi-lensed investment approach with 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 Global Urban Population Megatrend strategy seeks to capture income-focused total returns from the upside of urban population growth in the Strategy Guide.

Investment Strategy
The strategy aims to deliver a growing income stream through:
- Unique blend of listed Real Assets driven by the urban population growth megatrend - REITs, utilities and infrastructure are the essential building blocks for a growing urban population’s every-day needs
- Income-focused return profile - Unique investment approach aligns stock selection and portfolio construction with need to reduce income shock and grow income with inflation
- Benchmark unaware portfolio construction - Low security concentrations to provide income diversification so no single stock dominates
- Proven investment process with fundamental active ownership - Proprietary multi-lensed investment approach with purposeful engagement with companies and client advocacy through proxy voting
- Experienced stock pickers with long term track record - Deep industry experience generating ‘active insights’

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.

Andrew Chambers
- Job title
- Portfolio Manager, Real Assets
- Experience
- 28 years

Daniel Fitzgerald
- Job title
- Portfolio Manager, Real Assets
- Experience
- 23 years

Ashton Reid
- Job title
- Portfolio Manager, Real Assets
- Experience
- 31 years
LEARN MORE ABOUT REAL ASSETS
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Blending the best listed Real Asset opportunities across Infrastructure, Utilities and REITs.
Learn more about Martin Currie’s suite of Real Asset strategies, that are managed by our specialised listed Real Asset team.
Our Capabilities
Available Funds
We offer access to the strategy via segregated accounts and separately managed accounts.
Through our parent company, Franklin Templeton, investors are offered access to the below funds.

Martin Currie Global Real 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
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
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
Mark Elliott
Head of UK Business Development
M: +44 (0) 207 0738 569
E: melliott@martincurrie.com
Tim Baker, CFA®
Associate Client Portfolio Manager
M: +44 (0) 7795238754
E: tbaker@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.
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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Important information
This information is issued and approved by Martin Currie Investment Management Limited (‘MCIM’), authorised and regulated by the Financial Conduct Authority. It does not constitute investment advice. Market and currency movements may cause the capital value of shares, and the income from them, to fall as well as rise and you may get back less than you invested.
The information contained in this document has been compiled with considerable care to ensure its accuracy. However, no representation or warranty, express or implied, is made to its accuracy or completeness. Martin Currie has procured any research or analysis contained in this document for its own use. It is provided to you only incidentally and any opinions expressed are subject to change without notice.
The document does not form the basis of, nor should it be relied upon in connection with, any subsequent contract or agreement. It does not constitute, and may not be used for the purpose of, an offer or invitation to subscribe for or otherwise acquire shares in any of the products mentioned.
Past performance is not a guide to future returns.
The distribution of specific products is restricted in certain jurisdictions, investors should be aware of these restrictions before requesting further specific information.
The views expressed are opinions of the portfolio managers as of the date of this document and are subject to change based on market and other conditions and may differ from other portfolio managers or of the firm as a whole. These opinions are not intended to be a forecast of future events, research, a guarantee of future results or investment advice.
Risk warnings – Investors should also be aware of the following risk factors which may be applicable to the strategy shown in this document.
- Investing in foreign markets introduces a risk where adverse movements in currency exchange rates could result in a decrease in the value of your investment.
- Emerging markets or less developed countries may face more political, economic or structural challenges than developed countries. Accordingly, investment in emerging markets is generally characterised by higher levels of risk than investment in fully developed markets.
- This strategy may hold a limited number of investments. If one of these investments falls in value this can have a greater impact on the strategy’s value than if it held a larger number of investments.
- Smaller companies may be riskier and their shares may be less liquid than larger companies, meaning that their share price may be more volatile.
- Income strategy charges are deducted from capital. Because of this, the level of income may be higher but the growth potential of the capital value of the investment may be reduced.