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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 |
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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 |
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"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
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
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
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 Strategy
The strategy aims to maximise returns with lower carbon emissions through:
- High conviction Value portfolio – An active portfolio of ‘best ideas’ ASX-listed securities with Green Valuation potential, while balancing risks through our focus on Quality & Direction
- Proven investment process – Proprietary multi-lensed investment approach provides broad perspective of expected risk and return
- Proprietary carbon cost impact assessment – Quantifying carbon transition risk and opportunity
- 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 Green Value strategy seeks to exploit the market’s behavioural biases and temporary mispricing and divergence from fair value with a reduced carbon exposure in the Strategy Guide.

Investment Strategy
The strategy aims to maximise returns with lower carbon emissions through:
- High conviction Value portfolio – An active portfolio of ‘best ideas’ ASX-listed securities with Green Valuation potential, while balancing risks through our focus on Quality & Direction
- Proven investment process – Proprietary multi-lensed investment approach provides broad perspective of expected risk and return
- Proprietary carbon cost impact assessment – Quantifying carbon transition risk and opportunity
- 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
- 30 years

Michael Slack
- Job title
- Head of Australian Equity Research
- Experience
- 33 years
Our Capabilities
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.
Kimon Kouryialas
Co-Head of Global Distribution
T: +61 (0) 3 9017 8640
M: +61 (0) 4 1737 7431
E: kkouryialas@martincurrie.com
Ross Kent
Investment Client Portfolio Manager
T: +61 (0)3 9017 8629
M: +61 (0)455 253 384
E: rkent@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.
Kimon Kouryialas
Co-Head of Global Distribution
T: +61 (0) 3 9017 8640
M: +61 (0) 4 1737 7431
E: kkouryialas@martincurrie.com
Ross Kent
Investment Client Portfolio Manager
T: +61 (0)3 9017 8629
M: +61 (0)455 253 384
E: rkent@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
Co-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
Co-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
Co-Head of Global Distribution
T: +44 (0) 131 479 4748
M: +44 (0) 758 414 7720
E: mbucher@martincurrie.com
Tim Baker
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
Related Insights
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Michael Slack
As Head of Research for MCA, Michael has oversight of the research function of the MCA investment team alongside his research coverage of materials and energy. Michael joined Martin Currie Australia in December 1993 after working for four years in both London and Melbourne with CS First Boston. Prior to this he worked as a mining engineer for MIM. His significant industry experience as an engineer in the mining sector enhances his understanding of key drivers of resource companies. Michael has a bachelor of engineering (mining) & economics from the University of Queensland, and is a CFA® charterholder.
- Date published
- 18 Feb 2020
- Tag
- Australia
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Reece Birtles
Reece has held the role of Chief Investment Officer (CIO) of Martin Currie Australia (MCA) since 2006 and is also the lead portfolio manager for MCA’s Value Equity, Equity Income and Diversified Income & Growth strategies. Reece joined Martin Currie Australia in January 1995 as a research analyst. In 2003 he moved to London as global equity portfolio manager and head of financials research, before being promoted to head of European equities. Reece returned to Australia in 2006 as Chief Investment Officer of the firm, launching the Australian Value Equity strategy. He spearheaded the launch of retirement income solutions in 2010. In his time as CIO the MCA team has been recognised for strong investment performance and developing unique client solutions that have resulted in strong product ratings, an expanded client base, and industry awards. Reece has a Bachelor of Business (Economics and Finance) and a Masters of Finance from RMIT University, and is a CFA® charterholder.
- Date published
- 18 Feb 2020
- Tag