Our Views

In the hundreds of company meetings and discussions we have each year, we highlight those companies that lead the way in sustainability. Additionally we will highlight relevant global trends, legislative changes or interesting articles we come across. This information is intended for wholesale and institutional investors only.

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Market Thoughts & Insights
Investment Reports

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Market Thoughts & Insights

Bravery and Having Courageous Conversations: Reflections of a new sustainability professional

September 16, 2020

Emma McCarthy recently joined Ethical Partners. Emma is a passionate final year law student and joins us as Sustainability and Advocacy Assistant. We are honoured to share with you her reflections on the recent UN Global Compact conference, and how it inspired her, as a new recruit to the global sustainability and human rights community, on her journey to fight for change.

Robyn Parkin
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Sustainability Research & Advocacy
Investment Updates

August 2020 Investment Report

September 15, 2020

During August 2020 the Fund returned 4.10% versus the S&P/ASX 300 Accumulation Index of 3.05%, outperforming by 1.05% (after fees). Overweight positions in Consumer Staples and Industrials added to performance while stocks in General Insurance and Building Products detracted from performance.

Nathan Parkin
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Investment Director
Market Thoughts & Insights

Australia's Great Stimulus Opportunity

September 2, 2020

It appears that the Australian economy will be asked to grow itself out of debt post COVID rather than experience an increase in taxes once the economy is more stable. So what are the long term projects that would change Australia for the better? It was quite timely indeed then that the Australian Energy Market Operator (AEMO) recently released its 2020 Integrated System Plan (ISP). It appears to us that AEMO has put down the framework for how Australia will operate with less coal fired electricity generation given we have an aging fleet which will be gradually de-commissioned over the next 20 years.The AEMO Plan is a whole of system blueprint for the evolution and change the electricity market will experience in the 20 years to 2040. It expects 63% of the current coal fired power stations to close by then based on company disclosures and end of life assumptions. Herein lies Australia's great stimulus opportunity.

Matt Nacard
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Chief Executive Officer
Investment Updates

July 2020 Investment Report

August 21, 2020

The last quarter has been the best of times for unprofitable but growing companies and the worst of times for value managers and others trying to buy equities with any margin of safety. Speculative activity in markets has been driven by excess central bank liquidity and real yields moving to -100bps, pushing risk assets higher, the valuations of technology companies up to levels not seen before and gold to all-time highs at around $2,000 USD per ounce.

Nathan Parkin
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Investment Director
Market Thoughts & Insights

2020 Engagement Report

August 17, 2020

The 2020 Ethical Partners Engagement Report provides a useful summary of all areas of company engagement the team has undertaken over 2019/20. It provides details of the successes, the key issues as we see them moving forward, our voting record, provides company ESG engagement examples and lists the 20+ major collaborations in which we have been involved. As always we welcome questions and feedback.

Robyn Parkin
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Sustainability Research & Advocacy
Market Thoughts & Insights

The investors' role in the fight for gender equality

August 14, 2020

Ethical Partners is excited to announce that Emma McCarthy has recently joined us as a Sustainability and Advocacy Assistant. Emma is a talented and passionate final year law and communications student, who is excited about all things related to sustainable finance, corporate social responsibility, advocacy and change, and we are very pleased to have her on board. To this end, we are pleased to share Emma and Robyn’s post below, about Ethical Partners recent engagements on Gender, our challenge to corporates, and the “why” we believe an ethical investor must be concerned about gender issues in their investments.

Robyn Parkin
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Sustainability Research & Advocacy
Market Thoughts & Insights

If the country is paying, companies must support the country

August 7, 2020

Has good company behaviour ever been more important? Our investment process looks closely at a company’s ethics and behaviour and how it treats people – employees, suppliers, customers and shareholders. Such behaviour and finding the right balance is even more important now during the current COVID-19 period. With the advent of Government support, the focus needs to change in our view. The ultimate source of funding for the Government is of course the tax payer. So the question is: How would the tax payer like its money spent?

Matt Nacard
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Chief Executive Officer
Market Thoughts & Insights

Leaders or Laggards? Tax and revenue transparency of ASX listed mining, gas and oil companies

July 27, 2020

COVID-19 demonstrates the importance of well-funded health care, social protection systems and the value of transparency in data and decision-making. Now more than ever, governments need revenues from taxation to fund essential public services for their citizens. Tax avoidance, offshore secrecy, and tax breaks to attract investment all divert potential revenues. The OECD has identified the extractive industries as the world’s most corrupt economic sector. The starting point for tackling corruption, poor governance and tax non-compliance in the extractives sector is transparency. Click through to full report.

Robyn Parkin
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Sustainability Research & Advocacy
Market Thoughts & Insights

Ethical Partners urges action on Modern Slavery from the NSW Government

July 21, 2020

Ethical Partners was one of the 117 organisations, representatives organisations, academics, lawyers, community and faith leaders which wrote to the NSW Premier to urge NSW Government to expedite the passage of this Act so that it can be brought into force on 1 January 2021, as recommended by the Inquiry Report submitted by the Standing Committee on Social Issues on 25 March 2020. Thank you to Be Slavery Free for co-ordinating.

Robyn Parkin
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Sustainability Research & Advocacy
Investment Updates

June 2020 Investment Report

July 16, 2020

Financial year 2020 marked a difficult period of performance for the Fund during the following three phases of the market: 1) Firstly the Fund underperformed through 2019 which turned out to be the last year in a decade long bull market for stocks. 2) Q120 saw markets correct in an aggressive sell off ignited by COVID-19. The Fund outperformed the weak market due to large holdings in companies with sound fundamentals and conservative valuations, until the market bottomed on 23 March. 3) Q220 saw a forceful market rally based on central bank intervention and liquidity being injected into the financial system by governments. Highly indebted companies and stocks with no earnings have done better than other stocks during this rally.

Nathan Parkin
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Investment Director
Investment Updates

2020 Voting Record

June 30, 2020

At Ethical Partners we take our voting responsibilities seriously and assess each Resolution carefully. We voted in favour of 100% of human rights and climate-related Resolutions. Please see attached.

Matt Nacard
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Chief Executive Officer
Investment Updates

Portfolio holdings and rationale

June 29, 2020

We take a look at the Ethical Partners Australian Share Fund's holdings, current engagement points, key investment risks and key relevant UN Sustainability Goals.

Matt Nacard
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Chief Executive Officer
Investment Updates

May 2020 Investment Report

June 15, 2020

During May 2020 the Ethical Partners Australian Share Fund returned 5.47% versus the S&P/ASX 300 Accumulation Index of 4.58%, outperforming the market by 0.89% (after fees). The portfolio outperformed during the month despite being conservatively positioned and we continue to reduce exposure to cyclicals amidst the market rally. The current economic environment is distorted. The Government stimulus has been so effective that in Australia’s first recession in 29 years the Australian Financial Review reported in May, that more than half of all insolvency firms have, or are planning to register for JobKeeper given the lack of incoming work.

Nathan Parkin
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Investment Director
Market Thoughts & Insights

Ethical Partners calls for change post recent Rio Tinto incident

June 12, 2020

It is sadly now well documented that on the 24th May 2020,Rio Tinto blasted rock caves known as the Juukan Gorge rock shelters in the Pilbara region of Western Australia to allow for the expansion and development of its Brockman 4 asset. We call on Rio Tinto and the mining sector for increased disclosure via the publishing (by every ASX listed company) of a register of sites and places of Aboriginal and Torres Strait Islander heritage that will be impacted by intended works and development. These will be in the form of Section 18 notices in Western Australia, Section 90 of the National Parks and Wildlife Act 1974 (NSW) and other relevant legislation for each State and Territory of Australia. We feel this may allow all stakeholders to be better educated on what current approvals exist and to assist in fostering a broader discussion on their applicability.

Andrew Wilson
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Senior Analyst / Dealer
Investment Updates

April 2020 Investment Report

May 14, 2020

As FY19 fades further into the rear vision mirror there is no doubt investors will be nostalgic for peak cycle conditions including the company profitability, eps growth, dividends and the balance sheet positions that were appropriate last year. Growth was low, but not too low, and money (rates) was almost free. We believe the rally in Australian stocks (+22%) from the March lows partly reflects this nostalgia and the belief that this economy can get back to somewhere near where we were before the pandemic hit.

Nathan Parkin
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Investment Director
Investment Updates

March 2020 Investment Report

April 17, 2020

During March 2020 the Ethical Partners Australian Share Fund returned -21.06% versus the S&P/ASX 300 Accumulation Index of -20.83%, underperforming the market by -0.23% (after fees) in one of the most volatile months in the last 30 years.

Nathan Parkin
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Investment Director

Ethical Partners' engagement and advocacy through the COVID-19 Crisis

April 7, 2020

We hope you are staying well and adjusting as well as possible to the challenges of this COVID-19 crisis. We just wanted to let you know that, whilst the markets have been in turmoil, ESG remains as important a focus at Ethical Partners as always, and we strongly believe that there is a very important role for Responsible Investors to play in this crisis. The landscape of ESG is rapidly changing within this crisis, with new issues evolving, and old issues being amplified, and we are doing our best to learn how we can continue to advocate and engage on these issues in such a volatile and difficult market space.

Robyn Parkin
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Sustainability Research & Advocacy
Investment Updates

February 2020 Investment Report

March 17, 2020

During February 2020 the Ethical Partners Australian Share Fund returned -6.89% versus the S&P/ASX 300 Accumulation Index of -7.76%, outperforming the market by 0.88% (after fees). Over the last quarter the Fund benefited from underweight positions in Property and Materials. Key detractors over the last quarter included an overweight position in both Financials and Consumer Discretionary an underweight position in Healthcare.

Nathan Parkin
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Investment Director
Investment Updates

January 2020 Investment report

February 27, 2020

In January 2020 Australian market increased 4.9%, in the second best market performance out of 48 developed and emerging equity markets around the world. This was largely due to large Australian growth and defensive stocks finding support in the face of new economic uncertainty.

Nathan Parkin
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Investment Director
Investment Updates

December 2019 Investment Report

January 21, 2020

During December 2019 the Ethical Partners Australian Share Fund returned -1.90% versus the S&P/ASX 300 Accumulation Index of -2.03%, slightly outperforming the market by 0.12% (after fees).

Nathan Parkin
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Investment Director
Market Thoughts & Insights

Ethical Partners Investment Climate Change Policy

January 7, 2020

At EPFM, we have undertaken several measures to ensure our investments are positioned for Climate Change. We consider Climate Change in all investments. ‍Engagement is undertaken by each analyst, supported by our Sustainability and Advocacy Manger, the Investment Director and the CEO.

Robyn Parkin
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Sustainability Research & Advocacy
Investment Updates

November 2019 Investment Report

December 18, 2019

During November 2019 the Ethical Partners Australian Share Fund returned 3.65% versus the S&P/ASX 300 Accumulation Index of 3.18%, outperforming the market by 0.47%(after fees)

Nathan Parkin
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Investment Director
Market Thoughts & Insights

Saving Water

December 11, 2019

Tuesday 10th December 2019 marks the date when Australia’s most populous city faces a further increase in Water Restrictions (Level 2), the harshest water use rules facing the population in over a decade. Sydney’s dam levels have dropped to 45% and the NSW Water Minister was quoted as saying this week the restrictions were brought forward “because the size and scale of the drop of water into Sydney was unlike anything we’ve ever seen before”. It is in this vein that we wanted to highlight GWA Group (GWA.ASX), being one company the Ethical Partners Investment team feels is well placed to help the consumer grapple with the decreasing supply of and the likely increasing cost of water.

Andrew Wilson
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Senior Analyst / Dealer
Investment Updates

October 2019 Investment Report

November 7, 2019

During October 2019 the Ethical Partners Australian Share Fund returned -3.52% versus the S&P/ASX 300 Accumulation Index of -0.38%, underperforming the market by-3.14% (after fees).

Nathan Parkin
-
Investment Director
Market Thoughts & Insights

Our submission to the Inquiry into the Modern Slavery Act 2018

October 29, 2019

Ethical Partners welcomed the opportunity to make a submission to the Inquiry into the Modern Slavery Act 2018. We believe the NSW Modern Slavery Act is the strongest and most holistic in the world, and we urge the NSW Government to implement it as a matter of urgency. We applaud NSW for being a global leader in this space and believe it should retain this position. We understand we were one of the only financial services firms in NSW to make a submission (see attached for our full submission).

Robyn Parkin
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Sustainability Research & Advocacy
Market Thoughts & Insights

Aged care and ethical investing

October 22, 2019

At Ethical Partners, it is our opinion that currently the ethical risks of investing in the listed aged care sector are too significant. Our position is based on the lack of achievement of minimum standards of care across the industry generally and the corresponding impact this has on human rights. We have not owned aged care stocks since the inception of the Ethical Partners Australian Share Fund due to both ethical and valuation-related risks. We would need to see considerable change in the business model, transparency and disclosure, staffing, training, monitoring and codes of conduct in order to consider investment in the future.

Robyn Parkin
-
Sustainability Research & Advocacy
Investment Updates

September 2019 Investment Report

October 14, 2019

Ethical Partners Australian Share Fund - As at 30 September, 2019. Unit price, Investor Class $1.0453, APIR code EPF9951AU. During September 2019 the Ethical Partners Australian Share Fund returned -2.73% versus the S&P/ASX 300 Accumulation Index of 1.91%, out performing the market by 0.82% (after fees). Over the last quarter the Fund benefitted from overweight positions in the Industrials and Consumer Discretionary sectors and an underweight position in Materials and Property also benefited relative performance. Key detractors for the last quarter included stocks in the Financials and Consumer Staples industry groups.

Nathan Parkin
-
Investment Director
Market Thoughts & Insights

Woolworths: Taking better care of the fresh food people

October 14, 2019

Addendum: - On Wednesday 30th October, subsequent to Ethical Partners publishing this article on our view on Woolworth’s sustainability reporting, we became aware of the serious under-payments issue that Woolworths recently uncovered. Woolworths management team has initiated a full review of the factors that drove this issue as well as a company-wide review to ensure that this issue is not larger than the initial evidence suggests, guiding to a potential cost of $200-$300m allocated mostly to repaying previously under-paid wages. We expect further details at the February 2020 result release.

Andrew Wilson
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Senior Analyst / Dealer
Investment Updates

August 2019 Investment Report

September 20, 2019

Ethical Partners Australian Share Fund - As at 31 August, 2019. Unit price, Investor Class $1.0175, APIR code EPF9951AU. During August 2019 the Ethical Partners Australian Share Fund returned -2.27% versus the S&P/ASX 300 Accumulation Index of -2.27%, performing in line with the market (after fees). Over the last quarter the Fund benefitted from overweight positions in the Industrials and Telecommunications sectors and an underweight position in Energy benefited relative performance. Key detractors for the last quarter included stocks in the Financial and Food and Beverage industry groups.

Nathan Parkin
-
Investment Director
Investment Updates

2019 Ethical Standards Report

August 6, 2019

The team at Ethical Partners has produced a major report to discuss overall Australian company ethical standards and reporting. The 26 page report gives good insight into company standards – particularly in the less researched small and mid-cap space. Our team has applied our investment process across more than 200 companies, which has involved assessing almost 3,000 individual data points and undertaking over 350 company meetings in the past year.

Robyn Parkin
-
Sustainability Research & Advocacy
Investment Updates

June 2019 Investment Report

July 22, 2019

Ethical Partners Australian Share Fund - As at 30 June, 2019. Unit price, Investor Class $1.0249, APIR code EPF9951AU. During June 2019 the Ethical Partners Australian Share Fund returned 0.73% versus the S&P/ASX 300 Accumulation Index of 3.64%, underperforming the market by -2.91% (after fees). During the month the Fund benefitted from overweight positions in NIB Holdings, Helloworld Travel, Sims Metal and Commonwealth Bank and underweight positions in Wesfarmers, South 32 (not held), Challenger (not held) and A2 Milk (not held) benefitted the relative performance of the Fund. Key detractors for the month included Link Group, Nick Scali, BHP Limited (not held) and Inghams.

Nathan Parkin
-
Investment Director
Market Thoughts & Insights

LME’s commitment to Responsible Sourcing shows the link between business risk and ethical considerations

July 2, 2019

We were very encouraged to see that the London Metals Exchange (LME) had recently committed to introducing responsible sourcing requirements for its brands. This is quite ground breaking for an Exchange and as such we caught up with the LME while in London recently to understand more about this new initiative.

Matt Nacard
-
Chief Executive Officer
Investment Updates

May 2019 Investment Report

June 20, 2019

Ethical Partners Australian Share Fund - As at 31 May, 2019. Unit price, Investor Class $1.0175, APIR code EPF9951AU. During May 2019 the Ethical Partners Australian Share Fund returned 1.45% versus the S&P/ASX 300 Accumulation Index of 1.75%, underperforming the market by -0.30% (after fees). During the month the Fund benefitted from overweight positions in NIB Holdings, CSR Limited and Medibank and holding no position in Macquarie Group benefitted the relative performance of the Fund. Key detractors for the month included Link Group, Graincorp and Clydesdale Bank.

Nathan Parkin
-
Investment Director
Market Thoughts & Insights

TRANSPARENCY, UNDERSTANDING, ENGAGEMENT, INFLUENCE

May 20, 2019

Ethical Partners investment approach incorporates a formal sustainability assessment on a company by company basis (we call it the EPORA – The Ethical Partners Operational Risk Assessment).

Nathan Parkin
-
Investment Director
Investment Updates

April 2019 Investment Report

May 20, 2019

Ethical Partners Australian Share Fund - As at 1 May, 2019. Unit price, Investor Class $1.0144, APIR code EPF9951AU. During April 2019 the Ethical Partners Australian Share Fund returned 3.38% versus the S&P/ASX 300 Accumulation Index of 2.46%, an outperformance of 0.92% (after fees). Over the last quarter the Fund has returned 9.44% (after fees) versus the S&P/ASX 300 Accumulation Index of 9.41% performing broadly in line with a strongly rallying market. Since inception on 9 August 2018 the Fund has returned 1.29% versus the S&P/ASX 300 Accumulation Index of 4.51%, an underperformance of -3.22% (after fees).

Nathan Parkin
-
Investment Director
Market Thoughts & Insights

Market leading sector collaboration

April 16, 2019

The real estate sector is market leading when it comes to sustainability. All the major real estate players produce thorough and detailed sustainability reports. This compares to the Top 200 listed companies in Australia, of which just 57% produce an adequate sustainability report. Further significant steps for the sector to take are in the areas of human rights and supply chain. Ethical Partners is seeing significant progress at both an industry and individual company level. It is in the areas of human rights and supply chain where significant opportunities exist for the sector.

Matt Nacard
-
Chief Executive Officer
Investment Updates

March 2019 Investment Report

April 16, 2019

Ethical Partners Australian Share Fund - As at 31 March, 2019. Unit price, Investor Class $0.9702, APIR code EPF9951AU. During March 2019 the Ethical Partners Australian Share Fund returned -1.34% versus the S&P/ASX 300 Accumulation Index of 0.73%, an underperformance of -2.07% (after fees). Since inception on 9 August 2018 the Fund has returned -2.03% versus the S&P/ASX 300 Accumulation Index of 2.00%, an underperformance of -4.03% (after fees).

Nathan Parkin
-
Investment Director
Investment Updates

February 2019 Investment Report

March 19, 2019

Ethical Partners Australian Share Fund - As at 28 February, 2019. Unit price, Investor Class $0.9834, APIR code EPF9951AU. During February 2019 the Ethical Partners Australian Share Fund returned 7.30% versus the S&P/ASX 300 Accumulation Index of 6.01%, an outperformance of 1.29% (after fees). Since inception on 9 August 2018 the Fund has returned -0.69% versus the S&P/ASX 300 Accumulation Index of 1.26%, an underperformance of -1.95% (after fees)

Nathan Parkin
-
Investment Director
Investment Updates

January 2019 Investment Report

February 22, 2019

Ethical Partners Australian Share Fund - As at 31 Jan, 2019. Unit price, Investor Class $0.9165, APIR code EPF9951AU. During January the Ethical Partners Australian Share Fund returned 1.46% versus the S&P/ASX 300 Accumulation Index of 3.87%, an underperformance of -2.41% (after fees). Since inception on 9 August 2018 the Fund has returned -7.45% versus the S&P/ASX 300 Accumulation Index of -4.48%, an underperformance of -2.97% (after fees).

Nathan Parkin
-
Investment Director
Investment Updates

December 2018 Investment Report

January 18, 2019

Ethical Partners Australian Share Fund - As at 31 Dec, 2018. Unit price, Investor Class (cum) $0.9089, APIR code EPF9951AU. During December the Ethical Partners Australian Share Fund returned -2.47% versus the S&P/ASX 300 Accumulation Index of -0.23%, an underperformance of -2.24% (after fees). Since inception on 9 August 2018 the Fund has returned -8.78% versus the S&P/ASX 300 Accumulation Index of -8.04%, an underperformance of -0.74% (after fees).

Nathan Parkin
-
Investment Director
Investment Updates

November 2018 Investment Report

December 17, 2018

Ethical Partners Australian Share Fund - As at 30 Nov, 2018. Unit price, Investor Class $0.9319, APIR code EPF9951AU. During November the Ethical Partners Australian Share Fund returned -2.82% versus the S&P/ASX 300 Accumulation Index of -2.18%, an underperformance of -0.64% (after fees). Since inception on 9 August 2018 the Fund has returned -6.47% versus the S&P/ASX 300 Accumulation Index of -7.83%, an outperformance of 1.36% (after fees).

Nathan Parkin
-
Investment Director
Market Thoughts & Insights

Buy Now, but Who Pays Later?

November 30, 2018

We are currently assessing the role of Buy Now Pay Later (BNPL) operators in the economy and how that may affect our portfolio (we don’t own any BNPL operators but own several retailers). The significant role they are now playing as a medium for which retailers are interacting with a growing consumer base cannot be ignored.

Andrew Wilson
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Senior Analyst / Dealer
Investment Updates

October 2018 Investment Report

November 14, 2018

Ethical Partners Australian Share Fund Investor Class: Unit price 31 October $0.9589. During October the Ethical Partners Australian Share Fund returned -5.84% versus the S&P/ASX 300 Accumulation Index of -6.16%, an out performance of 0.32% (after fees). This was one of the worst monthly Australian equity market performances over the last twenty years with around two thirds of stocks in the ASX300, by number,under performing the benchmark.

Nathan Parkin
-
Investment Director
Investment Updates

September 2018 Investment Report

October 18, 2018

Ethical Partners Australian Share Fund Investor Class: Unit price 30 Sept $1.0184. During September the Ethical Partners Australian Share Fund returned -1.7% versus the S&P/ASX 300 Accumulation Index of -1.2%, an underperformance of -0.5% (after fees). Since inception on 9 August 2018 the Fund has returned 2.2%versus the S&P/ASX 300 Accumulation Index of 0.4%, an outperformance of 1.8%(after fees).

Nathan Parkin
-
Investment Director
Investment Updates

August 2018 Investment Report

September 21, 2018

Ethical Partners Australian Share Fund Investor Class: Unit price 31 August $1.0356. Welcome to the inaugural Ethical Partners investment report. The Ethical Partners Australian Share Fund opened in August after we had completed our due diligence on potential company holdings. We made the initial investment with our own capital. Since inception on 9 August 2018 the Fund has returned 3.9% versus the S&P/ASX 300 Accumulation Index of 1.6%, an outperformance of 2.3% (after fees). APIR Code EPF9951AU

Nathan Parkin
-
Investment Director
Market Thoughts & Insights

Signing up to the Accord

August 13, 2018

The $19bn garment industry in Bangladesh is unfortunately well known for the appalling conditions for its workers. The Rana Plaza Factory which collapsed in 2013, taking with it the lives of more than 1,100 garment workers was unfortunately only one of many disasters that have occurred.

Robyn Parkin
-
Sustainability Research & Advocacy
Market Thoughts & Insights

Macquarie’s commitment to clean energy

August 12, 2018

Over the year to 31 March 2018 Macquarie (ASX:MQG) invested in and arranged over A$9.5 billion in renewable energy, energy efficiency and clean technology, with over 12,546MW of diversified renewable energy assets in operation or under its management.

Matt Nacard
-
Chief Executive Officer
Market Thoughts & Insights

Vicinity Centres leads the way with solar power

August 10, 2018

Vicinity Centres (ASX:VCX) is in the process of becoming the largest investor in solar power of any shopping centre group in Australia.

Matt Nacard
-
Chief Executive Officer
Market Thoughts & Insights

Our Process: Why we won’t invest in the most corrupt countries

August 9, 2018

In the Ethical Partners Operational Risk Assessment which is used for the Ethical Partners Australian Share Fund, we exclude companies that have significant operations in countries that are in the bottom third of the Transparency International Corruption Perceptions Index (TICPI).

Nathan Parkin
-
Investment Director
Market Thoughts & Insights

Only four out of ten companies even mention supply chain or human rights in their reporting

August 8, 2018

Earlier this year Ethical Partners Investment Director Nathan Parkin spoke at the Elevate Modern Slavery Conference, which included industry, government, NGO and academic speakers and delegates. Nathan spoke on the importance of the investor voice in addressing the Modern Slavery Issue and about the research Ethical Partners has conducted into the supply chain and human rights disclosures of the top 220 companies listed on the ASX.

Robyn Parkin
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Sustainability Research & Advocacy
Market Thoughts & Insights

Lend Lease continues focus on sustainability

August 7, 2018

Lend Lease (ASX:LLC) continues to be one of the more responsible and sustainable property developers and construction managers in Australia. It has set 20% reduction targets (by 2020 from a FY14 base line) for water, waste and energy reduction.

Matt Nacard
-
Chief Executive Officer
Market Thoughts & Insights

Modern Slavery Bill passed in NSW; introduced into Federal Parliament

August 6, 2018

On 21st June this year, Ethical Partners was present in the Upper House of the NSW Parliament to watch the passage of the Modern Slavery Bill, Australia’s first legislation on Modern Slavery.

Robyn Parkin
-
Sustainability Research & Advocacy
Market Thoughts & Insights

Sustainable employment and training in Cambodia

August 5, 2018

Ethical Partners had the immense pleasure of meeting with James Bartle, the CEO and founder of Outland Denim earlier this year. Outland Denim is a amazing company that not only makes premium jeans but also provides sustainable employment and training opportunities to women in Cambodia, pays a living wage, and is committed to sourcing the most ethically and environmentally sound raw materials from the pocket linings to the zippers, dyes, leather patches and recycled packaging.

Robyn Parkin
-
Sustainability Research & Advocacy

Market Thoughts & Insights

Market Thoughts & Insights

Bravery and Having Courageous Conversations: Reflections of a new sustainability professional

September 16, 2020

Emma McCarthy recently joined Ethical Partners. Emma is a passionate final year law student and joins us as Sustainability and Advocacy Assistant. We are honoured to share with you her reflections on the recent UN Global Compact conference, and how it inspired her, as a new recruit to the global sustainability and human rights community, on her journey to fight for change.

Market Thoughts & Insights

Australia's Great Stimulus Opportunity

September 2, 2020

It appears that the Australian economy will be asked to grow itself out of debt post COVID rather than experience an increase in taxes once the economy is more stable. So what are the long term projects that would change Australia for the better? It was quite timely indeed then that the Australian Energy Market Operator (AEMO) recently released its 2020 Integrated System Plan (ISP). It appears to us that AEMO has put down the framework for how Australia will operate with less coal fired electricity generation given we have an aging fleet which will be gradually de-commissioned over the next 20 years.The AEMO Plan is a whole of system blueprint for the evolution and change the electricity market will experience in the 20 years to 2040. It expects 63% of the current coal fired power stations to close by then based on company disclosures and end of life assumptions. Herein lies Australia's great stimulus opportunity.

Market Thoughts & Insights

2020 Engagement Report

August 17, 2020

The 2020 Ethical Partners Engagement Report provides a useful summary of all areas of company engagement the team has undertaken over 2019/20. It provides details of the successes, the key issues as we see them moving forward, our voting record, provides company ESG engagement examples and lists the 20+ major collaborations in which we have been involved. As always we welcome questions and feedback.

Market Thoughts & Insights

The investors' role in the fight for gender equality

August 14, 2020

Ethical Partners is excited to announce that Emma McCarthy has recently joined us as a Sustainability and Advocacy Assistant. Emma is a talented and passionate final year law and communications student, who is excited about all things related to sustainable finance, corporate social responsibility, advocacy and change, and we are very pleased to have her on board. To this end, we are pleased to share Emma and Robyn’s post below, about Ethical Partners recent engagements on Gender, our challenge to corporates, and the “why” we believe an ethical investor must be concerned about gender issues in their investments.

Market Thoughts & Insights

If the country is paying, companies must support the country

August 7, 2020

Has good company behaviour ever been more important? Our investment process looks closely at a company’s ethics and behaviour and how it treats people – employees, suppliers, customers and shareholders. Such behaviour and finding the right balance is even more important now during the current COVID-19 period. With the advent of Government support, the focus needs to change in our view. The ultimate source of funding for the Government is of course the tax payer. So the question is: How would the tax payer like its money spent?

Market Thoughts & Insights

Leaders or Laggards? Tax and revenue transparency of ASX listed mining, gas and oil companies

July 27, 2020

COVID-19 demonstrates the importance of well-funded health care, social protection systems and the value of transparency in data and decision-making. Now more than ever, governments need revenues from taxation to fund essential public services for their citizens. Tax avoidance, offshore secrecy, and tax breaks to attract investment all divert potential revenues. The OECD has identified the extractive industries as the world’s most corrupt economic sector. The starting point for tackling corruption, poor governance and tax non-compliance in the extractives sector is transparency. Click through to full report.

Market Thoughts & Insights

Ethical Partners urges action on Modern Slavery from the NSW Government

July 21, 2020

Ethical Partners was one of the 117 organisations, representatives organisations, academics, lawyers, community and faith leaders which wrote to the NSW Premier to urge NSW Government to expedite the passage of this Act so that it can be brought into force on 1 January 2021, as recommended by the Inquiry Report submitted by the Standing Committee on Social Issues on 25 March 2020. Thank you to Be Slavery Free for co-ordinating.

Market Thoughts & Insights

Ethical Partners calls for change post recent Rio Tinto incident

June 12, 2020

It is sadly now well documented that on the 24th May 2020,Rio Tinto blasted rock caves known as the Juukan Gorge rock shelters in the Pilbara region of Western Australia to allow for the expansion and development of its Brockman 4 asset. We call on Rio Tinto and the mining sector for increased disclosure via the publishing (by every ASX listed company) of a register of sites and places of Aboriginal and Torres Strait Islander heritage that will be impacted by intended works and development. These will be in the form of Section 18 notices in Western Australia, Section 90 of the National Parks and Wildlife Act 1974 (NSW) and other relevant legislation for each State and Territory of Australia. We feel this may allow all stakeholders to be better educated on what current approvals exist and to assist in fostering a broader discussion on their applicability.

Market Thoughts & Insights

Ethical Partners Investment Climate Change Policy

January 7, 2020

At EPFM, we have undertaken several measures to ensure our investments are positioned for Climate Change. We consider Climate Change in all investments. ‍Engagement is undertaken by each analyst, supported by our Sustainability and Advocacy Manger, the Investment Director and the CEO.

Market Thoughts & Insights

Saving Water

December 11, 2019

Tuesday 10th December 2019 marks the date when Australia’s most populous city faces a further increase in Water Restrictions (Level 2), the harshest water use rules facing the population in over a decade. Sydney’s dam levels have dropped to 45% and the NSW Water Minister was quoted as saying this week the restrictions were brought forward “because the size and scale of the drop of water into Sydney was unlike anything we’ve ever seen before”. It is in this vein that we wanted to highlight GWA Group (GWA.ASX), being one company the Ethical Partners Investment team feels is well placed to help the consumer grapple with the decreasing supply of and the likely increasing cost of water.

Market Thoughts & Insights

Our submission to the Inquiry into the Modern Slavery Act 2018

October 29, 2019

Ethical Partners welcomed the opportunity to make a submission to the Inquiry into the Modern Slavery Act 2018. We believe the NSW Modern Slavery Act is the strongest and most holistic in the world, and we urge the NSW Government to implement it as a matter of urgency. We applaud NSW for being a global leader in this space and believe it should retain this position. We understand we were one of the only financial services firms in NSW to make a submission (see attached for our full submission).

Market Thoughts & Insights

Aged care and ethical investing

October 22, 2019

At Ethical Partners, it is our opinion that currently the ethical risks of investing in the listed aged care sector are too significant. Our position is based on the lack of achievement of minimum standards of care across the industry generally and the corresponding impact this has on human rights. We have not owned aged care stocks since the inception of the Ethical Partners Australian Share Fund due to both ethical and valuation-related risks. We would need to see considerable change in the business model, transparency and disclosure, staffing, training, monitoring and codes of conduct in order to consider investment in the future.

Market Thoughts & Insights

Woolworths: Taking better care of the fresh food people

October 14, 2019

Addendum: - On Wednesday 30th October, subsequent to Ethical Partners publishing this article on our view on Woolworth’s sustainability reporting, we became aware of the serious under-payments issue that Woolworths recently uncovered. Woolworths management team has initiated a full review of the factors that drove this issue as well as a company-wide review to ensure that this issue is not larger than the initial evidence suggests, guiding to a potential cost of $200-$300m allocated mostly to repaying previously under-paid wages. We expect further details at the February 2020 result release.

Market Thoughts & Insights

LME’s commitment to Responsible Sourcing shows the link between business risk and ethical considerations

July 2, 2019

We were very encouraged to see that the London Metals Exchange (LME) had recently committed to introducing responsible sourcing requirements for its brands. This is quite ground breaking for an Exchange and as such we caught up with the LME while in London recently to understand more about this new initiative.

Market Thoughts & Insights

TRANSPARENCY, UNDERSTANDING, ENGAGEMENT, INFLUENCE

May 20, 2019

Ethical Partners investment approach incorporates a formal sustainability assessment on a company by company basis (we call it the EPORA – The Ethical Partners Operational Risk Assessment).

Market Thoughts & Insights

Market leading sector collaboration

April 16, 2019

The real estate sector is market leading when it comes to sustainability. All the major real estate players produce thorough and detailed sustainability reports. This compares to the Top 200 listed companies in Australia, of which just 57% produce an adequate sustainability report. Further significant steps for the sector to take are in the areas of human rights and supply chain. Ethical Partners is seeing significant progress at both an industry and individual company level. It is in the areas of human rights and supply chain where significant opportunities exist for the sector.

Market Thoughts & Insights

Buy Now, but Who Pays Later?

November 30, 2018

We are currently assessing the role of Buy Now Pay Later (BNPL) operators in the economy and how that may affect our portfolio (we don’t own any BNPL operators but own several retailers). The significant role they are now playing as a medium for which retailers are interacting with a growing consumer base cannot be ignored.

Market Thoughts & Insights

Signing up to the Accord

August 13, 2018

The $19bn garment industry in Bangladesh is unfortunately well known for the appalling conditions for its workers. The Rana Plaza Factory which collapsed in 2013, taking with it the lives of more than 1,100 garment workers was unfortunately only one of many disasters that have occurred.

Market Thoughts & Insights

Macquarie’s commitment to clean energy

August 12, 2018

Over the year to 31 March 2018 Macquarie (ASX:MQG) invested in and arranged over A$9.5 billion in renewable energy, energy efficiency and clean technology, with over 12,546MW of diversified renewable energy assets in operation or under its management.

Market Thoughts & Insights

Vicinity Centres leads the way with solar power

August 10, 2018

Vicinity Centres (ASX:VCX) is in the process of becoming the largest investor in solar power of any shopping centre group in Australia.

Market Thoughts & Insights

Our Process: Why we won’t invest in the most corrupt countries

August 9, 2018

In the Ethical Partners Operational Risk Assessment which is used for the Ethical Partners Australian Share Fund, we exclude companies that have significant operations in countries that are in the bottom third of the Transparency International Corruption Perceptions Index (TICPI).

Market Thoughts & Insights

Only four out of ten companies even mention supply chain or human rights in their reporting

August 8, 2018

Earlier this year Ethical Partners Investment Director Nathan Parkin spoke at the Elevate Modern Slavery Conference, which included industry, government, NGO and academic speakers and delegates. Nathan spoke on the importance of the investor voice in addressing the Modern Slavery Issue and about the research Ethical Partners has conducted into the supply chain and human rights disclosures of the top 220 companies listed on the ASX.

Market Thoughts & Insights

Lend Lease continues focus on sustainability

August 7, 2018

Lend Lease (ASX:LLC) continues to be one of the more responsible and sustainable property developers and construction managers in Australia. It has set 20% reduction targets (by 2020 from a FY14 base line) for water, waste and energy reduction.

Market Thoughts & Insights

Modern Slavery Bill passed in NSW; introduced into Federal Parliament

August 6, 2018

On 21st June this year, Ethical Partners was present in the Upper House of the NSW Parliament to watch the passage of the Modern Slavery Bill, Australia’s first legislation on Modern Slavery.

Market Thoughts & Insights

Sustainable employment and training in Cambodia

August 5, 2018

Ethical Partners had the immense pleasure of meeting with James Bartle, the CEO and founder of Outland Denim earlier this year. Outland Denim is a amazing company that not only makes premium jeans but also provides sustainable employment and training opportunities to women in Cambodia, pays a living wage, and is committed to sourcing the most ethically and environmentally sound raw materials from the pocket linings to the zippers, dyes, leather patches and recycled packaging.

Investment Updates

Investment Updates

August 2020 Investment Report

September 15, 2020

During August 2020 the Fund returned 4.10% versus the S&P/ASX 300 Accumulation Index of 3.05%, outperforming by 1.05% (after fees). Overweight positions in Consumer Staples and Industrials added to performance while stocks in General Insurance and Building Products detracted from performance.

Investment Updates

July 2020 Investment Report

August 21, 2020

The last quarter has been the best of times for unprofitable but growing companies and the worst of times for value managers and others trying to buy equities with any margin of safety. Speculative activity in markets has been driven by excess central bank liquidity and real yields moving to -100bps, pushing risk assets higher, the valuations of technology companies up to levels not seen before and gold to all-time highs at around $2,000 USD per ounce.

Investment Updates

June 2020 Investment Report

July 16, 2020

Financial year 2020 marked a difficult period of performance for the Fund during the following three phases of the market: 1) Firstly the Fund underperformed through 2019 which turned out to be the last year in a decade long bull market for stocks. 2) Q120 saw markets correct in an aggressive sell off ignited by COVID-19. The Fund outperformed the weak market due to large holdings in companies with sound fundamentals and conservative valuations, until the market bottomed on 23 March. 3) Q220 saw a forceful market rally based on central bank intervention and liquidity being injected into the financial system by governments. Highly indebted companies and stocks with no earnings have done better than other stocks during this rally.

Investment Updates

2020 Voting Record

June 30, 2020

At Ethical Partners we take our voting responsibilities seriously and assess each Resolution carefully. We voted in favour of 100% of human rights and climate-related Resolutions. Please see attached.

Investment Updates

Portfolio holdings and rationale

June 29, 2020

We take a look at the Ethical Partners Australian Share Fund's holdings, current engagement points, key investment risks and key relevant UN Sustainability Goals.

Investment Updates

May 2020 Investment Report

June 15, 2020

During May 2020 the Ethical Partners Australian Share Fund returned 5.47% versus the S&P/ASX 300 Accumulation Index of 4.58%, outperforming the market by 0.89% (after fees). The portfolio outperformed during the month despite being conservatively positioned and we continue to reduce exposure to cyclicals amidst the market rally. The current economic environment is distorted. The Government stimulus has been so effective that in Australia’s first recession in 29 years the Australian Financial Review reported in May, that more than half of all insolvency firms have, or are planning to register for JobKeeper given the lack of incoming work.

Investment Updates

April 2020 Investment Report

May 14, 2020

As FY19 fades further into the rear vision mirror there is no doubt investors will be nostalgic for peak cycle conditions including the company profitability, eps growth, dividends and the balance sheet positions that were appropriate last year. Growth was low, but not too low, and money (rates) was almost free. We believe the rally in Australian stocks (+22%) from the March lows partly reflects this nostalgia and the belief that this economy can get back to somewhere near where we were before the pandemic hit.

Investment Updates

March 2020 Investment Report

April 17, 2020

During March 2020 the Ethical Partners Australian Share Fund returned -21.06% versus the S&P/ASX 300 Accumulation Index of -20.83%, underperforming the market by -0.23% (after fees) in one of the most volatile months in the last 30 years.

Investment Updates

February 2020 Investment Report

March 17, 2020

During February 2020 the Ethical Partners Australian Share Fund returned -6.89% versus the S&P/ASX 300 Accumulation Index of -7.76%, outperforming the market by 0.88% (after fees). Over the last quarter the Fund benefited from underweight positions in Property and Materials. Key detractors over the last quarter included an overweight position in both Financials and Consumer Discretionary an underweight position in Healthcare.

Investment Updates

January 2020 Investment report

February 27, 2020

In January 2020 Australian market increased 4.9%, in the second best market performance out of 48 developed and emerging equity markets around the world. This was largely due to large Australian growth and defensive stocks finding support in the face of new economic uncertainty.

Investment Updates

December 2019 Investment Report

January 21, 2020

During December 2019 the Ethical Partners Australian Share Fund returned -1.90% versus the S&P/ASX 300 Accumulation Index of -2.03%, slightly outperforming the market by 0.12% (after fees).

Investment Updates

November 2019 Investment Report

December 18, 2019

During November 2019 the Ethical Partners Australian Share Fund returned 3.65% versus the S&P/ASX 300 Accumulation Index of 3.18%, outperforming the market by 0.47%(after fees)

Investment Updates

October 2019 Investment Report

November 7, 2019

During October 2019 the Ethical Partners Australian Share Fund returned -3.52% versus the S&P/ASX 300 Accumulation Index of -0.38%, underperforming the market by-3.14% (after fees).

Investment Updates

September 2019 Investment Report

October 14, 2019

Ethical Partners Australian Share Fund - As at 30 September, 2019. Unit price, Investor Class $1.0453, APIR code EPF9951AU. During September 2019 the Ethical Partners Australian Share Fund returned -2.73% versus the S&P/ASX 300 Accumulation Index of 1.91%, out performing the market by 0.82% (after fees). Over the last quarter the Fund benefitted from overweight positions in the Industrials and Consumer Discretionary sectors and an underweight position in Materials and Property also benefited relative performance. Key detractors for the last quarter included stocks in the Financials and Consumer Staples industry groups.

Investment Updates

August 2019 Investment Report

September 20, 2019

Ethical Partners Australian Share Fund - As at 31 August, 2019. Unit price, Investor Class $1.0175, APIR code EPF9951AU. During August 2019 the Ethical Partners Australian Share Fund returned -2.27% versus the S&P/ASX 300 Accumulation Index of -2.27%, performing in line with the market (after fees). Over the last quarter the Fund benefitted from overweight positions in the Industrials and Telecommunications sectors and an underweight position in Energy benefited relative performance. Key detractors for the last quarter included stocks in the Financial and Food and Beverage industry groups.

Investment Updates

2019 Ethical Standards Report

August 6, 2019

The team at Ethical Partners has produced a major report to discuss overall Australian company ethical standards and reporting. The 26 page report gives good insight into company standards – particularly in the less researched small and mid-cap space. Our team has applied our investment process across more than 200 companies, which has involved assessing almost 3,000 individual data points and undertaking over 350 company meetings in the past year.

Investment Updates

June 2019 Investment Report

July 22, 2019

Ethical Partners Australian Share Fund - As at 30 June, 2019. Unit price, Investor Class $1.0249, APIR code EPF9951AU. During June 2019 the Ethical Partners Australian Share Fund returned 0.73% versus the S&P/ASX 300 Accumulation Index of 3.64%, underperforming the market by -2.91% (after fees). During the month the Fund benefitted from overweight positions in NIB Holdings, Helloworld Travel, Sims Metal and Commonwealth Bank and underweight positions in Wesfarmers, South 32 (not held), Challenger (not held) and A2 Milk (not held) benefitted the relative performance of the Fund. Key detractors for the month included Link Group, Nick Scali, BHP Limited (not held) and Inghams.

Investment Updates

May 2019 Investment Report

June 20, 2019

Ethical Partners Australian Share Fund - As at 31 May, 2019. Unit price, Investor Class $1.0175, APIR code EPF9951AU. During May 2019 the Ethical Partners Australian Share Fund returned 1.45% versus the S&P/ASX 300 Accumulation Index of 1.75%, underperforming the market by -0.30% (after fees). During the month the Fund benefitted from overweight positions in NIB Holdings, CSR Limited and Medibank and holding no position in Macquarie Group benefitted the relative performance of the Fund. Key detractors for the month included Link Group, Graincorp and Clydesdale Bank.

Investment Updates

April 2019 Investment Report

May 20, 2019

Ethical Partners Australian Share Fund - As at 1 May, 2019. Unit price, Investor Class $1.0144, APIR code EPF9951AU. During April 2019 the Ethical Partners Australian Share Fund returned 3.38% versus the S&P/ASX 300 Accumulation Index of 2.46%, an outperformance of 0.92% (after fees). Over the last quarter the Fund has returned 9.44% (after fees) versus the S&P/ASX 300 Accumulation Index of 9.41% performing broadly in line with a strongly rallying market. Since inception on 9 August 2018 the Fund has returned 1.29% versus the S&P/ASX 300 Accumulation Index of 4.51%, an underperformance of -3.22% (after fees).

Investment Updates

March 2019 Investment Report

April 16, 2019

Ethical Partners Australian Share Fund - As at 31 March, 2019. Unit price, Investor Class $0.9702, APIR code EPF9951AU. During March 2019 the Ethical Partners Australian Share Fund returned -1.34% versus the S&P/ASX 300 Accumulation Index of 0.73%, an underperformance of -2.07% (after fees). Since inception on 9 August 2018 the Fund has returned -2.03% versus the S&P/ASX 300 Accumulation Index of 2.00%, an underperformance of -4.03% (after fees).

Investment Updates

February 2019 Investment Report

March 19, 2019

Ethical Partners Australian Share Fund - As at 28 February, 2019. Unit price, Investor Class $0.9834, APIR code EPF9951AU. During February 2019 the Ethical Partners Australian Share Fund returned 7.30% versus the S&P/ASX 300 Accumulation Index of 6.01%, an outperformance of 1.29% (after fees). Since inception on 9 August 2018 the Fund has returned -0.69% versus the S&P/ASX 300 Accumulation Index of 1.26%, an underperformance of -1.95% (after fees)

Investment Updates

January 2019 Investment Report

February 22, 2019

Ethical Partners Australian Share Fund - As at 31 Jan, 2019. Unit price, Investor Class $0.9165, APIR code EPF9951AU. During January the Ethical Partners Australian Share Fund returned 1.46% versus the S&P/ASX 300 Accumulation Index of 3.87%, an underperformance of -2.41% (after fees). Since inception on 9 August 2018 the Fund has returned -7.45% versus the S&P/ASX 300 Accumulation Index of -4.48%, an underperformance of -2.97% (after fees).

Investment Updates

December 2018 Investment Report

January 18, 2019

Ethical Partners Australian Share Fund - As at 31 Dec, 2018. Unit price, Investor Class (cum) $0.9089, APIR code EPF9951AU. During December the Ethical Partners Australian Share Fund returned -2.47% versus the S&P/ASX 300 Accumulation Index of -0.23%, an underperformance of -2.24% (after fees). Since inception on 9 August 2018 the Fund has returned -8.78% versus the S&P/ASX 300 Accumulation Index of -8.04%, an underperformance of -0.74% (after fees).

Investment Updates

November 2018 Investment Report

December 17, 2018

Ethical Partners Australian Share Fund - As at 30 Nov, 2018. Unit price, Investor Class $0.9319, APIR code EPF9951AU. During November the Ethical Partners Australian Share Fund returned -2.82% versus the S&P/ASX 300 Accumulation Index of -2.18%, an underperformance of -0.64% (after fees). Since inception on 9 August 2018 the Fund has returned -6.47% versus the S&P/ASX 300 Accumulation Index of -7.83%, an outperformance of 1.36% (after fees).

Investment Updates

October 2018 Investment Report

November 14, 2018

Ethical Partners Australian Share Fund Investor Class: Unit price 31 October $0.9589. During October the Ethical Partners Australian Share Fund returned -5.84% versus the S&P/ASX 300 Accumulation Index of -6.16%, an out performance of 0.32% (after fees). This was one of the worst monthly Australian equity market performances over the last twenty years with around two thirds of stocks in the ASX300, by number,under performing the benchmark.

Investment Updates

September 2018 Investment Report

October 18, 2018

Ethical Partners Australian Share Fund Investor Class: Unit price 30 Sept $1.0184. During September the Ethical Partners Australian Share Fund returned -1.7% versus the S&P/ASX 300 Accumulation Index of -1.2%, an underperformance of -0.5% (after fees). Since inception on 9 August 2018 the Fund has returned 2.2%versus the S&P/ASX 300 Accumulation Index of 0.4%, an outperformance of 1.8%(after fees).

Investment Updates

August 2018 Investment Report

September 21, 2018

Ethical Partners Australian Share Fund Investor Class: Unit price 31 August $1.0356. Welcome to the inaugural Ethical Partners investment report. The Ethical Partners Australian Share Fund opened in August after we had completed our due diligence on potential company holdings. We made the initial investment with our own capital. Since inception on 9 August 2018 the Fund has returned 3.9% versus the S&P/ASX 300 Accumulation Index of 1.6%, an outperformance of 2.3% (after fees). APIR Code EPF9951AU

Ethical Partners Management Services ACN 623 503 720 as Corporate Authorised Representative of Ethical Partners Funds Management Pty Ltd ACN 623 475 454; AFSL 504749

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www.ethicalpartners.com.au
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