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Partner with one of Australia’s most experienced ethical investment managers combining performance discipline, ESG integrity, and dedicated adviser support
With four decades of experience, we’re one of Australia’s first and leading ethical fund managers. Since 1985 we’ve specialised in values-led investing.
As a not-for-profit our formula is powerful: the better we are at investing, the more good we can do. The profit we generate indirectly supports community initiatives and projects.
Our flagship Australian equities strategy seeks to deliver competitive returns in line with our ethical investment approach. Helping you offer investments that align with what your clients care about most.
Our experienced team is here to provide guidance, resources, and personalised support so you can confidently discuss ethical investing with your clients.
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Awards won by our Australian Equities strategy
Our ratings and certifications
Zenith rating assigned 26/06/2025. Morningstar rating assigned as of 31/08/2025 (Analyst-driven 0%, Data coverage 91%)
Disclaimers
The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned 26th June 2025) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.
Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. This report or data has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or New Zealand wholesale clients of Morningstar Research Ltd, subsidiaries of Morningstar, Inc. Any general advice has been provided without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide at www.morningstar.com.au/s/ fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Morningstar’s publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Morningstar’s full research reports are the source of any Morningstar Ratings and are available from Morningstar or your adviser. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a financial adviser
© 2025 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. This report or data has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or New Zealand wholesale clients of Morningstar Research Ltd, subsidiaries of Morningstar, Inc. Any general advice has been provided without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide at www.morningstar.com.au/s/ fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Morningstar’s publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Morningstar’s full research reports are the source of any Morningstar Ratings and are available from Morningstar or your adviser. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a financial adviser
U Ethical Australian Equities Trust (Wholesale), U Ethical Australian Equities Trust – Institutional and U Ethical Australian Equities Trust (Retail) have been certified and classified by the Responsible Investment Association Australasia according to the operational and disclosure practices required under the Responsible Investment Certification Program. See www.responsiblereturns.com.au and RIAA’s Financial Services Guide for details.
RIAA’s Certification Symbol signifies that U Ethical offers responsible investment products; has undertaken continuing professional development on responsible investment; and conducts inquiries regarding client concerns about environmental social, governance or ethical issues. The Symbol also signifies that U Ethical has adopted the operational and disclosure practices required under the Responsible Investment Certification Program for the category of Investment Management Service. U Ethical is assessed against Responsible Investment Standard and Assessment Note- Sustainability Classifications. The classification signifies the degree to which sustainability is a consideration and binding investment criteria. There may be material differences between the definition and methodology of RIAA’s classification system and the way the terms ‘Responsible’/’Sustainable’/’Sustainable Plus’ are used by the product. Detailed information about RIAA, the Symbol and U Ethical can be found at www.responsiblereturns.com.au and in RIAA’s Financial Services Guide, together with details about other responsible investment products and services certified by RIAA.
The Responsible Investment Certification Program provides general advice only and does not take into account any person’s objectives, financial situation, or needs. Neither the Certification Symbol nor RIAA recommends to any person that any financial product is a suitable investment or that returns are guaranteed.
Because of this, you should consider your own objectives, financial situation and if the advice relates to the acquisition, or possible acquisition, of a particular financial product. Certifications are current for 24 months and subject to change at any time.
Discover our flagship strategy. Explore the latest performance, portfolio holidings and how to invest.
Over the long term, stock prices follow fundamentals. Our research focusses on identifying companies that can grow their earnings and perform through market cycles.
Portfolio holdings are continuously monitored to inform engagement opportunities, risk management, and material ESG considerations.
Companies operating responsibly have the opportunity to gain competitive advantages by adapting to change effectively. We seek to avoid companies involved in negative impact industries and focus on those doing good.
We seek to invest in issuers that align with our Ethical Investment Philosophy through positive contribution. This information constitutes a part of our overall ESG score for issuers. We utilise the MSCI ESG Sustainable Impact Metrics (SIM) framework for an initial screen.
Alternative energy
Energy efficiency
Green building
Sustainable water
Pollution prevention
Sustainable agriculture
Education
SME finance
Connectivity
Nutrition
Major disease treatments
Sanitation
Affordable Real Estate
Source: MSCI ESG Research, MSCI ESG Business Involvement Screening Research, Global Sanctions, and Sustainable Impact Metrics Methodology Summary Guide for Corporate Issuers, October 2022.
We do not invest in issuers directly deriving revenue or earnings from the following activities:
Controversial and nuclear weapons
Tobacco production
Nuclear power generation
We do not invest in issuers which exceed a materiality threshold of 5% of revenue or earnings directly from the following activities:
Fossil fuels*
Uranium mining
Conventional weapons and civilian firearms
Predatory lending
Gambling
Adult entertainment
Animal cruelty and exploitation
Alcohol production
*Coal mining, oil and gas production, power generation and equity ownership
Please refer to our Ethical Investment Policy for definitions.
Learn more about some of the companies in our Australian equities portfolio
Brambles is a supply chain logistics company managing the world’s largest pool of reusable pallets, crates and containers. Through its logistics, it supports fast-moving consumer goods, fresh produce, retail, and general manufacturing sectors.
The company operates a circular economy model and by using its network advantage and expertise, it connects participants to ensure the efficient flow of goods, delivering savings for all participants in the supply network. By using data and digital insights, Brambles is unlocking new sources of value for customers and the business, and we expect it can grow its market while becoming more efficient.
Brambles’ model is inherently sustainable and is helping to improve supply chain sustainability through its operations. 347 million of its assets are shared and reused throughout the world, reducing resource requirements and costs. 16 million pallets have been recovered and salvaged through its productivity initiatives, data analytics, and deployment of smart assets.
The company’s operations are carbon neutral and is powered by 100% renewable electricity. It sources 100% of timber from sustainable sources and used 42% recycled content in plastic product purchases in 2025.
Commonwealth Bank of Australia (CBA) is one of the country’s largest financial institutions and a leading provider of integrated financial services.
Its offerings span retail, business and institutional banking, with over one third of Australians using CBA’s personal banking products, and a quarter of Australian businesses banking with CBA.
CBA aims to improve financial outcomes for Australians by offering products and services to help customers meet their objectives. Achieving high customer satisfaction scores, CBA continues to innovate its products with a focus on digital technology.
As one of Australia’s largest financial institutions, CBA is in a position to support financing of sustainably focussed projects. It has set a target to make $70bn in cumulative funding to industries, asset types and activities that can have a positive impact on the economy and environment and has so far provided $54bn in financing.
One example of CBA’s sustainability funding is GoZero’s electric coaches. By providing $80m in asset finance, GoZero is leading the transition by replacing existing diesel coaches with electric buses for schools in Sydney.
CSL is a global biotechnology company with a portfolio of lifesaving medicines.
Its research and innovation has developed treatments for patients in over 100 countries, including those with haemophilia and immune deficiencies, vaccines to prevent influenza, and therapies in iron deficiency and nephrology.
CSL is a leading player in blood plasma-derived therapies and is well positioned to support rising numbers of patients with its existing treatments and novel therapies which are under review. In the IV iron market, CSL is reducing reliance on blood transfusions by optimising patients’ own blood health. As many as 85% of eligible patients are untreated and CSL is looking to expand geographically and across new indications to improve its reach.
By improving access to its treatments, patient and donor experience, CSL is helping its science go further. By reducing waste, water, and energy usage, CSL is contributing to a healthier world.
Fortescue is one of the world’s largest producers of iron ore and through its energy and metals businesses, it is working to decarbonise the mining industry and eliminate fossil fuel use.
Its metals business comprises iron ore operations in the Pilbara as well as a pipeline of exploration projects globally. Iron ore is the main ingredient in steel which is a foundational component in the transition to the green economy. Used in railways, wind turbines, and buildings, steel mined from Fortescue’s operations is helping to build more efficient infrastructure.
In a US$2.8bn partnership with Leibherr, Fortescue has committed to carbon-free mining with 360 battery electric trucks, 60 battery-powered dozers, and 55 electric excavators. Future projects include further solar and battery energy storage systems which will provide zero carbon electricity and storage for its operations.
Goodman Group is a global commercial and industrial property group. It owns, develops, and manages high-quality logistics and warehouse facilities in key consumer markets in 14 countries across Asia Pacific, Europe, and the Americas.
Exposed to structural drivers such as expansion of e-commerce, supply chain optimisation, and increased data management demands, its properties provide customers with the opportunity to improve their performance through digitisation, mechanisation and automation of their facilities.
Data centres are a growing area for the business and Goodman is in active negotiations with several customers to provide powered shell and fully fitted facilities. Its strong capital position means that Goodman is well placed to meet increasing demand and is currently working on adding 0.4GW to its 0.5GW of completed facilities and has secured power to eventually provide 5GW.
Sustainability is an important consideration for the company and is tied to profitability as customers and investors expect greater environmental performance from its properties. By concentrating on high-quality properties in attractive locations, Goodman aims to attract environmentally-focussed customers who are willing to pay more for improved efficiency.
Goodman has set targets to reduce Scope 1 and 2 emissions by 42% by 2030 (compared to 2021 levels) and has reduced them by 11% as at 2025. It has installed and committed to 330MW of solar at its locations and is reusing materials and reducing construction emissions by regenerating brownfield sites which comprised 50% of property development in 2025.
Lynas Rare Earths is a leading producer of rare earth materials essential for a range of technologies and green energy applications, including electric vehicles, wind turbines, and electronics. It operates a rare earths deposit and processing facility in Western Australia, as well as a refinery in Malaysia and has plans to open a processing facility in the USA.
As one of the only scale producers of rare earths outside of China, Lynas is strategically important for global supply chain diversification and is well positioned to support the global transition to clean energy and advanced technologies.
Lynas has invested heavily in mine developments and processing facilities to enable future growth. It has recently expanded its Mt Weld site in WA which opens new reserves and enables resource generation for years ahead. It has maintained profitability despite pricing pressures in the rare earths market as a result of financial discipline and cost efficiency in its operations.
As a mining company, climate impacts are an important consideration, and Lynas is committed to reducing its emissions. It has begun work on a hybrid power station to replace the existing diesel generation it’s at Mt Weld site, which will initially be supplied by gas, and will progressively install solar, wind and battery storage.
Macquarie Group is an Australian financial services group with global operations. It provides a range of services including asset management, banking, risk and capital solutions, and commodities trading.
Through its flagship division, Macquarie Asset Management, it is one of the world’s largest infrastructure asset managers. Its investments support a range of climate solutions by supporting the deployment of renewables at scale and newer technologies that are critical to the transition, including batteries, hydrogen, sustainable aviation fuel and solutions to reduce emissions across agriculture, waste, transportation and real estate. Macquarie stands to benefit as demand for these solutions increase.
As the leading global advisor on renewable energy transactions, Macquarie is in good position to support clients in the transition. Through its commodities business, it is supporting the scaling-up of clean fuels and carbon capture and storage.
Macquarie is carbon neutral in its own operations as a result of improved energy efficiency within Macquarie’s premises, reducing electricity use by 34% compared to the FY2014 baseline, and purchasing 100% renewable electricity.
ResMed is a global leader in digital health and cloud-connected medical devices, specialising in solutions for sleep apnoea, chronic obstructive pulmonary disease (COPD), and other chronic respiratory diseases.
Operating in over 140 countries, ResMed integrates artificial intelligence, remote monitoring, and data analytics to deliver personalised, home-based care. The company’s product suite includes continuous positive airway pressure (CPAP) devices, masks, and software platforms.
ResMed aims to improve patient well-being with innovative digital solutions by leveraging its extensive patient data which includes 22 billion nights of respiratory medical data, and 29 million patients with cloud connectable devices. It has empowered 151 million lives through its devices and has room for growth, aiming to serve 500 million patients of the 2.3 TAM by 2030.
The company has historically invested 6% of revenue in R&D to promote organic growth, as well as seeking strategic M&A targets which help meet the long-term growth ambitions for the business. Key drivers of growth include recurring revenue from its diverse product suite, a focus on improving patient outcomes while managing costs, and GLP1 patient growth.
As well as health improvements, ResMed is making progress in its sustainability and is reducing the carbon footprint of its products by improving their efficiency and weight, as well as reducing waste through increased use of recycled content in its packaging.
Telstra is Australia’s leading telecommunications provider, operating fixed-line and mobile networks, broadband, data and pay-TV services.
Its network reaches over 99% of Australians and investment in 4G, 5G and low earth orbit satellites are helping to improve the performance and coverage for customers. Telstra has been awarded best mobile provider in the country six years running, in recognition of its coverage.
Outside of Australia, Telstra operates APAC’s largest subsea cable network, which is foundational infrastructure for the region. Continued investment in these systems ensures Telstra is well placed to meet increasing demand for data being driven by emerging technologies.
Telstra is leading the way on sustainability by contracting renewable energy generation equivalent to its entire forecast consumption for 2025. Through power purchase agreements like this, it has supported $1.4bn of renewable energy generation since 2017 and has reduced its emissions by 37% since 2019. Telstra continue to explore opportunities to reduce emissions, such as installing more solar and battery solutions and using data analytics and AI to improve energy efficiency.
Wesfarmers is one of Australia’s largest and most diversified conglomerates, with well-known brands such as Bunnings and Kmart serving millions of customers across Australia and New Zealand.
Bunnings drives the majority of earnings and is the leading retailer of home improvement and lifestyle products in ANZ. It is a major supplier to project builders, commercial tradespeople and the housing industry, and a number of initiatives are underway to grow the addressable market, such as range evolution, commercial capabilities, and digital channel growth.
Kmart is the next largest business segment and offers customers a wide range of everyday products at low prices. Kmart is using technology to improve data analytics and supply chain efficiency in its stores, such as Radio Frequency Identification (RFID) and robots to improve sales and drive performance.
Bunnings and Kmart have targets to achieve net zero Scope 1 and 2 emissions by 2030 and are on track to achieve 100% renewable electricity by the end of 2025.
You can invest with us through the following platforms.
Fund | APIR | IDPS & Super | |
|---|---|---|---|
BT Panorama | U Ethical Australian Equities Trust – Institutional | UGF4955AU | |
HUB24 | U Ethical Australian Equities Trust – Institutional | UGF4955AU | |
Netwealth | U Ethical Australian Equities Trust – Institutional | UGF4955AU | |
North | U Ethical Australian Equities Trust – Institutional | UGF4955AU |
You can invest with us directly by completing an online or paper application form.
For more information, please contact our Client Services Team on 1800 996 888 or email info@uethical.com
Want to learn more? We’d love to hear from you. Please get in touch with a member of our team.
The information on this page is general information only. It does not constitute financial, tax or legal advice or an offer or solicitation to subscribe for units in the Fund. It does not take into account your personal objectives, financial situation or needs.
Before acting on the information or deciding whether to acquire or hold units in the Fund, you should consider whether the Fund is appropriate for you given your own objectives, financial situation and needs. You should also consider the relevant Product Disclosure Statement (PDS), Additional Information Booklet (AIB) and Target Market Determination (TMD) for the Fund. These documents are available on our website www.uethical.com or can be provided by calling us on 1800 996 888.
U Ethical may receive fees in respect of investments in U Ethical products. U Ethical directors and employees do not receive commissions from investments in the products and are remunerated on a salaried basis.
U Ethical believes that the information contained in this document is accurate at the time of compilation. That information may subsequently change. You should make your own enquiries before acting on the information.
U Ethical accepts no liability for any inaccurate, incomplete or omitted information of any kind or any losses caused by using this information.
All investments carry risks. There can be no assurance that the Fund will achieve its targeted rate of return. There is no guarantee against loss resulting from an investment in the Fund. Past performance is not indicative of future performance.
The information provided is general information only. Before acquiring a U Ethical product, you should read the disclosure document(s) for the product and seek independent advice to ensure it is appropriate for your particular objectives, financial situation and needs.
The disclosure documents are available from this website and contain details of the issuer of each product. U Ethical is a registered business name of Uniting Ethical Investors Limited ABN 46 102 469 821 AFSL 294147.
We acknowledge Aboriginal and Torres Strait Islander peoples as the traditional owners and original custodians of the lands and waters on which we all live and work. We pay our respects to Elders past and present.
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