Why do we own Macquarie Group

Macquarie Group is one of Australia’s most successful financial institutions, having evolved from its investment banking origins into a globally diversified financial services leader. Headquartered in Sydney and employing over 20,000 people across more than 30 countries, Macquarie offers services spanning asset management, banking, commodities, infrastructure, and capital markets. Today, more than two-thirds of its earnings are generated outside Australia.

Over the past two decades, Macquarie has reshaped its business model to reduce reliance on market cycles and build more stable, diversified earnings. Its “annuity-style” divisions — Macquarie Asset Management (MAM) and Banking & Financial Services (BFS) — generate steady, recurring income, particularly through long-term investments in infrastructure and renewable energy. These are sectors experiencing powerful structural tailwinds. In contrast, its market-facing divisions — Commodities & Global Markets and Macquarie Capital — provide cyclical upside during favourable economic or market conditions, particularly during periods of volatility or strong corporate activity.

Macquarie’s disciplined risk management, experienced leadership, and global reach have earned it a strong reputation. Its deep expertise in infrastructure and green energy positions it well to benefit from the multi-trillion-dollar transition in global investment. With a track record of profitability, earnings growth, capital allocation, and innovation, Macquarie remains a compelling long-term investment opportunity.

ASX-listed Macquarie Group is a direct holding in the Evidentia Quality Core Portfolio, which is held in the Partners Medium Term, Long Term, and Multi-Asset Income Portfolios.