Excluded companies

We’re committed to sustainable investing and won’t invest in companies involved in the following harmful activities.

We don’t invest in companies that:

  • Are involved in manufacturing (including components or support systems) controversial weapons, including cluster munitions, anti-personnel mines, biological/chemical weapons or nuclear weapons.
  • Are involved in manufacturing automatic or semi-automatic firearms, magazines or parts for civilian use.
  • Generate more than 5% of their revenue from any other weapons related business activities.
  • Generate more than 10% of their revenue from thermal coal mining.
  • Generate more than 10% of their revenue from the extraction of unconventional oil and gas. This includes revenues from oil sands, oil shale (kerogen-rich deposits), shale gas, shale oil, coal seam gas, coal bed methane as well as Arctic onshore/offshore.
  • Are involved in manufacturing tobacco products.
  • Generate more than 5% of their revenue from adult entertainment.
  • Are involved in whaling and whale meat processing.

We use the MSCI ESG Manager tool in conjunction with our own internal research to determine a company’s involvement in the above business activities.

We also don’t invest in entities across a range of industries that have breached global norms or standards to a severe degree, including severe abuses of human rights, labour rights, the environment or other ESG (environmental, social, and governance) issues.

Companies we don't invest in

  • AECOM
  • Aerojet Rocketdyne Holdings Inc
  • Anhui GreatWall Military Industry Co. Ltd
  • Ashot Ashkelon Industries Ltd
  • BEML Limited
  • Bharat Dynamics Ltd
  • Bharat Electronics Ltd
  • Bharat Heavy Electricals Ltd
  • BWX Technologies Inc
  • Elbit Systems Ltd
  • Fluor Corporation
  • General Dynamics Corporation
  • General Electric Company
  • Hanwha Aerospace Co. Ltd
  • Hanwha Corporation
  • Honeywell International Inc
  • Huntington Ingalls Industries Inc
  • IHI Corporation
  • ICL Group Ltd
  • Jacobs Engineering Group Inc
  • Korea Aerospace Industries Ltd
  • Larsen & Toubro Ltd
  • Leidos Holdings Inc
  • LIG Nex1 Co. Ltd
  • Lockheed Martin Corporation
  • Mindtree Ltd
  • National Presto Industries Inc
  • Northrop Grumman Corporation
  • Northrop Grumman Innovations Systems
  • Poongsan Corporation
  • Serco Group PLC
  • AAR Corporation
  • Ace Technologies Corporation
  • Addsino Co. Ltd
  • AECC Aviation Power Co. Ltd
  • AeroVironment Inc
  • Airbus SE
  • Albany International Corporation
  • Allison Transmission Holdings Inc
  • Aselsan Elektronik Sanayi ve Ticaret A.S.
  • Austal Ltd
  • AVIC Electromechanical Systems Co. Ltd
  • AVIC Shenyang Aircraft Co. Ltd
  • AviChina Industry & Technology Co. Ltd
  • Avicopter PLC
  • Babcock International Group PLC
  • BAE Systems PLC
  • Booz Allen Hamilton Holding Corporation
  • CACI International Inc
  • CAE Inc
  • Chemring Group PLC
  • China Aerospace Times Electronics Co. Ltd
  • China Avionics Systems Co. Ltd
  • Cochin Shipyard Ltd
  • Codan Ltd
  • CSBC Corporation Taiwan
  • Cubic Corporation
  • Curtiss-Wright Corporation
  • Dassault Aviation SA
  • Ducommun Incorporated
  • Electro Optic Systems Holdings Ltd
  • Embraer SA
  • Fincantieri SpA
  • FLIR Systems Inc
  • Griffon Corporation
  • Guangdong Hongda Blasting Co. Ltd
  • Hanjin Heavy Industries & Construction Co. Ltd
  • Hanwha Systems Co. Ltd
  • Hensoldt AG
  • Hyundai Rotem Co
  • Indra Sistemas SA
  • Japan Steel Works Ltd
  • JENOPTIK AG
  • Kaman Corporation
  • Kawasaki Heavy Industries Ltd
  • KBR Inc
  • Kongsberg Gruppen ASA
  • Kratos Defense & Security Solutions Inc
  • L3Harris Technologies Inc
  • Leonardo SpA
  • ManTech International Corporation
  • Massachusetts Institute of Technology
  • Maxar Technologies Inc
  • Meggitt PLC
  • Melrose Industries PLC
  • Mercury Systems Inc
  • Mitsubishi Heavy Industries Ltd
  • Moog Inc
  • MTU Aero Engines AG
  • North Industries Group Red Arrow Co. Ltd
  • Oceaneering International Inc
  • Oshkosh Corporation
  • Otokar Otomotiv ve Savunma Sanayi A.S.
  • Parsons Corporation
  • Perspecta Inc
  • QinetiQ Group PLC
  • Raytheon Technologies Corporation
  • Reunert Limited
  • Rheinmetall AG
  • Rolls-Royce Holdings PLC
  • Saab AB
  • Safran SA
  • Science Applications International Corporation
  • Senior PLC
  • Singapore Technologies Engineering Ltd
  • Tata Motors Ltd
  • Teledyne Technologies Incorporated
  • Textron Inc
  • Thales SA
  • The Boeing Company
  • Triumph Group Inc
  • Ultra Electronics Holdings PLC
  • ViaSat Inc
  • American Outdoor Brands Corporation
  • American Outdoor Brands Inc
  • AMMO Inc
  • Clarus Corporation
  • Compagnie Financiere Richemont SA
  • Daicel Corporation
  • NOF Corporation
  • Northrop Grumman Corporation
  • Olin Corporation
  • Poongsan Corporation
  • SNT Motiv Co. Ltd
  • Smith & Wesson Brands Inc
  • Sturm, Ruger & Company Inc
  • Vista Outdoor Inc
  • Abu Dhabi National Energy Company - P.J.S.C
  • Adaro Energy Tbk
  • African Rainbow Minerals Ltd
  • Agritrade Resources Ltd
  • Alfa Energi Investama Tbk
  • Alpha Metallurgical Resources Inc
  • Anglo American PLC
  • Antero Resources Corporation
  • APA Corporation
  • Apache Corporation
  • ARC Resources Ltd
  • Arch Coal Inc
  • Arch Resources Inc
  • Astra International Tbk
  • Banpu Public Co. Ltd
  • Baytex Energy Corporation
  • Berry Corporation
  • Birchcliff Energy Ltd
  • Bonanza Creek Energy Inc
  • Bukit Asam Tbk
  • Bumi Resources Tbk
  • Cabot Oil & Gas Corporation
  • California Resources Corporation
  • Callon Petroleum Company
  • Canadian Natural Resources Ltd
  • Cenovus Energy Inc
  • Centennial Resource Development Inc
  • Chesapeake Energy Corporation
  • Chevron Corporation
  • China Coal Energy Co. Ltd
  • China Shenhua Energy Co. Ltd
  • Cimarex Energy Co
  • Civitas Resources Inc
  • CNX Resources Corporation
  • Coal India Ltd
  • Comstock Resources Inc
  • Concho Resources Inc
  • ConocoPhillips
  • CONSOL Energy Inc
  • Contango Oil & Gas Company
  • Continental Resources Inc
  • Contura Energy Inc
  • Crescent Point Energy Corporation
  • Devon Energy Corporation
  • Diamondback Energy Inc
  • DMCI Holdings Inc
  • Enerplus Corporation
  • EOG Resources Inc
  • EQT Corporation
  • Extraction Oil & Gas Inc
  • Exxaro Resources Ltd
  • Guanghui Energy Co. Ltd
  • Gulfport Energy Corporation
  • Hess Corporation
  • Huadian Power International Corporation Ltd
  • Husky Energy Inc
  • Imperial Oil Ltd
  • Indika Energy Tbk
  • Indo Tambangraya Megah Tbk
  • Indonesia Asahan Aluminium (Persero)
  • Inner Mongolia Yitai Coal Company Ltd
  • Japan Petroleum Exploration Co. Ltd
  • Jardine Cycle & Carriage Ltd
  • Jastrzebska Spolka Weglowa SA
  • Laredo Petroleum Inc
  • Lubelski Wegiel Bogdanka SA
  • Magnolia Oil & Gas Corporation
  • Marathon Oil Corporation
  • Matador Resources Company
  • MEG Energy Corporation
  • Murphy Oil Corporation
  • National Fuel Gas Company
  • New Hope Corporation Ltd
  • Noble Energy Inc
  • Northern Oil and Gas Inc
  • NuVista Energy Ltd
  • Oasis Petroleum Inc
  • Occidental Petroleum Corporation
  • Ovintiv Inc
  • Paramount Resources Ltd
  • Parsley Energy Inc
  • PDC Energy Inc
  • Peabody Energy Corporation
  • Penn Virginia Corporation
  • Peyto Exploration & Development Corporation
  • Pioneer Natural Resources Company
  • PrairieSky Royalty Ltd
  • QEP Resources Inc
  • Range Resources Corporation
  • Rosneft Oil Co
  • Semirara Mining & Power Corporation
  • Senex Energy Ltd
  • Seven Generations Energy Ltd
  • Shaanxi Coal Industry Co. Ltd
  • Shanxi Lu'An Environmental Energy Development Co. Ltd
  • Shanxi Coking Coal Energy Group Co. Ltd
  • SM Energy Company
  • Southwestern Energy Company
  • Suncor Energy Inc
  • Tamarack Valley Energy Ltd
  • Tellurian Inc
  • Thungela Resources Ltd
  • Tiandi Science & Technology Co. Ltd
  • Tourmaline Oil Corporation
  • United Tractors Tbk
  • Washington H. Soul Pattinson and Co. Ltd
  • Western Midstream Partners LP
  • Whitehaven Coal Ltd
  • Whiting Petroleum Corporation
  • Yanzhou Coal Mining Co. Ltd
  • 22nd Century Group Inc
  • Altria Group Inc
  • American Heritage International Inc
  • Bentoel International Investama Tbk
  • British American Tobacco Holdings (The Netherlands) B.V.
  • B.A.T. Capital Corporation
  • B.A.T. International Finance PLC
  • British American Tobacco Malaysia BHD
  • British American Tobacco PLC
  • China Flavours & Fragrances
  • Eastern Company
  • Electronic Cigarettes International
  • Gilla Inc
  • Godfrey Phillips India Ltd
  • Golden Tobacco Ltd
  • Gudang Garam Tbk
  • Hanjaya Mandala Sampoerna Tbk
  • Healthier Choices Management Corporation
  • Huabao International Holdings Ltd
  • Icon Vapor Inc
  • Imperial Brands Finance PLC
  • Imperial Brands PLC
  • ITC Ltd
  • Japan Tobacco Inc
  • Karelia Tobacco Company Inc SA
  • Kimree Inc
  • KT&G Corporation
  • LT Group Inc
  • Majesty Golf & Co. Ltd
  • mCig Inc
  • Nicoccino Holding AB
  • NTC Industries Ltd
  • Philip Morris CR AS
  • Philip Morris International Inc
  • Pyxus International Inc
  • Reynolds American Inc
  • RLX Technology Inc. Sponsored ADR
  • Scandinavian Tobacco Group A/S
  • Schweitzer-Mauduit International Inc
  • Shanghai Industrial Holdings Ltd
  • Sinnar Bidi Udyog Ltd
  • Sirrus Corporation
  • Smoore International Holdings Ltd
  • SWAN Group of Companies Inc
  • Swedish Match AB
  • Turning Point Brands Inc
  • Universal Corporation
  • Vapor Group Inc
  • Vapor Hub International Inc
  • VaporBrands International Inc
  • Vector Group Ltd
  • VPR Brands LP
  • VST Industries Ltd
  • Wee-Cig International Corporation
  • Wismilak Inti Makmur Tbk
  • PLBY Group Inc
  • Securities listed or domiciled in Russia
    • Breaching global norms
  • Acacia Mining PLC
    • Human rights concerns
  • Adani Ports & Special Economic Zone Ltd
    • Human rights concerns
  • Barrick Gold Corporation
    • Toxic emissions
    • Environmental impact
    • Human rights concerns
  • CoreCivic Inc
    • Human rights concerns
  • Energy Transfer Operating LP
    • Impact on local communities
  • Energy Transfer LP
    • Impact on local communities
  • Energy Transfer Partners LP / Regency Energy Finance Corporation
    • Impact on local communities
  • Freeport-McMoRan Inc
    • Toxic emissions and waste
    • Labour rights
    • Human rights concerns
  • GEO Group Inc
    • Human rights concerns
  • Grupo Mexico S.A.B. de C.V.
    • Labour rights
    • Impact on local communities
  • JBS SA
    • Bribery and fraud
    • Product safety and quality
    • Supply chain management
  • Jiangxi Copper Company Ltd
    • Impact on local communities
  • Midwest Connector Capital Co LLC
    • Impact on local communities
  • MMC Norilsk Nickel PJSC
    • Toxic emissions and waste
    • Impact on local communities
  • Southern Copper Corporation
    • Labour rights
    • Impact on local communities
  • Southern Union Co
    • Impact on local communities
  • Tokyo Electric Power Company Holdings Incorporated
    • Impact on local communities
    • Toxic emissions and waste
    • Health and safety
  • Zijin Mining Group Co. Ltd
    • Human rights concerns