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Responsible Investing - Excluded Companies

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 companies 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 Rocketdyn Holdings
  • Anhui Great Wall Military Industry Co. Ltd
  • Ashot Ashkelon Industries Ltd
  • BEML LIMITED
  • Bharat Dynamics Ltd
  • Bharat Electronics Limited
  • Bharat Heavy Electricals Limited
  • BWX Technologies
  • Elbit Systems Ltd
  • Fluor Corporation
  • General Dynamics Corp.
  • General Electric Company
  • Hanwha Aerospace Co. Ltd
  • Hanwha Corporation
  • Honeywell International
  • Huntington Ingalls Industries Inc
  • IHI Corporation
  • Jacobs Engineering Group Inc.
  • KOREA AEROSPACE INDUSTRIES, LTD.
  • Larsen & Toubro Ltd
  • Leidos Holdings, Inc
  • LIG NEX1 Co. Ltd
  • Lockheed Martin Corp.
  • National Presto Industries, Inc.
  • Northrop Grumman
  • Northrop Grumman Innovations Systems
  • Poongsan Corporation
  • Serco Group
  • AAR CORP.
  • Ace Technologies Corp.
  • Addsino Co., Ltd.
  • AECC AVIATION POWER CO,LTD
  • AEROVIRONMENT, INC.
  • Airbus SE
  • ALBANY INTERNATIONAL CORP.
  • ALLISON TRANSMISSION HOLDINGS, INC.
  • ASELSAN ELEKTRONIK SANAYI VE TICARET ANONIM SIRKETI
  • AUSTAL LIMITED
  • AVIC SHENYANG AIRCRAFT COMPANY LIMITED
  • AviChina Industry & Technology Company Limited
  • 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 LIMITED
  • Codan Ltd
  • CSBC Corporation, Taiwan
  • CUBIC CORPORATION
  • CURTISS-WRIGHT CORPORATION
  • DASSAULT AVIATION SA
  • DUCOMMUN INCORPORATED
  • Electro Optic Systems Holdings Ltd
  • EMBRAER S.A.
  • FINCANTIERI S.P.A.
  • FLIR SYSTEMS, INC.
  • GRIFFON CORPORATION
  • Guangdong Hongda Blasting Co., Ltd.
  • HANJIN HEAVY INDUSTRIES & CONSTRUCTION CO.,LTD
  • HANWHA SYSTEMS Co., Ltd
  • Hensoldt AG
  • HYUNDAI ROTEM COMPANY
  • Indra Sistemas, S.A.
  • 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
  • MAXAR TECHNOLOGIES INC.
  • MEGGITT PLC
  • MELROSE INDUSTRIES PLC
  • MERCURY SYSTEMS, INC.
  • Mitsubishi Heavy Industries, Ltd.
  • MOOG INC.
  • MTU Aero Engines AG
  • OCEANEERING INTERNATIONAL, INC.
  • Oshkosh Corporation
  • Otokar Otomotiv ve Savunma Sanayi AS
  • PARSONS CORPORATION
  • PERSPECTA INC.
  • QINETIQ GROUP PLC
  • Raytheon Technologies Corp.
  • REUNERT LIMITED
  • Rheinmetall AG
  • ROLLS-ROYCE HOLDINGS PLC
  • SAAB Aktiebolag
  • SAFRAN SA
  • SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
  • SENIOR PLC
  • SINGAPORE TECHNOLOGIES ENGINEERING LTD
  • TATA MOTORS LIMITED
  • TELEDYNE TECHNOLOGIES INCORPORATED
  • Textron Inc.
  • THALES SA
  • THE BOEING COMPANY
  • THE JAPAN STEEL WORKS,LTD.
  • ULTRA ELECTRONICS HOLDINGS PLC
  • VIASAT, INC.
  • Acacia Mining
    • Human Rights Concerns
  • Barrick Gold Corp
    • Toxic emissions
    • Environments impact
    • Human Rights concerns
  • Corecivic Inc.
    • Human Rights Concerns
  • Energy Transfer Operating LP
    • Impact on Local communities
  • Energy Transfer Operating
    • Impact on Local communities
  • Energy Transfer Partners LP/ Regency Energy Finance Corp
    • Impact on Local Communities
  • Freeport-McMoran Inc.
    • Toxic Emissions & Waste
    • Labour Rights
    • Human Rights Concerns
  • GMK Noril'skiy Nikel ( Norilsk Nickel)
    • Toxic Emissions & Waste
    • Impact on Local Communities
  • Grupo Mexico SAB
    • Labour Rights
    • Impact on Local Communities
  • JBS SA
    • Bribery & Fraud
    • Product Safety & Quality
    • Supply Chain Management
  • Jiangxi Copper
    • Impact on Local Communities
  • Midwest Connector Capital Co LLC
    • Impact on Local communities
  • Prosegur Cia. de Seguridad
    • Labour Rights
  • Southern Copper Corp (subisdiary of Grupo Mexico)
    • Labour Rights
    • Impact on Local Communities
  • Southern Union Co

  • The GEO Group
    • Human Rights Concerns
  • Tokyo Electric Power Company
    • Impact on Local Communities
    • Toxic Emissions & Waste
    • Health & Safety
  • Zijin Mining Group
    • Human Rights Concerns
  • 22nd Century Group Inc
  • Altria Group, Inc.
  • B.A.T CAPITAL CORPORATION
  • B.A.T. International Finance PLC
  • Bentoel Internasional Investama
  • BRITISH AMERICAN TOBACCO (MALAYSIA) BERHAD
  • British American Tobacco Holdings (The Netherlands) B.V.
  • BRITISH AMERICAN TOBACCO P.L.C.
  • China Flavours & Fragrences
  • Eastern Tobacco SAE
  • Electronic Cigarettes International
  • Fyolo Technology
  • Gilla Inc
  • GODFREY PHILLIPS INDIA LIMITED
  • Golden Tobacco Ltd
  • Gudang Garam Tbk PT
  • Hanjaya Mandala Sampoerna Tbk
  • Healthier Choices Management Corp
  • HUABAO INTERNATIONAL HOLDINGS LIMITED
  • Icon Vapor Inc
  • IMPERIAL BRANDS FINANCE PLC
  • IMPERIAL BRANDS PLC
  • ITC LIMITED
  • 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
  • SCANDINAVIAN TOBACCO GROUP A/S
  • SCHWEITZER-MAUDUIT INTERNATIONAL, INC.
  • SHANGHAI INDUSTRIAL HOLDINGS LIMITED
  • Sinnar Bidi Udyog Ltd
  • Sirrus Corp
  • Smoore International Holdings Ltd
  • Swan Group of Cos Inc
  • Swedish Match AB
  • TTCM China Ltd.
  • TURNING POINT BRANDS, INC.
  • UNIVERSAL CORPORATION
  • Vapor Group Inc.
  • Vapor Hub International Inc
  • VECTOR GROUP LTD.
  • VPR Brands Ltd.
  • VST Industries Ltd
  • Wee-Cig International Corp.
  • Wismilak Inti Makmur Tbk PT
  • American Outdoor Brands Corporation
  • American Outdoor Brands Inc
  • Daicel Corporation
  • NOF Corporation
  • Northrop Grumman Corp
  • OLIN Corporation
  • Poongsan Corp
  • Cie Financiere Richemont
  • S&T MOTIV Co. Ltd
  • SMITH & WESSON BRANDS, INC.
  • Sturm Ruger & Co. Inc.
  • STURM, RUGER & COMPANY, INC.
  • Vista Outdoor
  • AFRICAN RAINBOW MINERALS LIMITED
  • AGRITRADE RESOURCES LIMITED
  • Alfa Energi Investama Tbk PT
  • ANGLO AMERICAN PLC
  • ANTERO RESOURCES CORPORATION
  • APA CORPORATION
  • APACHE CORPORATION
  • ARC RESOURCES LTD.
  • ARCH COAL, INC.
  • ARCH RESOURCES, INC.
  • Banpu Public Company Limited
  • BAYTEX ENERGY CORP.
  • BIRCHCLIFF ENERGY LTD.
  • BONANZA CREEK ENERGY, INC.
  • Bukit Asam Tbk PT
  • CABOT OIL & GAS CORPORATION
  • CALIFORNIA RESOURCES CORPORATION
  • CALLON PETROLEUM COMPANY
  • CANADIAN NATURAL RESOURCES LIMITED
  • Cenovus Energy Inc.
  • CENTENNIAL RESOURCE DEVELOPMENT, INC.
  • CHESAPEAKE ENERGY CORPORATION
  • CHEVRON CORPORATION
  • China Coal Energy Company Limited
  • China Shenhua Energy Company Limited
  • CIMAREX ENERGY CO.
  • CIMIC GROUP LIMITED
  • CNX RESOURCES CORPORATION
  • COAL INDIA LTD
  • COMPAGNIE PETROLIERE IMPERIALE LTEE
  • COMSTOCK RESOURCES, INC.
  • CONCHO RESOURCES INC.
  • CONOCOPHILLIPS
  • CONSOL ENERGY INC.
  • CONTINENTAL RESOURCES, INC.
  • CONTURA ENERGY, INC.
  • CRESCENT POINT ENERGY CORP.
  • DEVON ENERGY CORPORATION
  • DIAMONDBACK ENERGY, INC.
  • DMCI HOLDINGS INC.
  • Enerplus Corporation
  • EOG RESOURCES, INC.
  • EQT CORPORATION
  • EXTRACTION OIL & GAS, INC.
  • EXXARO RESOURCES LIMITED
  • Guanghui Energy Co., Ltd.
  • GULFPORT ENERGY CORPORATION
  • HESS CORPORATION
  • Huadian Power International Corporation Limited
  • Husky Energy Inc.
  • Indo Tambangraya Megah Tbk PT
  • INNER MONGOLIA YITAI COAL CO., LTD
  • Japan Petroleum Exploration Co., Ltd.
  • JARDINE CYCLE & CARRIAGE LIMITED
  • JASTRZEBSKA SPOLKA WEGLOWA SPOLKA AKCYJNA
  • LAREDO PETROLEUM, INC
  • Lubelski Wegiel Bogdanka SA
  • MAGNOLIA OIL & GAS CORPORATION
  • MARATHON OIL CORPORATION
  • MATADOR RESOURCES COMPANY
  • MEG Energy Corp.
  • MURPHY OIL CORPORATION
  • NATIONAL FUEL GAS COMPANY
  • NEW HOPE CORPORATION LIMITED
  • NK ROSNEFT' PAO
  • 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 CORP.
  • PIONEER NATURAL RESOURCES COMPANY
  • PRAIRIESKY ROYALTY LTD.
  • PT Adaro Energy Tbk
  • PT Astra International Tbk
  • PT Bumi Resources Tbk
  • PT Indika Energy Tbk
  • PT Indonesia Asahan Aluminium (Persero)
  • PT United Tractors Tbk
  • QEP RESOURCES, INC.
  • RANGE RESOURCES CORPORATION
  • Semirara Mining and Power Corporation
  • SENEX ENERGY LIMITED
  • Seven Generations Energy Ltd.
  • Shaanxi Coal Industry Company Limited
  • Shanxi Lu'an Environmental Energy Dev. Co., Ltd
  • Shanxi Xishan Coal and Electricity Power Co., Ltd.
  • SM ENERGY COMPANY
  • SOUTHWESTERN ENERGY COMPANY
  • Suncor Energy Inc.
  • TAMARACK VALLEY ENERGY LTD.
  • TELLURIAN INC.
  • TIANDI SCIENCE & TECHNOLOGY CO.LTD
  • TOURMALINE OIL CORP.
  • WASHINGTON H. SOUL PATTINSON AND COMPANY LIMITED
  • Western Midstream Operating, Lp
  • WHITEHAVEN COAL LIMITED
  • WHITING PETROLEUM CORPORATION
  • WPX Energy, Inc.
  • Yanzhou Coal Mining Company Limited
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