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Responsible Investing - Excluded Companies

We don’t invest in companies that are involved in manufacturing cluster munitions or anti-personnel landmines, manufacturing or testing nuclear weapons, manufacturing tobacco products, and manufacturing automatic and semi-automatic firearms, magazines or parts for civilian use.

Companies we don't invest in:

  • Elbit Systems Ltd
  • Hanwha Corporation
  • Hanwha Aerospace Co. Ltd
  • Larson & Toubro Ltd
  • LIG NEX1 Co. Ltd
  • Poongsan Corporation
  • Northrop Grumman
  • National Presto Industries, Inc.
  • Aerojet Rocketdyn Holdings
  • AECOM
  • BWX Technologies
  • Fluor Corporation
  • General Dynamics Corp.
  • Honeywell International
  • Huntington Ingalls Industries Inc
  • Jacobs Engineering Group
  • Leidos Holdings, Inc
  • Lockheed Martin Corp.
  • Northrop Grumman Innovations Systems
  • Serco Group
  • Acacia Mining
    • Human Rights Concerns
  • Corecivic Inc.
    • Human Rights Concerns
  • Energy Transfer Operating LP

  • 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

  • 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 International Finance PLC
  • Bentoel Internasional InvestamB.A.T CAPITAL CORPORATION
  • British American Tobacco (Malaysia) Berhad
  • British American Tobacco Holdings (The Netherlands) B.V.
  • British American Tobacco PLC
  • China Flavours & Fragrences
  • Eastern Tobacco
  • Electronic Cigarettes International
  • Fyolo Technology
  • Gilla Inc
  • Godfrey Phillips India Ltd
  • Golden Tobacco Ltd
  • Gudang Garam Tbk PT
  • Hanjaya Mandala Sampoerna Tbk
  • Healthier Choices Management Corp
  • Huabao International Holdings Ltd
  • Icon Vapor Inc
  • Imperial Brands PLC
  • IMPERIAL BRANDS FINANCE PLC
  • ITC Ltd
  • Japan Tobacco Inc
  • Karelia Tobacco Co Inc SA
  • Kimree Inc
  • KT&G Corp
  • 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
  • Scandinavian Tobacco
  • Schweitzer-Mauduit International
  • Shanghai Industrial Holdings Ltd
  • Sinnar Bidi Udyog Ltd
  • Sirrus Corp
  • Swan Group of Cos Inc
  • Swedish Match AB
  • TTCM China Ltd.
  • Turning Point Brands Inc
  • Universal Corp/VA
  • 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
  • Cie Financiere Richemont
  • Daicel Corporation
  • NOF Corporation
  • Northrop Grumman Corp
  • OLIN Corporation
  • Poongsan Corp
  • Sturm Ruger & Co. Inc.
  • S&T MOTIV Co. Ltd
  • Vista Outdoor
  • WHITING PETROLEUM CORPORATION
  • MAGNOLIA OIL & GAS CORPORATION
  • TAMARACK VALLEY ENERGY LTD.
  • NORTHERN OIL AND GAS, INC.
  • CALLON PETROLEUM COMPANY
  • EQT CORPORATION
  • PENN VIRGINIA CORPORATION
  • QEP RESOURCES, INC.
  • BONANZA CREEK ENERGY, INC.
  • PEYTO EXPLORATION & DEVELOPMENT CORP.
  • PARSLEY ENERGY, INC.
  • EXTRACTION OIL & GAS, INC.
  • CENTENNIAL RESOURCE DEVELOPMENT, INC.
  • SM ENERGY COMPANY
  • GULFPORT ENERGY CORPORATION
  • CIMAREX ENERGY CO.
  • DIAMONDBACK ENERGY, INC.MEG Energy Corp.
  • MATADOR RESOURCES COMPANY
  • CNX RESOURCES CORPORATION
  • PARAMOUNT RESOURCES LTD.
  • PDC ENERGY, INC.
  • CONCHO RESOURCES INC.
  • BAYTEX ENERGY CORP.
  • CABOT OIL & GAS CORPORATION
  • CONTINENTAL RESOURCES, INC.
  • RANGE RESOURCES CORPORATION
  • ANTERO RESOURCES CORPORATION
  • Seven Generations Energy Ltd.
  • NOBLE ENERGY, INC.
  • BIRCHCLIFF ENERGY LTD.
  • MARATHON OIL CORPORATION
  • LAREDO PETROLEUM, INC
  • CRESCENT POINT ENERGY CORP.
  • OASIS PETROLEUM INC.
  • EOG RESOURCES, INC.
  • SOUTHWESTERN ENERGY COMPANY
  • ARC RESOURCES LTD.
  • CANADIAN NATURAL RESOURCES LIMITED
  • PIONEER NATURAL RESOURCES COMPANY
  • DEVON ENERGY CORPORATION
  • CHESAPEAKE ENERGY CORPORATION
  • OVINTIV INC.
  • OCCIDENTAL PETROLEUM CORPORATION
  • NUVISTA ENERGY LTD.
  • Cenovus Energy Inc.
  • APACHE CORPORATION
  • Enerplus Corporation
  • MURPHY OIL CORPORATION
  • Suncor Energy Inc.
  • HESS CORPORATION
  • CONOCOPHILLIPS
  • TOURMALINE OIL CORP.
  • CALIFORNIA RESOURCES CORPORATION
  • NATIONAL FUEL GAS COMPANY
  • COMPAGNIE PETROLIERE IMPERIALE LTEE
  • SENEX ENERGY LIMITED
  • NK ROSNEFT' PAO
  • Japan Petroleum Exploration Co., Ltd.
  • PRAIRIESKY ROYALTY LTD.
  • PT Bumi Resources Tbk
  • Lubelski Wegiel Bogdanka SA
  • NEW HOPE CORPORATION LIMITED
  • Bukit Asam Tbk PT
  • EXXARO RESOURCES LIMITED
  • INNER MONGOLIA YITAI COAL CO., LTD
  • Indo Tambangraya Megah Tbk PT
  • AGRITRADE RESOURCES LIMITED
  • COAL INDIA LTD
  • CONSOL ENERGY INC.
  • PT Adaro Energy Tbk
  • WHITEHAVEN COAL LIMITED
  • WASHINGTON H. SOUL PATTINSON AND COMPANY LIMITED
  • Banpu Public Company Limited
  • PEABODY ENERGY CORPORATION
  • Yanzhou Coal Mining Company Limited
  • PT Indika Energy Tbk
  • PT United Tractors Tbk
  • ARCH COAL, INC.
  • Semirara Mining and Power Corporation
  • Alfa Energi Investama Tbk PT
  • Shaanxi Coal Industry Company Limited
  • Shanxi Lu'an Environmental Energy Dev. Co., Ltd
  • China Shenhua Energy Company Limited
  • China Coal Energy Company Limited
  • Guanghui Energy Co., Ltd.
  • PT Astra International Tbk
  • SOUTH32 LIMITED
  • Shanxi Xishan Coal and Electricity Power Co., Ltd.
  • JARDINE CYCLE & CARRIAGE LIMITED
  • Huadian Power International Corporation Limited
  • TIANDI SCIENCE & TECHNOLOGY CO.LTD
  • CONTURA ENERGY, INC.
  • ANGLO AMERICAN PLC
  • AFRICAN RAINBOW MINERALS LIMITED
  • JASTRZEBSKA SPOLKA WEGLOWA SPOLKA AKCYJNA