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Fund EcoMarket

the sustainable, responsible and ethical investment information hub

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Displaying 373 options from Fund EcoMarket
Print Fund Name SRI Style Product Region Asset Type Launch Date More info
Example Unclassified DFM/Portfolio Planner* Not Set Unclassified 01/01/1970 More Info (click to view)

SRI / Ethical Overview

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SRI Policies (Primary strategy in bold)

  • - No primary policy area

SRI Features

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Corporate Activity

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Links

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SRI / Ethical Policy

example

Resources, Affiliations & Corporate Strategies

BMO (F&C) Responsible UK Income 1 Acc Ethically Balanced OEIC/Unit Trust UK Equity Income 12/10/1987 More Info (click to view)

SRI / Ethical Overview

The Fund’s focus is on achieving an above average income through investments in approved UK companies. Within its responsible ethical principles the fund is managed as any other: the Lead Fund Manager, Catherine Stanley, uses bottom up company analysis within a clear portfolio construction framework to create a fund capable of generating compelling investment performance. The ethical principles mean we are largely precluded from investing in some sectors, but have a large number of companies to choose from nevertheless. 
 
The fund may also include exposure to ethically screened corporate bonds to assist in meeting its income target.

 

SRI / themed / ethical assets under management – overview 

 

  •  Fund Size (GBP):    £320.5m as at 30 June 2017
  • Total value of SRI/ethical/environmental/ social/ environmental or sustainability themed funds under management:   £1,693m as at 30 June 2017
  • Total value of assets covered by responsible ownership policy:   As at 31 March 2017 our flagship reo® service, a global engagement and proxy voting service that can be applied across equities and corporate credit, covered a total of £108,913m of assets for internal holdings and external clients.
  • Total assets under management:    £187,319m as at 31 March 2017

 

 

 

SRI Policies (Primary strategy in bold)

  • Environmental policy Find investment funds with environmental policies - ie that consider issues such as pollution, climate change, resource management, environmental impact. This will include options from all of the different SRI Styles, including funds where their core strategy is to focus on other areas such as ethical funds. See fund information for fund specific policy details.
  • Health & wellbeing policies Find ethical or sustainable investment fund options that have a policy which supports (ie aims to invest in) companies that are viewed as offering positive lifestyle, health or wellbeing related benefits.
  • Limits exposure to carbon intensive industries Find environmental, sustainable investment, ethical fund and other options that aim to significantly reduce or limit exposure to carbon intensive industries (ie sectors which are major contributors to climate change). Funds vary - strategies may involve excluding sectors such as coal, oil & gas, mining or airlines - or may indicate a 'best in sector' approach is taken. See fund literature for details.
  • Sustainability policy Find fund options that consider issues relating to the sustainability agenda (e.g. resource management, environmental impact, climate change and/or social issues such as equal opportunities, human rights and adherence to recognised codes). This will include funds from all of the different SRI Styles. See fund information for explanations of the different strategies.
  • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.
  • Social policy Find fund options that consider social issues (e.g. human rights, labour standards, equal opportunities, child labour and adherence to internationally recognised codes such as the UN Global Compact). This will include funds in most of the different SRI Styles as this is considered a core issue. See fund information for detail.
  • Governance policy Find fund options that have policies that relate to corporate governance issues such as board structure, executive remuneration, bribery and/or corporate corruption. These funds will typically avoid companies with poor practices.
  • Animal welfare policy Find ethical fund options that have policies that require specific animal welfare standards to be adopted by investee companies in order for them to be considered for inclusion within the fund.
  • Nuclear exclusion policy Find ethical funds (and other options) that have a published policy that sets out the fund's position on avoiding or limiting exposure to nuclear power. See fund literature for details of their policy.
  • Animal testing exclusion policy Find ethical investment options that avoid companies that are involved in testing their products on animals. Ethical fund strategies vary - some exclude all companies that test on animals, others allow companies that test for medical purposes or where required by law. Read fund details for fund specific information.
  • Tobacco production avoided Find fund options that exclude manufacturers of tobacco (or related) products. This typically relates to ethical funds however funds from other SRI Styles commonly avoid this area also. Strategies vary and funds may invest in retailers of such products (e.g. supermarkets or hotels.) See fund information for further information.
  • Armaments manufacturers avoided Find ethical fund (and other SRI) options that avoid avoids companies that manufacture products intended specifically for military use. Fund strategies vary - particularly with regard to non strategic military products. Read fund literature for specific details.
  • Coal, oil &/or gas majors excluded Find sustainable investment and ethical fund options that avoid significant involvement in coal, oil and/or gas producing companies. Funds vary. See individual fund literature to confirm details.
  • Climate change / GHG policy Find sustainable investment and ethical fund options that pay significant attention to climate change related issues such as greenhouse gas/carbon emissions. Strategies vary, see fund literature for individual fund information.
  • Invests in clean energy/renewables Find ethical, sustainable investment and other environmentally aware fund options that aim to invest in companies in the clean technology and renewable energy sectors. Fund strategies vary. Some funds may have limited exposure to this area, others may have significant exposure. Check fund literature for details.
  • Alcohol production excluded This filter helps you to find ethical funds - and other options - that avoid investment in alcohol production. See fund literature for further information.
  • Fracking and tar sands excluded Find fund options that avoid companies involved in fracking and tar sands - which are widely regarded as more controversial methods of oil and gas extraction.
  • Gambling avoidance policy Find ethical fund options (and other options) that avoid companies with significant involvement in the gambling industry. See fund policy for details.
  • Pornography avoidance policy Find ethical fund option - and in some cases other options - that avoid companies that derive significant income from pornography. See fund details for further information.
  • Human rights Find funds that consider human rights practices when approving companies for investment. Such funds will require decent standards of human rights to be demonstrated - which typically means adherence to international norms as a minimum standard.

SRI Features

  • Positive selection bias Find funds where their main 'ethical approach' is to invest in companies that are considered to be positive/good or useful to people and/or the environment. The fund may also have negative avoidance criteria - see fund details to read more about fund strategies.
  • Balances company 'pros and cons'/best in sector Find ethical funds and other options that consider both the 'positive' things companies do and the 'negative' things they do in order to make balanced, often complex decisions about where they might invest. Such funds often invest in the best/most ethical companies across most industries ('best in sector'), rather than excluding entire sectors. The fund manager may combine this with 'responsible engagement' activity to encourage better business practices. See fund literature for specific policy explanations.
  • Eurosif transparency Find funds that meet the standards of the EUROSIF transparency Code. This means that they are a leading fund in terms of openness and transparency, publishing - for example - extensive information about where they invest and how they deal with companies.
  • Sustainability themed Find funds where there is a significant emphasis on sustainability issues either as its primary strategy or as a core strategy that compliments other criteria. (This may apply to a number of different SRI Styles). Such funds will consider environmental and social issues when making stock selection decisions. Read fund literature for further information.
  • Favours companies with strong social policies Find funds that invest in line with positive strategies that relate to 'people' issues - such as having strong human rights, labour standards and equal opportunities practices. Such funds are likely to invest in companies that have market leading standards with regard to employee and supplier practices. Read fund literature for further information.
  • Strictly screened ethical fund Find funds that have a high level of negative ethical avoidance. These funds are likely to exclude more companies than other ethical (and SRI) fund options. Read fund literature for further information.
  • Aims to generate positive impacts Find funds that aim to help deliver positive social or environmental impacts or outcomes through their investment decisions - which typically involves holding companies that are viewed as being necessary or beneficial. Strategies and approaches vary. A small number of funds have recently started to measure outcomes (see 'Measures Impacts' in the Policy filter). This is a new area - so most funds do not do this yet. See fund literature for further information.
  • Available via an ISA Find funds that are available via a tax efficient ISA product wrapper
  • Over 50% small/mid cap Find funds where more than half of the funds' assets are invested in smaller or medium sized companies (ie below around £5 -10 billion).

Corporate Activity

  • ESG/SRI engagement Find funds and fund management companies that actively encourages higher 'environmental, social and governance' and/or 'sustainable and responsible investment' practices amongst investee companies - when positive change is aligned with the best interest of investors. This may apply to a single fund or a group of funds. Read fund literature for further information.
  • Responsible Ownership policy for non SRI funds Find funds run by fund managers that apply Responsible Ownership or 'Stewardship' policies to all or most of their investment assets. This means that active involvement (e.g. voting, dialogue) with the companies they invest in across funds (not normally limited to ethical or SRI options.) Read fund literature for further information.
  • Integrates ESG factors into all/most fund research Find fund management companies that research environmental, social and governance (ESG) issues when deciding whether or not to invest in a company. This typically applies to all funds, not only those which are promoted as being 'ethical' or 'SRI themed'. This is increasingly often used as a risk management tool.
  • Vote all shares at AGMs/EGMs This fund manager always votes the shares they own at annual general meetings (and extraordinary general meetings). This is a key indicator of 'responsible share ownership' and companies taking an interest in the future of the companies they part own.
  • In house responsible ownership/voting expertise Find fund / fund management companies where there is in-house expertise that enables the fund manager to make their own decisions on issues such as shareholder voting, setting of in-house guidelines - for example - particularly with regard to environmental, social and governance (ESG) issues.
  • Responsible Ownership/ESG a key differentiator The fund managers have said they consider this area to be a key differentiator for their business
  • UK Stewardship Code signatory Find fund managers that are signatories to the FRC UK Stewardship Code, which sets out a framework for constructive investor / investee relations where fund managers are encouraged to behave as responsible 'company owners'.
  • Publish Responsible Ownership/Stewardship report Find fund management companies that publish information on their approach to responsible investment ownership - also known as 'Stewardship' - following the introduction of 'the Stewardship Code'. This sets out their approach to voting, dialogue with company management and any related activity. This is publicly available.
  • Publish full voting record Find fund management companies that publishes a full record of how they vote at AGMs and EGMs. This information is publicly available.
  • Regularly lead collaborative ESG initiatives Find funds managed by fund management companies that regularly initiate or help run industry wide (collaborative) investor projects aimed at raising environmental, social and governance standards amongst investee companies.
  • PRI signatory Find fund management companies that have signed up to the UN backed 'Principles of Responsible Investment' initiative.

SRI / Ethical Policy

At BMO Global Asset Management, we have been a leader in the development of sustainable investment strategies for almost three decades. Responsible investment is central to our corporate identity and integral to our global investment philosophy.
 
Ethical considerations are becoming increasingly important in the mind set of many investors. In addition, there is also a growing consensus that the best long term performance will come from those companies that take their wider ethical, environmental and social responsibilities seriously. The fund provides an investment medium for people who do not regard financial gain as the sole criterion for investment, but look to wider issues. It seeks to invest in UK companies offering attractive growth and income characteristics, avoiding investment in those that have harmful effects.
 
We conduct in-house research on each company considered for the Fund and have product-based (ethical) criteria as well as conduct-based (sustainability management assessment) criteria. Below is a summary of the criteria: 
 


 Product-based Criteria:

 

  • Alcohol
  • Gambling
  • Nuclear power generation
  • Oil, gas and coal reserves
  • Pornography
  • Tobacco
  • Weapons

 

Conduct-based criteria:

 

  • Environment 
    • Arctic and ecologically-sensitive operations 
    • Environmental management 

 

  • Social 
    • Animal Welfare 
    • Health and safety 
    • Human rights and oppressive regimes
    • Labour standards

 

  • Governance 
    • Business ethics

 

The GSI team has a quarterly monitoring system to identify:
 

  • Changes to business e.g. through mergers and acquisitions
  • Whether the criteria continues to be met by the company (ethical, environmental and social)
  • Any controversies that may affect the company rating (e.g. mis-selling, environmental damage or corruption).

 
 

 

 

 

Resources, Affiliations & Corporate Strategies

The F&C Responsible UK Income Fund is managed by three distinct teams with the process led by the Investment Management team. The interaction between our teams is detailed in the following chart:
 

  • 1. The Responsible UK Equities Team manages the strategy using fundamental, bottom-up research to construct a portfolio of companies from the acceptable universe. Following approval for inclusion in the ethical universe the investment team is responsible for deeper investment analysis, portfolio construction and ongoing monitoring. 

 

  • 2. The Governance and Sustainable Investment Team (GSI Team) undertakes extensive research on ethical, environmental, social and governance issues for each company proposed for inclusion or actively held within the fund as outlined above. They reach a conclusion about whether a company should be included in the investable universe in conjunction with input from the Responsible Investment Advisory Council. Once a stock has been included the team is responsible for managing ongoing engagement and proxy voting.

 

  • 3. The independent external Responsible Investment Advisory Council is an external body of sustainability experts who focus on providing advice on ethical and sustainability criteria, helping the firm maintain the integrity of the standards by which the funds are run.

 
BMO Global Asset Management draws on a range of specialist ESG research sources to inform proxy voting and engagement activities. We are using Institutional Shareholder Services (ISS) for global proxy voting research and vote execution services. In addition, we are using Institutional Voting Information Service (IVIS) for supplementary advice on FTSE All-Share companies. Other relevant resources include sell-side brokers (corporate governance and sustainability research) and MSCI (ESG factors). We also consider research by broader stakeholders including NGOs such as Transparency International (anti-corruption), Oxfam and Human Rights Watch.
 
Our research is also informed by our networks that may provide briefings and publications, including the UN PRI, International Corporate Governance Network (ICGN) and the Asian Corporate Governance Association (ACGA). We may also draw on external consultants with expertise in particular areas, although presently we have no such arrangements underway. We are also part of a global asset management firm with investment professionals and other expert resources spread across the world, and we of course have access to their insight and expertise on an as needed basis.
 
 

Standard Life SLI Ethical Corporate Bond Pn S4 Negative Ethical Pension UK Fixed Interest 11/03/2013 More Info (click to view)

SRI / Ethical Overview

This pension product is linked to the "Standard Life Inv Ethical Corporate Bond" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing. 

SRI Policies (Primary strategy in bold)

  • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.

SRI Features

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Corporate Activity

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Links

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SRI / Ethical Policy

Resources, Affiliations & Corporate Strategies

RLP UK Ethical Pn Unclassified Pension UK Equity 01/11/1999
Zurich Jupiter Ecology CS1 Pn Environmentally Themed Pension Global Equity 26/07/2017
Abundance Generation (Debentures) Environmentally Themed Other Not Set Unclassified 19/04/2012
Aviva Liontrust Sustainable Future Defensive Managed Pn S6 Sustainability Themed Pension Global Mixed Asset 17/11/2014
FNW Jupiter Ecology Environmentally Themed Life Global Equity 25/07/2006
L&G Jupiter Ecology Pn G25 Environmentally Themed Pension Global Equity 17/04/2006 More Info (click to view)

SRI / Ethical Overview

This pension product is linked to the "Jupiter Ecology" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing.

SRI Policies (Primary strategy in bold)

  • Invests in clean energy/renewables Find ethical, sustainable investment and other environmentally aware fund options that aim to invest in companies in the clean technology and renewable energy sectors. Fund strategies vary. Some funds may have limited exposure to this area, others may have significant exposure. Check fund literature for details.

SRI Features

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Corporate Activity

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Links

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SRI / Ethical Policy

Resources, Affiliations & Corporate Strategies

EdenTree Amity European A Ethically Balanced OEIC/Unit Trust Europe Ex-UK Equity 12/09/1999 More Info (click to view)

SRI / Ethical Overview

The Amity European Fund aims to achieve long term capital growth with a reasonable level of income primarily through a diversified portfolio of European companies. The Amity European Fund seeks to invest in a portfolio of companies which make a positive contribution to society and the environment through sustainable and socially responsible practices. These Funds seek to avoid investment in certain areas such as companies which have a material involvement in alcohol, tobacco and weapon production, gambling and publication of violent or explicit materials.

 

SRI / themed / ethical assets under management – overview

  • Fund Size (GBP):   £87.37m as at 31/05/2017
  • Total value of SRI/ethical/environmental/ social/ environmental or sustainability themed funds under management:   £550m as at 31 December 2016
  • Total value of assets covered by responsible ownership policy:   100%
  • Total assets under management:    £2.5bn as at 31/05/2017

 

SRI Policies (Primary strategy in bold)

  • Environmental policy Find investment funds with environmental policies - ie that consider issues such as pollution, climate change, resource management, environmental impact. This will include options from all of the different SRI Styles, including funds where their core strategy is to focus on other areas such as ethical funds. See fund information for fund specific policy details.
  • Health & wellbeing policies Find ethical or sustainable investment fund options that have a policy which supports (ie aims to invest in) companies that are viewed as offering positive lifestyle, health or wellbeing related benefits.
  • Limits exposure to carbon intensive industries Find environmental, sustainable investment, ethical fund and other options that aim to significantly reduce or limit exposure to carbon intensive industries (ie sectors which are major contributors to climate change). Funds vary - strategies may involve excluding sectors such as coal, oil & gas, mining or airlines - or may indicate a 'best in sector' approach is taken. See fund literature for details.
  • Measures positive impacts Find funds that measure the positive effect of their investment decision making on society and/or the environment. (This may involve eg carbon saved or jobs supported.) Managers aim to quantify the benefits they deliver (relative to other strategies or other benchmarks) to ensure they are delivering positive benefiting. This is a new and evolving area. See fund literature for information
  • Sustainability policy Find fund options that consider issues relating to the sustainability agenda (e.g. resource management, environmental impact, climate change and/or social issues such as equal opportunities, human rights and adherence to recognised codes). This will include funds from all of the different SRI Styles. See fund information for explanations of the different strategies.
  • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.
  • Social policy Find fund options that consider social issues (e.g. human rights, labour standards, equal opportunities, child labour and adherence to internationally recognised codes such as the UN Global Compact). This will include funds in most of the different SRI Styles as this is considered a core issue. See fund information for detail.
  • Governance policy Find fund options that have policies that relate to corporate governance issues such as board structure, executive remuneration, bribery and/or corporate corruption. These funds will typically avoid companies with poor practices.
  • Animal welfare policy Find ethical fund options that have policies that require specific animal welfare standards to be adopted by investee companies in order for them to be considered for inclusion within the fund.
  • Nuclear exclusion policy Find ethical funds (and other options) that have a published policy that sets out the fund's position on avoiding or limiting exposure to nuclear power. See fund literature for details of their policy.
  • Animal testing exclusion policy Find ethical investment options that avoid companies that are involved in testing their products on animals. Ethical fund strategies vary - some exclude all companies that test on animals, others allow companies that test for medical purposes or where required by law. Read fund details for fund specific information.
  • Tobacco production avoided Find fund options that exclude manufacturers of tobacco (or related) products. This typically relates to ethical funds however funds from other SRI Styles commonly avoid this area also. Strategies vary and funds may invest in retailers of such products (e.g. supermarkets or hotels.) See fund information for further information.
  • Armaments manufacturers avoided Find ethical fund (and other SRI) options that avoid avoids companies that manufacture products intended specifically for military use. Fund strategies vary - particularly with regard to non strategic military products. Read fund literature for specific details.
  • Coal, oil &/or gas majors excluded Find sustainable investment and ethical fund options that avoid significant involvement in coal, oil and/or gas producing companies. Funds vary. See individual fund literature to confirm details.
  • Climate change / GHG policy Find sustainable investment and ethical fund options that pay significant attention to climate change related issues such as greenhouse gas/carbon emissions. Strategies vary, see fund literature for individual fund information.
  • Invests in clean energy/renewables Find ethical, sustainable investment and other environmentally aware fund options that aim to invest in companies in the clean technology and renewable energy sectors. Fund strategies vary. Some funds may have limited exposure to this area, others may have significant exposure. Check fund literature for details.
  • Alcohol production excluded This filter helps you to find ethical funds - and other options - that avoid investment in alcohol production. See fund literature for further information.
  • Fracking and tar sands excluded Find fund options that avoid companies involved in fracking and tar sands - which are widely regarded as more controversial methods of oil and gas extraction.
  • Gambling avoidance policy Find ethical fund options (and other options) that avoid companies with significant involvement in the gambling industry. See fund policy for details.
  • Pornography avoidance policy Find ethical fund option - and in some cases other options - that avoid companies that derive significant income from pornography. See fund details for further information.
  • Human rights Find funds that consider human rights practices when approving companies for investment. Such funds will require decent standards of human rights to be demonstrated - which typically means adherence to international norms as a minimum standard.

SRI Features

  • RSMR Rated Find funds that are rated by research agency 'Rayner Spencer Mills Research' (awarded 'RSMR SRI Rated' status). Read fund literature on contact RSMR for further information.
  • Positive selection bias Find funds where their main 'ethical approach' is to invest in companies that are considered to be positive/good or useful to people and/or the environment. The fund may also have negative avoidance criteria - see fund details to read more about fund strategies.
  • Negative selection bias Find funds where their main 'ethical approach' is to avoid companies by using negative screening criteria. Read fund literature for further information.
  • Eurosif transparency Find funds that meet the standards of the EUROSIF transparency Code. This means that they are a leading fund in terms of openness and transparency, publishing - for example - extensive information about where they invest and how they deal with companies.
  • Favours cleaner, greener companies Find funds that aim to nvest in companies with strong environmental policies and practices. This may mean it invests in smaller companies offering market leading environmental services or products and/or larger companies that are working towards the improved management of their negative impacts. Read fund literature for further information.
  • Favours companies with strong social policies Find funds that invest in line with positive strategies that relate to 'people' issues - such as having strong human rights, labour standards and equal opportunities practices. Such funds are likely to invest in companies that have market leading standards with regard to employee and supplier practices. Read fund literature for further information.
  • Faith friendly Find funds that have attributes that commonly suit the aims of investors of faith - although they may not be specifically marketed as being only for religious investors. Strategies vary (as do investor aims). Read fund literature for further information.
  • Strictly screened ethical fund Find funds that have a high level of negative ethical avoidance. These funds are likely to exclude more companies than other ethical (and SRI) fund options. Read fund literature for further information.
  • Aims to generate positive impacts Find funds that aim to help deliver positive social or environmental impacts or outcomes through their investment decisions - which typically involves holding companies that are viewed as being necessary or beneficial. Strategies and approaches vary. A small number of funds have recently started to measure outcomes (see 'Measures Impacts' in the Policy filter). This is a new area - so most funds do not do this yet. See fund literature for further information.
  • Available via an ISA Find funds that are available via a tax efficient ISA product wrapper
  • Over 50% small/mid cap Find funds where more than half of the funds' assets are invested in smaller or medium sized companies (ie below around £5 -10 billion).

Corporate Activity

  • ESG/SRI engagement Find funds and fund management companies that actively encourages higher 'environmental, social and governance' and/or 'sustainable and responsible investment' practices amongst investee companies - when positive change is aligned with the best interest of investors. This may apply to a single fund or a group of funds. Read fund literature for further information.
  • Responsible Ownership policy for non SRI funds Find funds run by fund managers that apply Responsible Ownership or 'Stewardship' policies to all or most of their investment assets. This means that active involvement (e.g. voting, dialogue) with the companies they invest in across funds (not normally limited to ethical or SRI options.) Read fund literature for further information.
  • Integrates ESG factors into all/most fund research Find fund management companies that research environmental, social and governance (ESG) issues when deciding whether or not to invest in a company. This typically applies to all funds, not only those which are promoted as being 'ethical' or 'SRI themed'. This is increasingly often used as a risk management tool.
  • Vote all shares at AGMs/EGMs This fund manager always votes the shares they own at annual general meetings (and extraordinary general meetings). This is a key indicator of 'responsible share ownership' and companies taking an interest in the future of the companies they part own.
  • In house responsible ownership/voting expertise Find fund / fund management companies where there is in-house expertise that enables the fund manager to make their own decisions on issues such as shareholder voting, setting of in-house guidelines - for example - particularly with regard to environmental, social and governance (ESG) issues.
  • Responsible Ownership/ESG a key differentiator The fund managers have said they consider this area to be a key differentiator for their business
  • UK Stewardship Code signatory Find fund managers that are signatories to the FRC UK Stewardship Code, which sets out a framework for constructive investor / investee relations where fund managers are encouraged to behave as responsible 'company owners'.
  • Publish Responsible Ownership/Stewardship report Find fund management companies that publish information on their approach to responsible investment ownership - also known as 'Stewardship' - following the introduction of 'the Stewardship Code'. This sets out their approach to voting, dialogue with company management and any related activity. This is publicly available.
  • Publish full voting record Find fund management companies that publishes a full record of how they vote at AGMs and EGMs. This information is publicly available.
  • Review(ing) carbon/fossil fuel exposure for all funds Find funds / fund managers that are reviewing or have reviewed their exposure to carbon intensive industries including (but not only) mining, oil and gas companies. This work is being carried out in the context of climate change related concerns, and may often reference international agreements.
  • Regularly lead collaborative ESG initiatives Find funds managed by fund management companies that regularly initiate or help run industry wide (collaborative) investor projects aimed at raising environmental, social and governance standards amongst investee companies.
  • PRI signatory Find fund management companies that have signed up to the UN backed 'Principles of Responsible Investment' initiative.
  • Boutique/specialist fund manager Find options offered by smaller, more specialist fund management companies with a significant (or entire) emphasis on sustainable, responsible, ethical, ESG or responsible ownership related investment strategies. Note - strategies vary significantly. Check fund manager supplied links for further information.

SRI / Ethical Policy

Ethical Approach

 

EIM is a pioneer of Socially Responsible Investment (SRI) and launched its first SRI investment fund in 1988. We utilise both negative and positive screening within the investment process. In respect of negative screening, we avoid companies whose activities derive in excess of 10% of their pre-tax profit or turnover from alcohol production, gambling, pornographic and violent material, tobacco production, strategic armaments, animal testing and intensive farming.

 

We look for the positive aspects in potential investments to ensure we invest in companies that are making a positive contribution to society and the environment. These may cover good business and corporate governance practices and community relations. We also look for companies promoting good standards of education, environmental management and healthcare. We look favourably upon companies which promote human rights, good labour relations and urban regeneration. As well as our own in-house research (including special thematic reports) we use a range of sources, including independent data from Risk Metrics in respect of Environmental, Social and Governance (ESG) issues.

 

EdenTree employs both negative and positive screening to its stock selection process and engages with companies before, during and after investing. This process is integrated into our overall investment management process and we use the following ‘screens’ when considering the suitability of an investment.

 

Positive Screening

 

Our positive screening approach centres on what we define as the ‘Nine Pillars’ of responsible investing.  We are particularly focused on areas that provide the necessities of life such as healthcare, water, education and housing, or products and services that are sourced ethically and produced sustainably. We also favour ‘solutions-focused’ companies that are leading the way in technologies that may help solve some of the world’s most challenging problems, such as climate change, alternative energy or water conservation. In addition, we focus on business behaviour, expecting the companies we invest in to have a well-managed policy for promoting human rights, environmental protection, labour rights and business ethics.

 

Negative Screening

 

Our negative screens include alcohol production, gambling operations, pornographic or violent material or weapon production. We also consider animal testing, oppressive regimes and intensive farming in our criteria when evaluating a company.

 

Amity Panel Review

 

The Amity Panel meet with the fund management and research team 3 or 4 times each year to review the Amity Fund portfolios, the recent investment decisions and to discuss the latest Socially Responsible research and trends. The purpose of the Amity Socially Responsible Investment Advisory Panel is to:-

 

• Help to ensure that the EdenTree Amity Range of Funds meet the stated aims and objectives.

• Provide advice in the formulation of policy in the light of changing social and environmental issues.

 

The Amity Panel will provide advice to the SRI team in a number of ways

 

• Advising on emerging issues or topics relevant to SRI criteria.

• Provide advice and guidance on individual companies or sectors.

• Provide advice and guidance on engagement work.

 

The independent panel is made up of a number of industry experts, including:

 

• The Right Reverend Dr Nigel Peyton – The Bishop of Brechin

• William Oulton – Global Head of Responsible Investments, First State Investments

• George Prescott – ex Ecclesiastical Deputy CEO and CFO, former ABI board member

• Helen Crosby – Sustainability Expert.

• Julie McDowell – Independent Consultant

 

The SRI team is responsible for ESG research and advising Fund Managers. The team has access to a number of external resources for decision making. We have appointed Sustainalytics as our ESG data provider which serves as a starting point for our ESG research. This is complemented by NGO sources, company reports, market news and SRI initiatives. The SRI team also directly meets with companies to discuss sustainability and governance issues.

 

Resources, Affiliations & Corporate Strategies

There is an in-house team responsible for the execution of our SRI policy; they focus on research, engagement and proxy voting.

 

 All UK proxy voting decisions (includes Guernsey, Jersey and Isle of Man) are taken and executed in-house, signed off by a Fund Manager. We take IVIS (Institutional Voting Information Service) provided by the Investment Association to inform thinking. We have appointed Glass Lewis & Co. to be our sole discretionary research and proxy execution provider in all jurisdictions other than the United Kingdom (including Guernsey, Jersey and the Isle of Man), delegating to it the responsibility for the instruction and execution of international proxy voting at all general and special international company meetings.

 

The team shares responsibility for company engagement, whether it is in house or in partnership with SRI organisations or other investors.

Standard Life Inv European Ethical Equity Ret Negative Ethical OEIC/Unit Trust Europe Ex-UK Equity 23/09/2007 More Info (click to view)

SRI / Ethical Overview

The European Ethical Equity Fund aims to provide long-term growth by investing in a diversified portfolio of European (excluding UK) equity assets that meet the strict ethical criteria determined by ongoing ethical investor research. The Fund is actively managed by our investment team, utilising a bottom-up, fundamental investment process that is both research intensive and risk aware. The Portfolio Manager excludes companies that fail to meet our ethical criteria while seeking to include companies whose business activities are regarded as making a positive contribution to society. These criteria are agreed with the Standard Life Ethical Funds Advisory Group and may be amended from time to time.

 

SRI / themed / ethical assets under management – overview :

  • Fund Size (GBP): £174.9 million as of 31 March 2017
  • Total value of SRI/ethical/environmental/ social/ environmental or sustainability themed funds under management: £2,571.2 million as of 31 March 2017
  • Standard Life Investments has a total of £277,929.6 million assets under management as of 31 December 2016

 

SRI Policies (Primary strategy in bold)

  • Environmental policy Find investment funds with environmental policies - ie that consider issues such as pollution, climate change, resource management, environmental impact. This will include options from all of the different SRI Styles, including funds where their core strategy is to focus on other areas such as ethical funds. See fund information for fund specific policy details.
  • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.
  • Sustainability policy Find fund options that consider issues relating to the sustainability agenda (e.g. resource management, environmental impact, climate change and/or social issues such as equal opportunities, human rights and adherence to recognised codes). This will include funds from all of the different SRI Styles. See fund information for explanations of the different strategies.
  • Social policy Find fund options that consider social issues (e.g. human rights, labour standards, equal opportunities, child labour and adherence to internationally recognised codes such as the UN Global Compact). This will include funds in most of the different SRI Styles as this is considered a core issue. See fund information for detail.
  • Governance policy Find fund options that have policies that relate to corporate governance issues such as board structure, executive remuneration, bribery and/or corporate corruption. These funds will typically avoid companies with poor practices.
  • Animal testing exclusion policy Find ethical investment options that avoid companies that are involved in testing their products on animals. Ethical fund strategies vary - some exclude all companies that test on animals, others allow companies that test for medical purposes or where required by law. Read fund details for fund specific information.
  • Tobacco production avoided Find fund options that exclude manufacturers of tobacco (or related) products. This typically relates to ethical funds however funds from other SRI Styles commonly avoid this area also. Strategies vary and funds may invest in retailers of such products (e.g. supermarkets or hotels.) See fund information for further information.
  • Armaments manufacturers avoided Find ethical fund (and other SRI) options that avoid avoids companies that manufacture products intended specifically for military use. Fund strategies vary - particularly with regard to non strategic military products. Read fund literature for specific details.
  • Health & wellbeing policies Find ethical or sustainable investment fund options that have a policy which supports (ie aims to invest in) companies that are viewed as offering positive lifestyle, health or wellbeing related benefits.
  • Nuclear exclusion policy Find ethical funds (and other options) that have a published policy that sets out the fund's position on avoiding or limiting exposure to nuclear power. See fund literature for details of their policy.
  • Climate change / GHG policy Find sustainable investment and ethical fund options that pay significant attention to climate change related issues such as greenhouse gas/carbon emissions. Strategies vary, see fund literature for individual fund information.
  • Invests in clean energy/renewables Find ethical, sustainable investment and other environmentally aware fund options that aim to invest in companies in the clean technology and renewable energy sectors. Fund strategies vary. Some funds may have limited exposure to this area, others may have significant exposure. Check fund literature for details.
  • Alcohol production excluded This filter helps you to find ethical funds - and other options - that avoid investment in alcohol production. See fund literature for further information.
  • Fracking and tar sands excluded Find fund options that avoid companies involved in fracking and tar sands - which are widely regarded as more controversial methods of oil and gas extraction.
  • Gambling avoidance policy Find ethical fund options (and other options) that avoid companies with significant involvement in the gambling industry. See fund policy for details.
  • Pornography avoidance policy Find ethical fund option - and in some cases other options - that avoid companies that derive significant income from pornography. See fund details for further information.
  • Human rights Find funds that consider human rights practices when approving companies for investment. Such funds will require decent standards of human rights to be demonstrated - which typically means adherence to international norms as a minimum standard.

SRI Features

  • Positive selection bias Find funds where their main 'ethical approach' is to invest in companies that are considered to be positive/good or useful to people and/or the environment. The fund may also have negative avoidance criteria - see fund details to read more about fund strategies.
  • Negative selection bias Find funds where their main 'ethical approach' is to avoid companies by using negative screening criteria. Read fund literature for further information.
  • Balances company 'pros and cons'/best in sector Find ethical funds and other options that consider both the 'positive' things companies do and the 'negative' things they do in order to make balanced, often complex decisions about where they might invest. Such funds often invest in the best/most ethical companies across most industries ('best in sector'), rather than excluding entire sectors. The fund manager may combine this with 'responsible engagement' activity to encourage better business practices. See fund literature for specific policy explanations.
  • Eurosif transparency Find funds that meet the standards of the EUROSIF transparency Code. This means that they are a leading fund in terms of openness and transparency, publishing - for example - extensive information about where they invest and how they deal with companies.
  • Over 50% large cap Find funds that invests more than half of their money into what are commonly regarded as 'large companies'. This will typically mean that the market capitalisation (or value) of the companies they hold is in excess of £5 to £10 billion.
  • Favours cleaner, greener companies Find funds that aim to nvest in companies with strong environmental policies and practices. This may mean it invests in smaller companies offering market leading environmental services or products and/or larger companies that are working towards the improved management of their negative impacts. Read fund literature for further information.
  • Favours companies with strong social policies Find funds that invest in line with positive strategies that relate to 'people' issues - such as having strong human rights, labour standards and equal opportunities practices. Such funds are likely to invest in companies that have market leading standards with regard to employee and supplier practices. Read fund literature for further information.
  • Strictly screened ethical fund Find funds that have a high level of negative ethical avoidance. These funds are likely to exclude more companies than other ethical (and SRI) fund options. Read fund literature for further information.
  • Aims to generate positive impacts Find funds that aim to help deliver positive social or environmental impacts or outcomes through their investment decisions - which typically involves holding companies that are viewed as being necessary or beneficial. Strategies and approaches vary. A small number of funds have recently started to measure outcomes (see 'Measures Impacts' in the Policy filter). This is a new area - so most funds do not do this yet. See fund literature for further information.
  • Available via an ISA Find funds that are available via a tax efficient ISA product wrapper

Corporate Activity

  • ESG/SRI engagement Find funds and fund management companies that actively encourages higher 'environmental, social and governance' and/or 'sustainable and responsible investment' practices amongst investee companies - when positive change is aligned with the best interest of investors. This may apply to a single fund or a group of funds. Read fund literature for further information.
  • Integrates ESG factors into all/most fund research Find fund management companies that research environmental, social and governance (ESG) issues when deciding whether or not to invest in a company. This typically applies to all funds, not only those which are promoted as being 'ethical' or 'SRI themed'. This is increasingly often used as a risk management tool.
  • Vote all shares at AGMs/EGMs This fund manager always votes the shares they own at annual general meetings (and extraordinary general meetings). This is a key indicator of 'responsible share ownership' and companies taking an interest in the future of the companies they part own.
  • In house responsible ownership/voting expertise Find fund / fund management companies where there is in-house expertise that enables the fund manager to make their own decisions on issues such as shareholder voting, setting of in-house guidelines - for example - particularly with regard to environmental, social and governance (ESG) issues.
  • UK Stewardship Code signatory Find fund managers that are signatories to the FRC UK Stewardship Code, which sets out a framework for constructive investor / investee relations where fund managers are encouraged to behave as responsible 'company owners'.
  • Publish full voting record Find fund management companies that publishes a full record of how they vote at AGMs and EGMs. This information is publicly available.
  • PRI signatory Find fund management companies that have signed up to the UN backed 'Principles of Responsible Investment' initiative.

SRI / Ethical Policy

Standard Life Investments recognises that the world faces significant environmental and social challenges. Our Ethical Funds seek to invest in companies that are supporting the solutions to these challenges and uphold the highest standards of corporate responsibility. The criteria of the ethical investment policy aim to reflect this.

Positive Criteria

Using positive criteria, we favour companies that are involved in activities that benefit society and the environment. We use the UN Global Compact to define the four areas where we seek positive business practices and services.

  • Environment: We seek to invest in companies that have a positive impact on the environment, and contribute to environmental protection and enhancement through its products and services.
  • Human Rights & Community: We seek companies that respect and support the human rights of those affected by its business, offer products and services that provide access to some of the world’s most basic rights, and have strong relationships within their communities.
  • Employment: We seek to invest in companies that have strong labour practices, and implement strong safety, health and welfare policies.
  • Anti-bribery & Corruption: We favour investment in companies that uphold the highest standards of business ethics and demonstrate strong anti-corruption policies, and adopted and embed a code which encourages employees to follow principles of good business behaviour and positive corporate culture.

Corporate Governance

The funds adopt a formal corporate governance policy. We actively vote at the AGMs of the companies held in the funds. Due consideration is given to issues such as board independence, excessive remuneration and audit issues. Voting is conducted within the terms of the Ethical Funds Investment Policy and in the best of interests of the investors in the funds.

In addition, the funds will adopt a policy of voting:

  • against the Chairman of any company where the board fails to have set policy, have oversight or take responsibility for environmental, social, health & safety and human rights issues.
  • against members of any health, safety and environment committee where insufficient oversight has resulted in poor performance in these areas.

Engagement

The fund pursues an active engagement policy. We engage with companies on a range of environmental and social issues with the aim that good corporate behaviour is adopted by the companies in which the funds invest. Where engagement proves ineffective and concerns remain over corporate behaviour and oversight of these issues, we will disinvest from a company. It is our ambition that this active engagement will challenge and encourage companies in which the funds invest to improve their environmental and social performance and practices.

Negative Criteria

If a company is involved in the activities listed below, the funds will avoid investment in them.

  • Environmental damage and pollution
  • Weapons
  • Human rights abuses
  • Nuclear
  • Alcohol production
  • Animal  testing
  • Animal husbandry
  • Fur
  • Pornography
  • Marketing breast milk substitutes
  • Tobacco
  • Gambling
  • Poor business practices

 Fracking is not explicitly excluded, though is unlikely to pass our environmental screen

The funds will also avoid companies that have failed one or more of the ten principles of the UN Global Compact.

    Resources, Affiliations & Corporate Strategies

    Standard Life Investments has had a long history of taking ESG issues into account. We have heavily invested in resources dedicated to the analysis of ESG themes. In particular, we have two teams focusing on the integration of these issues into our investment process:

    1) our Governance & Stewardship Team, who analyses how a company is governed and implements an active voting process, and

    2) our Responsible Investment Team, who assess companies on sustainability issues. 

    Within our regional equity teams, fund management and research is a combined role, whereby each equity manager is individually accountable for stocks held in their portfolios, while at the same time working as a team through review and debate of investment ideas based on the research they have conducted in each sector. Each of our regional equity teams (UK, Europe, North America and GEM/Asia) is organised in this way, creating a common research platform for all equity products where analysis and resources are freely shared.

    The vast majority of our investment ideas are generated from information and analysis from one-on-one company meetings. Collectively, more than 3,000 company meetings are conducted annually across Standard Life Investments. These meetings are used to ascertain the company’s own views and expectations of the future prospects for their company and the markets in which they invest. External secondary research is also generated to gain insight on the consensus view and supplement our own proprietary research. This includes the use of industry experts such as Gerson Lehrman Group (GLG), and the Coleman Research Group, to challenge and test our theses in specialist products or developing new areas. The sell-side research available in the market provides a useful gauge as to what is already known or priced in by the markets.

    In addition, both our Governance & Stewardship and Responsible Investment Teams have a systematic programme of ongoing engagement with companies to encourage and monitor sustainability practices, and to discuss a range of relevant corporate governance issues such as Board balance and composition, remuneration policies, and audit and risk issues. These Teams are closely integrated with our asset class teams and regularly attend company meetings together, providing analysis from both a financial and ESG perspective to get a comprehensive view of the company. Our main ESG data providers are Sustainalytics, Bloomberg, GMI, Institutional Shareholder Services (ISS) and IVIS. Additionally, EIRiS, an independent research agency, is a key system used to determine which companies comply with our strict ethical criteria within our Ethical Funds. We input our negative and positive criteria into the EIRiS web-based database system, which then generates lists of the companies that pass or fail the criteria. We also use the system to identify which companies are rated as “preferred” on the basis of their positive criteria. These ratings are added to our proprietary quantitative model, which used by our regional equity investors as a screening input and decision support tool to their stock analysis process using normal investment criteria.

    Ultimate accountability for the investment decisions within the portfolio is the responsibility of the appointed Portfolio Manager.

    Pru Royal London Sustainable Leaders Pn Ser A Sustainability Themed Pension UK Equity 25/01/2010 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "CIS Sustainable Leaders Trust" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing. 

    SRI Policies (Primary strategy in bold)

    • Sustainability policy Find fund options that consider issues relating to the sustainability agenda (e.g. resource management, environmental impact, climate change and/or social issues such as equal opportunities, human rights and adherence to recognised codes). This will include funds from all of the different SRI Styles. See fund information for explanations of the different strategies.

    SRI Features

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    OMW EdenTree Amity Sterling Bond Ethically Balanced Pension UK Fixed Interest 16/10/2008 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "EdenTree Amity Sterling Bond" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing.

    SRI Policies (Primary strategy in bold)

    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.

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    Aviva Liontrust Sustainable Future Defensive Managed S4 Sustainability Themed Life Global Mixed Asset 17/11/2014
    SIP Kames Ethical Cautious Managed Pen S6 Negative Ethical Pension UK Mixed Asset 21/07/2008 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "Kames Ethical Cautious Managed" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing. 

    SRI Policies (Primary strategy in bold)

    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.

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    Resources, Affiliations & Corporate Strategies

    Social Freehold A gr Acc Social Themed OEIC/Unit Trust Global Property 17/05/2017 More Info (click to view)

    SRI / Ethical Overview

    SRI Policies (Primary strategy in bold)

    • - No primary policy area

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    OMW IPL L&G Ethical UK Equity Index Pn Ethically Balanced Pension UK Equity 12/04/2017 More Info (click to view)

    SRI / Ethical Overview

    SRI Policies (Primary strategy in bold)

    • Alcohol production excluded This filter helps you to find ethical funds - and other options - that avoid investment in alcohol production. See fund literature for further information.

    SRI Features

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    Resources, Affiliations & Corporate Strategies

    OMW Hendersons Global Care Growth Sustainability Themed Life Global Equity 22/07/2012
    Alquity Future World M USD Social Themed SICAV/Offshore* Global Equity 04/06/2014
    Scot Wid Environmental Environmentally Themed Life UK Equity 08/05/2000
    Aviva Premier Ethical Ethically Balanced Pension UK Equity 30/04/1996 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "Premier Ethical" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing. 

    SRI Policies (Primary strategy in bold)

    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.

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    Resources, Affiliations & Corporate Strategies

    Impax Environmental Markets plc Environmentally Themed Investment Trust Global Equity 22/02/2002 More Info (click to view)

    SRI / Ethical Overview

    Impax Environmental Markets plc is a London listed investment trust pursuing a long-only global equity strategy investing in pure play - or "specialist" - environmental companies.  The trust has over 80% of the underlying revenue of the portfolio companies generated by sales of environmental products or services. It is also the first listed equity fund to demonstrate a net positive carbon impact.   

      

    SRI Policies (Primary strategy in bold)

    • Environmental policy Find investment funds with environmental policies - ie that consider issues such as pollution, climate change, resource management, environmental impact. This will include options from all of the different SRI Styles, including funds where their core strategy is to focus on other areas such as ethical funds. See fund information for fund specific policy details.
    • Sustainability policy Find fund options that consider issues relating to the sustainability agenda (e.g. resource management, environmental impact, climate change and/or social issues such as equal opportunities, human rights and adherence to recognised codes). This will include funds from all of the different SRI Styles. See fund information for explanations of the different strategies.
    • Social policy Find fund options that consider social issues (e.g. human rights, labour standards, equal opportunities, child labour and adherence to internationally recognised codes such as the UN Global Compact). This will include funds in most of the different SRI Styles as this is considered a core issue. See fund information for detail.
    • Governance policy Find fund options that have policies that relate to corporate governance issues such as board structure, executive remuneration, bribery and/or corporate corruption. These funds will typically avoid companies with poor practices.
    • Measures positive impacts Find funds that measure the positive effect of their investment decision making on society and/or the environment. (This may involve eg carbon saved or jobs supported.) Managers aim to quantify the benefits they deliver (relative to other strategies or other benchmarks) to ensure they are delivering positive benefiting. This is a new and evolving area. See fund literature for information
    • Climate change / GHG policy Find sustainable investment and ethical fund options that pay significant attention to climate change related issues such as greenhouse gas/carbon emissions. Strategies vary, see fund literature for individual fund information.
    • Invests in clean energy/renewables Find ethical, sustainable investment and other environmentally aware fund options that aim to invest in companies in the clean technology and renewable energy sectors. Fund strategies vary. Some funds may have limited exposure to this area, others may have significant exposure. Check fund literature for details.
    • Human rights Find funds that consider human rights practices when approving companies for investment. Such funds will require decent standards of human rights to be demonstrated - which typically means adherence to international norms as a minimum standard.

    SRI Features

    • Norms focus Find funds that use internationally agreed standards, conventions and 'norms' to help direct where the fund can and cannot invest (e.g. the UN Global Compact, UN Sustainable Development Goals). Read fund literature for further information.
    • Positive selection bias Find funds where their main 'ethical approach' is to invest in companies that are considered to be positive/good or useful to people and/or the environment. The fund may also have negative avoidance criteria - see fund details to read more about fund strategies.
    • Sustainability themed Find funds where there is a significant emphasis on sustainability issues either as its primary strategy or as a core strategy that compliments other criteria. (This may apply to a number of different SRI Styles). Such funds will consider environmental and social issues when making stock selection decisions. Read fund literature for further information.
    • Favours cleaner, greener companies Find funds that aim to nvest in companies with strong environmental policies and practices. This may mean it invests in smaller companies offering market leading environmental services or products and/or larger companies that are working towards the improved management of their negative impacts. Read fund literature for further information.
    • Favours companies with strong social policies Find funds that invest in line with positive strategies that relate to 'people' issues - such as having strong human rights, labour standards and equal opportunities practices. Such funds are likely to invest in companies that have market leading standards with regard to employee and supplier practices. Read fund literature for further information.
    • Faith friendly Find funds that have attributes that commonly suit the aims of investors of faith - although they may not be specifically marketed as being only for religious investors. Strategies vary (as do investor aims). Read fund literature for further information.

    Corporate Activity

    • ESG/SRI engagement Find funds and fund management companies that actively encourages higher 'environmental, social and governance' and/or 'sustainable and responsible investment' practices amongst investee companies - when positive change is aligned with the best interest of investors. This may apply to a single fund or a group of funds. Read fund literature for further information.
    • Boutique/specialist fund manager Find options offered by smaller, more specialist fund management companies with a significant (or entire) emphasis on sustainable, responsible, ethical, ESG or responsible ownership related investment strategies. Note - strategies vary significantly. Check fund manager supplied links for further information.

    SRI / Ethical Policy

    Impax Environmental Markets plc is solely focused on investing in Resource Efficiency and Environmental Markets. The trust applies a positive screening approach to companies operating within these diverse high growth markets.

    Resources, Affiliations & Corporate Strategies

    We are members of, or signatory to the following:

    • UN Principles for Responsible Investment (UNPRI)

    • Institutional Investors Group on Climate Change (IIGCC)

    • Investor Network on Climate Risk (INCR)

    • Carbon Disclosure Project (CDP)

    • UK Sustainable Investment and Finance Association (UKSIF)

    • USSIF

    • UK Stewardship Code

    • Global Impact Investing Network (GIIN)

      Impax Asset Management has also been awarded a Queen’s Award for Enterprise: Sustainable Development, the UK’s highest business accolade for business success.

    Engage Mutual FTSE4 Good Sustainability Themed Life UK Unclassified 01/12/1998
    Metlife Aegon Ethical Equity Negative Ethical Life UK Equity 01/02/2009
    Phoenix Wealth AXA IM Ethical Distribution P Acc Negative Ethical Pension UK Mixed Asset 30/08/2009 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "AXA Ethical Distribution" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing.

    SRI Policies (Primary strategy in bold)

    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.

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    Aviva Liontrust Sustainable Future European Growth S1 Sustainability Themed Life Europe Ex-UK Equity 24/06/2001
    Aviva Ethical Distribution AL Acc Negative Ethical Life UK Mixed Asset 30/04/2008 More Info (click to view)

    SRI / Ethical Overview

    SRI Policies (Primary strategy in bold)

    • Animal testing exclusion policy Find ethical investment options that avoid companies that are involved in testing their products on animals. Ethical fund strategies vary - some exclude all companies that test on animals, others allow companies that test for medical purposes or where required by law. Read fund details for fund specific information.

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    Invests via AXA ethical fund - negative screen bias, a distribution fund ABI Mixed Investment 20-60% shares

    Resources, Affiliations & Corporate Strategies

    Zurich UK Opportunities 2 EL Unclassified Life UK Equity 08/10/1990 More Info (click to view)

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    • - No primary policy area

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    Fund objective The fund seeks to invest in well governed companies with prospects for growth. The fund invests primarily in the UK but there may be some investment in overseas companies. Fund availability This fund was known as Zurich Environmental Opportunities EL until 17 October 2011. Fund features This fund invests in assets which tend to produce the highest level of return but with higher risk. Over the longer term these assets should generate superior growth. There will be greater fluctuations in value, which at times may be dramatic.

    Resources, Affiliations & Corporate Strategies

    Scot Eq Henderson Global Care Managed Pn Ethically Balanced Pension Global Mixed Asset 30/10/2009 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "Henderson Global Care Managed" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing.

    SRI Policies (Primary strategy in bold)

    • Social policy Find fund options that consider social issues (e.g. human rights, labour standards, equal opportunities, child labour and adherence to internationally recognised codes such as the UN Global Compact). This will include funds in most of the different SRI Styles as this is considered a core issue. See fund information for detail.

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    Standard Life Ethical UK Pn S5 Negative Ethical Pension UK Equity 14/09/2006 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "Standard Life Inv UK Ethical Trust" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing.

    SRI Policies (Primary strategy in bold)

    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.

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    Canlife F&C Responsible UK Income Pn PS4 Acc Ethically Balanced Pension UK Equity Income 01/12/2005 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "BMO (F&C) Responsible UK Income" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing.

    SRI Policies (Primary strategy in bold)

    • Social policy Find fund options that consider social issues (e.g. human rights, labour standards, equal opportunities, child labour and adherence to internationally recognised codes such as the UN Global Compact). This will include funds in most of the different SRI Styles as this is considered a core issue. See fund information for detail.

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    Zurich Kames Ethical Equity AL Negative Ethical Life UK Equity 10/09/2010
    Foresight Solar VCT PLC Ord 1P Environmentally Themed Investment Trust UK Equity 02/11/2010
    OMW Jupiter Ecology Environmentally Themed Life Global Equity 23/02/2007
    Aviva Royal London Sustainable World Trust S4 Sustainability Themed Life Global Mixed Asset 22/11/2010
    Jupiter Green IT PLC Environmentally Themed Investment Trust Global Equity 07/06/2006 More Info (click to view)

    SRI / Ethical Overview

    The Jupiter Green Investment Trust invests in companies that are providing solutions to environmental problems.

    The Trust focuses on companies which respond to environmental challenges by developing a product or service which provides sustainable long-term solutions.

    SRI Policies (Primary strategy in bold)

    • Environmental policy Find investment funds with environmental policies - ie that consider issues such as pollution, climate change, resource management, environmental impact. This will include options from all of the different SRI Styles, including funds where their core strategy is to focus on other areas such as ethical funds. See fund information for fund specific policy details.
    • Sustainability policy Find fund options that consider issues relating to the sustainability agenda (e.g. resource management, environmental impact, climate change and/or social issues such as equal opportunities, human rights and adherence to recognised codes). This will include funds from all of the different SRI Styles. See fund information for explanations of the different strategies.
    • Governance policy Find fund options that have policies that relate to corporate governance issues such as board structure, executive remuneration, bribery and/or corporate corruption. These funds will typically avoid companies with poor practices.
    • Limits exposure to carbon intensive industries Find environmental, sustainable investment, ethical fund and other options that aim to significantly reduce or limit exposure to carbon intensive industries (ie sectors which are major contributors to climate change). Funds vary - strategies may involve excluding sectors such as coal, oil & gas, mining or airlines - or may indicate a 'best in sector' approach is taken. See fund literature for details.
    • Coal, oil &/or gas majors excluded Find sustainable investment and ethical fund options that avoid significant involvement in coal, oil and/or gas producing companies. Funds vary. See individual fund literature to confirm details.
    • Climate change / GHG policy Find sustainable investment and ethical fund options that pay significant attention to climate change related issues such as greenhouse gas/carbon emissions. Strategies vary, see fund literature for individual fund information.
    • Invests in clean energy/renewables Find ethical, sustainable investment and other environmentally aware fund options that aim to invest in companies in the clean technology and renewable energy sectors. Fund strategies vary. Some funds may have limited exposure to this area, others may have significant exposure. Check fund literature for details.

    SRI Features

    • Positive selection bias Find funds where their main 'ethical approach' is to invest in companies that are considered to be positive/good or useful to people and/or the environment. The fund may also have negative avoidance criteria - see fund details to read more about fund strategies.
    • Eurosif transparency Find funds that meet the standards of the EUROSIF transparency Code. This means that they are a leading fund in terms of openness and transparency, publishing - for example - extensive information about where they invest and how they deal with companies.
    • Sustainability themed Find funds where there is a significant emphasis on sustainability issues either as its primary strategy or as a core strategy that compliments other criteria. (This may apply to a number of different SRI Styles). Such funds will consider environmental and social issues when making stock selection decisions. Read fund literature for further information.
    • Favours cleaner, greener companies Find funds that aim to nvest in companies with strong environmental policies and practices. This may mean it invests in smaller companies offering market leading environmental services or products and/or larger companies that are working towards the improved management of their negative impacts. Read fund literature for further information.

    Corporate Activity

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    SRI / Ethical Policy

    The Trust invests in three environmental investment themes:

    Environmental Infrastructure: Companies which own or develop low environmental impact infrastructure in areas such as alternative energy, pollution abatement, waste management, utilities and transportation networks. 

    Resource efficiency: Companies which provide technologies, products and services aimed at improving the efficiency and long-term environmental impact of natural resources and energy.

    Demographics: Companies which provide technology, products and services which enhance human well-being, consumer choice, communication and transportation whilst minimising environmental impacts. We believe that this represents an exciting and diversified long-term opportunity to invest in some of the most forward thinking and innovative companies in the world.

     

    Resources, Affiliations & Corporate Strategies

    Charlie Thomas has been the Lead Fund Manager of the Jupiter Ecology Fund since 2003.  Charlie works closely with Abbie Llewellyn-Waters, Assistant Fund Manager, and Jon Wallace, Environmental & Responsible Investment Analyst.

    Environmental screening for the Jupiter Ecology Fund is undertaken by the Jupiter Sustainable Investment Team, a team of analysts specialising in the environmental performance of companies. The Team assesses companies against a set of ethical and environmental criteria.

    Standard Life TM Fulcrum Diversified Absolute Return Pn S9 Unclassified Pension Global Mixed Asset 24/03/2014
    Royal London Sustainable Managed Income Trust B Acc Sustainability Themed OEIC/Unit Trust Global Fixed Interest 01/12/2012 More Info (click to view)

    SRI / Ethical Overview

    RLAM’s investment philosophy is to take the principle of sustainability and apply it across different geographies and asset classes. We define sustainable investing as investing in companies that have a net positive benefit to society either through the products and services they offer or in the way they conduct their business. In doing this we support companies having a positive impact on society whilst at the same time growing investor capital.

     

    Although the Trust adopts positive screening as its primary method of investment selection, it also offers reassurance from a number of areas of avoidance.

     

     

    SRI / themed / ethical assets under management – overview

     

    • Fund Size (GBP):   £28.76m as of 31 May 2017.
    • Total value of SRI/ethical/environmental/ social/ environmental or sustainability themed funds under management:   £11,793.22m as of 31 May 2017.
    • Total value of assets covered by responsible ownership policy:   £1,416.04m as of 31 May 2017     (Please note that this figure only includes our sustainable range, however, RLAM’s Responsible Investment Policy will detail how this is an over-arching approach across most of the firm’s assets).
    • Total assets under management:    £104,507.32m as of 31 May 2017.

     

    SRI Policies (Primary strategy in bold)

    • Environmental policy Find investment funds with environmental policies - ie that consider issues such as pollution, climate change, resource management, environmental impact. This will include options from all of the different SRI Styles, including funds where their core strategy is to focus on other areas such as ethical funds. See fund information for fund specific policy details.
    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.
    • Sustainability policy Find fund options that consider issues relating to the sustainability agenda (e.g. resource management, environmental impact, climate change and/or social issues such as equal opportunities, human rights and adherence to recognised codes). This will include funds from all of the different SRI Styles. See fund information for explanations of the different strategies.
    • Governance policy Find fund options that have policies that relate to corporate governance issues such as board structure, executive remuneration, bribery and/or corporate corruption. These funds will typically avoid companies with poor practices.
    • Animal testing exclusion policy Find ethical investment options that avoid companies that are involved in testing their products on animals. Ethical fund strategies vary - some exclude all companies that test on animals, others allow companies that test for medical purposes or where required by law. Read fund details for fund specific information.
    • Tobacco production avoided Find fund options that exclude manufacturers of tobacco (or related) products. This typically relates to ethical funds however funds from other SRI Styles commonly avoid this area also. Strategies vary and funds may invest in retailers of such products (e.g. supermarkets or hotels.) See fund information for further information.
    • Armaments manufacturers avoided Find ethical fund (and other SRI) options that avoid avoids companies that manufacture products intended specifically for military use. Fund strategies vary - particularly with regard to non strategic military products. Read fund literature for specific details.
    • Measures positive impacts Find funds that measure the positive effect of their investment decision making on society and/or the environment. (This may involve eg carbon saved or jobs supported.) Managers aim to quantify the benefits they deliver (relative to other strategies or other benchmarks) to ensure they are delivering positive benefiting. This is a new and evolving area. See fund literature for information
    • Limits exposure to carbon intensive industries Find environmental, sustainable investment, ethical fund and other options that aim to significantly reduce or limit exposure to carbon intensive industries (ie sectors which are major contributors to climate change). Funds vary - strategies may involve excluding sectors such as coal, oil & gas, mining or airlines - or may indicate a 'best in sector' approach is taken. See fund literature for details.
    • Nuclear exclusion policy Find ethical funds (and other options) that have a published policy that sets out the fund's position on avoiding or limiting exposure to nuclear power. See fund literature for details of their policy.
    • Alcohol production excluded This filter helps you to find ethical funds - and other options - that avoid investment in alcohol production. See fund literature for further information.
    • Fracking and tar sands excluded Find fund options that avoid companies involved in fracking and tar sands - which are widely regarded as more controversial methods of oil and gas extraction.
    • Gambling avoidance policy Find ethical fund options (and other options) that avoid companies with significant involvement in the gambling industry. See fund policy for details.
    • Pornography avoidance policy Find ethical fund option - and in some cases other options - that avoid companies that derive significant income from pornography. See fund details for further information.
    • Human rights Find funds that consider human rights practices when approving companies for investment. Such funds will require decent standards of human rights to be demonstrated - which typically means adherence to international norms as a minimum standard.

    SRI Features

    • Positive selection bias Find funds where their main 'ethical approach' is to invest in companies that are considered to be positive/good or useful to people and/or the environment. The fund may also have negative avoidance criteria - see fund details to read more about fund strategies.
    • Negative selection bias Find funds where their main 'ethical approach' is to avoid companies by using negative screening criteria. Read fund literature for further information.
    • Balances company 'pros and cons'/best in sector Find ethical funds and other options that consider both the 'positive' things companies do and the 'negative' things they do in order to make balanced, often complex decisions about where they might invest. Such funds often invest in the best/most ethical companies across most industries ('best in sector'), rather than excluding entire sectors. The fund manager may combine this with 'responsible engagement' activity to encourage better business practices. See fund literature for specific policy explanations.
    • Over 50% large cap Find funds that invests more than half of their money into what are commonly regarded as 'large companies'. This will typically mean that the market capitalisation (or value) of the companies they hold is in excess of £5 to £10 billion.
    • Sustainability themed Find funds where there is a significant emphasis on sustainability issues either as its primary strategy or as a core strategy that compliments other criteria. (This may apply to a number of different SRI Styles). Such funds will consider environmental and social issues when making stock selection decisions. Read fund literature for further information.
    • Favours cleaner, greener companies Find funds that aim to nvest in companies with strong environmental policies and practices. This may mean it invests in smaller companies offering market leading environmental services or products and/or larger companies that are working towards the improved management of their negative impacts. Read fund literature for further information.
    • Aims to generate positive impacts Find funds that aim to help deliver positive social or environmental impacts or outcomes through their investment decisions - which typically involves holding companies that are viewed as being necessary or beneficial. Strategies and approaches vary. A small number of funds have recently started to measure outcomes (see 'Measures Impacts' in the Policy filter). This is a new area - so most funds do not do this yet. See fund literature for further information.
    • Available via an ISA Find funds that are available via a tax efficient ISA product wrapper

    Corporate Activity

    • ESG/SRI engagement Find funds and fund management companies that actively encourages higher 'environmental, social and governance' and/or 'sustainable and responsible investment' practices amongst investee companies - when positive change is aligned with the best interest of investors. This may apply to a single fund or a group of funds. Read fund literature for further information.
    • Vote all shares at AGMs/EGMs This fund manager always votes the shares they own at annual general meetings (and extraordinary general meetings). This is a key indicator of 'responsible share ownership' and companies taking an interest in the future of the companies they part own.
    • In house responsible ownership/voting expertise Find fund / fund management companies where there is in-house expertise that enables the fund manager to make their own decisions on issues such as shareholder voting, setting of in-house guidelines - for example - particularly with regard to environmental, social and governance (ESG) issues.
    • UK Stewardship Code signatory Find fund managers that are signatories to the FRC UK Stewardship Code, which sets out a framework for constructive investor / investee relations where fund managers are encouraged to behave as responsible 'company owners'.
    • Publish Responsible Ownership/Stewardship report Find fund management companies that publish information on their approach to responsible investment ownership - also known as 'Stewardship' - following the introduction of 'the Stewardship Code'. This sets out their approach to voting, dialogue with company management and any related activity. This is publicly available.
    • Publish full voting record Find fund management companies that publishes a full record of how they vote at AGMs and EGMs. This information is publicly available.
    • Regularly lead collaborative ESG initiatives Find funds managed by fund management companies that regularly initiate or help run industry wide (collaborative) investor projects aimed at raising environmental, social and governance standards amongst investee companies.
    • PRI signatory Find fund management companies that have signed up to the UN backed 'Principles of Responsible Investment' initiative.

    SRI / Ethical Policy

    Although the Trust adopts positive screening as its primary method of investment selection, it also offers reassurance from a number of areas of avoidance. In particular the portfolio avoids investment in any company that is or is likely to be exposed to:

     

    • Human rights abuses
    • Tobacco and armaments manufacture
    • Products which involve experiments on animals, except for those conducted for the benefit of human or animal health
    • The generation of nuclear power

     

    The Trust also avoids investments in companies which derive a material proportion (Over 10%) of their business from:

     

    • Animal fur products
    • Pornography
    • Irresponsible gambling
    • Irresponsible drinking
    • Worker exploitation or exploitative consumer practices.

     

    If a company breaches this threshold, then it is likely that that company’s involvement in that excluded sector is a noteworthy part of their business and strategy.

     

    Also, this threshold is deemed to be realistic and appropriate in terms of assessing a company, given that it may not be possible to always pinpoint the exact turnover derived from an excluded activity. This threshold ensures that a minimum of 90% of each holding meets the ethical criteria.

     

    Finally, the Trust avoids investments in companies that have unacceptable corporate governance and mismanage social, ethical and environmental risk.

     

    Resources, Affiliations & Corporate Strategies

    The core of our process is the team of five ESG investment specialists. Although each team member is capable of working across the spectrum of financial and ESG analysis required to enact our investment process, there are specialisms. We have two fund managers, one corporate governance specialist and two analysts capable of researching companies on a global basis across the spectrum of financial and ESG issues. The team has a high level of experience and have honed and improved the process over the 14 years since it was implemented. We have a very disciplined approach to investing, based around clear principles and a framework to ensure that that individually and as a team we make consistently high quality investment decisions on behalf of our clients.

     

    An external advisory committee supplements this internal expertise. Not only do they provide external, independent oversight as to the adherence to the principles and ethos of the investment process, they are also invaluable in adding to the knowledge base, which exists internally. The advisory committee consists of members from the corporate, academic, investment and charities arenas.

     

    We supplement this resource with the effective use of systems. Starting with a global universe of over 18,000 companies it is important we focus our work on those areas most likely to yield strong investment ideas. It particular we use MSCI to identity companies with strong ESG performance, and CSFB Holt to identify companies with inherent value creation and strong competitive advantage. Both these tools allow us to identify where and how best to use our internal resource. At this point we will conduct our own analysis as to the suitability of a potential investment.

     

    It is worth emphasising that, whether primary inputs have been internally derived or otherwise, we will never delegate the final decision as to whether a security is selected in our portfolios, given our very different philosophical approach to valuation.

     

    RLAM Voting Policy:  

     

    Social Freehold Feeder Trust I Social Themed OEIC/Unit Trust Global Property 17/05/2017
    Aviva Kames Ethical Corporate Bond Pn Negative Ethical Pension Europe >50% UK Fixed Interest 31/01/2007 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "Kames Ethical Corporate Bond" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing. 

    SRI Policies (Primary strategy in bold)

    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.

    SRI Features

    -

    Corporate Activity

    -

    Links

    -

    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    Syncona Ltd Social Themed Investment Trust Global Hedge 25/10/2012 More Info (click to view)

    SRI / Ethical Overview

    SRI Policies (Primary strategy in bold)

    • Health & wellbeing policies Find ethical or sustainable investment fund options that have a policy which supports (ie aims to invest in) companies that are viewed as offering positive lifestyle, health or wellbeing related benefits.

    SRI Features

    -

    Corporate Activity

    -

    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    Scot Wid Specialist Global Equity Pn 1 Faith Based Pension Global Equity 13/12/2010 More Info (click to view)

    SRI / Ethical Overview

    SRI Policies (Primary strategy in bold)

    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.

    SRI Features

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    Corporate Activity

    -

    Links

    -

    SRI / Ethical Policy

    Underlying fund is SWIP Global Islamic Equity

    Resources, Affiliations & Corporate Strategies

    OMW Aberdeen Ethical World Equity Pn Ethically Balanced Pension Global Equity 27/06/2006 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "Aberdeen Ethical World" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing.  

    SRI Policies (Primary strategy in bold)

    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.

    SRI Features

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    Corporate Activity

    -

    Links

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    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    Fidelity F&C Responsible UK Equity Growth Pn 4 Ethically Balanced Pension UK Equity 30/07/2005
    OMW Henderson Global Care Growth Pn Sustainability Themed Pension Global Equity 22/07/2012 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "Henderson Global Care Growth" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing.

    SRI Policies (Primary strategy in bold)

    • Social policy Find fund options that consider social issues (e.g. human rights, labour standards, equal opportunities, child labour and adherence to internationally recognised codes such as the UN Global Compact). This will include funds in most of the different SRI Styles as this is considered a core issue. See fund information for detail.

    SRI Features

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    Corporate Activity

    -

    Links

    -

    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    Aviva Mym Legal & General (PMC) Ethical GLobal Equity Index Pn Sustainability Themed Pension Global Equity 02/05/2016
    Aviva Jupiter Ecology Pn S6 Environmentally Themed Pension Global Equity 06/04/2008 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "Jupiter Ecology" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing.

    SRI Policies (Primary strategy in bold)

    • Invests in clean energy/renewables Find ethical, sustainable investment and other environmentally aware fund options that aim to invest in companies in the clean technology and renewable energy sectors. Fund strategies vary. Some funds may have limited exposure to this area, others may have significant exposure. Check fund literature for details.

    SRI Features

    -

    Corporate Activity

    -

    Links

    -

    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    Aviva HSBC Amanah Global Equity Index Pn Faith Based Pension Global Equity 01/12/2004
    Scot Eq Socially Responsible Equity Pn B Sustainability Themed Pension UK Equity 31/08/1998
    Jupiter Responsible Income Acc Environmentally Themed OEIC/Unit Trust UK Equity Income 22/11/1999 More Info (click to view)

    SRI / Ethical Overview

    The Jupiter Responsible Income Fund focuses on investing in UK companies that are actively managing their environmental and social impact: good governance companies. The Fund will specifically avoid investing in companies associated with armaments, tobacco, nuclear power and animal testing for toiletries and cosmetics. Companies’ investment and financial prospects are assessed by the Jupiter Environmental Investment Team.

    SRI Policies (Primary strategy in bold)

    • Environmental policy Find investment funds with environmental policies - ie that consider issues such as pollution, climate change, resource management, environmental impact. This will include options from all of the different SRI Styles, including funds where their core strategy is to focus on other areas such as ethical funds. See fund information for fund specific policy details.
    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.
    • Sustainability policy Find fund options that consider issues relating to the sustainability agenda (e.g. resource management, environmental impact, climate change and/or social issues such as equal opportunities, human rights and adherence to recognised codes). This will include funds from all of the different SRI Styles. See fund information for explanations of the different strategies.
    • Social policy Find fund options that consider social issues (e.g. human rights, labour standards, equal opportunities, child labour and adherence to internationally recognised codes such as the UN Global Compact). This will include funds in most of the different SRI Styles as this is considered a core issue. See fund information for detail.
    • Governance policy Find fund options that have policies that relate to corporate governance issues such as board structure, executive remuneration, bribery and/or corporate corruption. These funds will typically avoid companies with poor practices.
    • Animal testing exclusion policy Find ethical investment options that avoid companies that are involved in testing their products on animals. Ethical fund strategies vary - some exclude all companies that test on animals, others allow companies that test for medical purposes or where required by law. Read fund details for fund specific information.
    • Tobacco production avoided Find fund options that exclude manufacturers of tobacco (or related) products. This typically relates to ethical funds however funds from other SRI Styles commonly avoid this area also. Strategies vary and funds may invest in retailers of such products (e.g. supermarkets or hotels.) See fund information for further information.
    • Armaments manufacturers avoided Find ethical fund (and other SRI) options that avoid avoids companies that manufacture products intended specifically for military use. Fund strategies vary - particularly with regard to non strategic military products. Read fund literature for specific details.
    • Nuclear exclusion policy Find ethical funds (and other options) that have a published policy that sets out the fund's position on avoiding or limiting exposure to nuclear power. See fund literature for details of their policy.

    SRI Features

    • RSMR Rated Find funds that are rated by research agency 'Rayner Spencer Mills Research' (awarded 'RSMR SRI Rated' status). Read fund literature on contact RSMR for further information.
    • Negative selection bias Find funds where their main 'ethical approach' is to avoid companies by using negative screening criteria. Read fund literature for further information.
    • Balances company 'pros and cons'/best in sector Find ethical funds and other options that consider both the 'positive' things companies do and the 'negative' things they do in order to make balanced, often complex decisions about where they might invest. Such funds often invest in the best/most ethical companies across most industries ('best in sector'), rather than excluding entire sectors. The fund manager may combine this with 'responsible engagement' activity to encourage better business practices. See fund literature for specific policy explanations.
    • Eurosif transparency Find funds that meet the standards of the EUROSIF transparency Code. This means that they are a leading fund in terms of openness and transparency, publishing - for example - extensive information about where they invest and how they deal with companies.
    • *Limited/few ethical exclusions Funds with this label tend to avoid fewer companies than other ethical funds or other options with avoidance criteria. Strategies vary. The fund may only avoid companies in one or two areas (eg only exclude tobacco or armaments companies) or they may exclude only the very worst companies when measured against internationally accepted standards (across potentially a range of areas). Read fund literature for further information.

    Corporate Activity

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    SRI / Ethical Policy

    The Jupiter Responsible Income Fund typically invests in companies that fall into one of two categories:

    • those that are actively managing their environmental and social impacts: good governance companies; or
    • those that are providing solutions to environmental and social problems.

    Good governance companies are analysed under the following headings:

    Leading company assessment: Companies that demonstrate leading practice amongst their industry peers in terms of policies, processes or performance in the areas of Corporate Responsibility and are demonstrating a commitment to managing their impacts and reporting on progress.

    High impact companies: This includes companies operating in sectors with potentially high environmental and social impacts, such as the resources sector, which includes mining and oil & gas businesses. For inclusion in the Fund, these companies in particular are required to demonstrate outstanding practices in the areas mentioned above relative not only to their peer group but across all sectors. Where appropriate, emphasis is placed on engagement with high impact companies on such issues prior to taking a holding. Resource sector companies are also considered favourably if a significant part of their business is explicitly involved in providing environmental solutions. 

    Limited impact company assessment: Companies that have low environmental impacts and manage these appropriately.

    Small company assessment: Companies whose management have a commitment to improve environmental performance and can demonstrate that key social and environmental risks are managed well.

    Continuous improvers: These companies have not yet reached leading company status but are typically working towards continuous improvement in policies, processes or performance in the areas of Corporate Responsibility and are demonstrating a commitment to managing their impacts and reporting on progress.

    The Fund will be allowed to invest in almost all sectors of the stock market, including those companies whose products and services do not contribute directly to sustainable development.

    The Jupiter Responsible Income Fund seeks to avoid investment in any company that is involved in activities which are believed to be incompatible with its environmental and social goals.
    Examples of such negative activities include:

    • Manufacture of armaments;
    • Manufacture or sale of tobacco products; and
    • Generation of nuclear power.

    Resources, Affiliations & Corporate Strategies

    Ethical and environmental screening for the Jupiter Responsible Income Fund is undertaken by the Jupiter Sustainable Investment Team, a team of analysts specialising in the environmental performance of companies. The Team assesses companies against a set of ethical and environmental criteria 

    Kames Ethical Corporate Bond A Acc Negative Ethical OEIC/Unit Trust UK Fixed Interest 27/04/2000 More Info (click to view)

    SRI / Ethical Overview

    We launched our first ethical equity fund in 1989. Since then, we have broadened our ethical capabilities to include ethical corporate bond and cautious managed funds. Today we are distinctive among fund providers in offering such a broad suite of ethical products. Some of the characteristics of our ethical proposition are:

    • We are committed to ethical investing
    • Ethical companies make good investments.
    • ‘Dark green’ funds operate strict ethical principles.
    • Our ethical funds are rated by Morningstar OBSR.
    • A 2014 survey named Kames Capital as one of only three ethical investment providers to be used by over 70% of financial advisers which are members of the Ethical Investment Association. 

     

    SRI / themed / ethical assets under management – overview

    • Fund Size (GBP): £493.47 million as at 31/05/2017
    • Total value of SRI/ethical/environmental/ social/ environmental or sustainability themed funds under management: £1,748.84 million as at 31/05/2017
    • Total assets under management: £45,335 million as at 31/03/2017

     

    SRI Policies (Primary strategy in bold)

    • Alcohol production excluded This filter helps you to find ethical funds - and other options - that avoid investment in alcohol production. See fund literature for further information.
    • Gambling avoidance policy Find ethical fund options (and other options) that avoid companies with significant involvement in the gambling industry. See fund policy for details.
    • Pornography avoidance policy Find ethical fund option - and in some cases other options - that avoid companies that derive significant income from pornography. See fund details for further information.
    • Human rights Find funds that consider human rights practices when approving companies for investment. Such funds will require decent standards of human rights to be demonstrated - which typically means adherence to international norms as a minimum standard.
    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.

    SRI Features

    • RSMR Rated Find funds that are rated by research agency 'Rayner Spencer Mills Research' (awarded 'RSMR SRI Rated' status). Read fund literature on contact RSMR for further information.
    • Negative selection bias Find funds where their main 'ethical approach' is to avoid companies by using negative screening criteria. Read fund literature for further information.
    • Strictly screened ethical fund Find funds that have a high level of negative ethical avoidance. These funds are likely to exclude more companies than other ethical (and SRI) fund options. Read fund literature for further information.

    Corporate Activity

    • PRI signatory Find fund management companies that have signed up to the UN backed 'Principles of Responsible Investment' initiative.

    SRI / Ethical Policy

    All three of Kames Capital’s ethical funds apply the same ‘negative’ screen. This means that we screen companies out of the potential investment universe based on certain unacceptable activities. Because we apply stringent screening criteria, our funds are considered ‘dark green’. We do not screen out whole sectors, but some may largely be excluded because of the nature of their business activities.

    Our screening criteria are clear and explicit. Certain ethical issues, however, are not black or white. Our 20 years’ experience of managing ethical investments means we can consider these issues appropriately when they arise.

    We do not apply ‘positive screening’ criteria like some other funds. The funds may invest in themes that could be considered ‘socially responsible’, like alternative energy or social housing companies, but only if these companies pass our negative screens.

    We aim for transparency in our screening process. This means it is easy for clients to understand the types of companies we exclude. Our underlying philosophy is to avoid companies that cause significant negative effects in society or the environment. 

    We use both external screening databases and in-house research to ensure companies meet our ethical criteria and are suitable for investment. Our Corporate Governance team focuses on the screening and research, freeing our fund managers to focus solely on stock selection and portfolio construction.

    Our ‘dark green’ screen is ideally suited to investors looking for a more stringent ethical philosophy. It adopts a negative approach that screens companies out of our funds’ potential investment universe if they engage in certain unacceptable activities. Examples of our screening process are shown below:

    • Animal Welfare
    • Military
    • Nuclear power
    • Environment
    • Political Donations
    • Genetic Engineering
    • Gambling
    • Alcohol
    • Tobacco
    • Pornography
    • Banks
    • Oppressive Regimes

    Kames Capital aims to be a responsible investor. We ensure that we identify and understand the key environmental, social and governance (ESG) risks for each of the companies, industries and sectors that we invest in. We do this because evidence suggests that companies who rank among the leaders in governance and sustainability tend to outperform as investments over the long term.

    Our approach to responsible investment is consistent with the UK Stewardship Code. The Code sets out good practice Principles on engagement with investee companies which UK-based institutional investors should aspire to. You can download our compliance statement from our website.

    We are also a signatory to the United Nations Principles for Responsible Investment (UN PRI). The UN PRI is the principal international investor initiative to drive the integration of environmental, social and governance issues into investment decision making. The initiative places a formal requirement on signatories to be active, responsible shareholders and report annually on activities and progress in a transparent manner.

     

    Resources, Affiliations & Corporate Strategies

    Our corporate governance team is responsible for the analysis of relevant environmental, social and governance (ESG) issues. They are responsible for identifying the key ESG risks for each of the companies, industries and sectors that we invest in and in turn providing our fund managers with succinct, relevant data that could have investment consequences. Our corporate governance team is linked to equivalent individuals in other Aegon Asset Management country offices.

    We use a range of data sources for ESG research purposes and these resources have increased significantly in the last few years as the quality of the data available has improved.  Resources currently include:

    • MSCI ESG Manager – company ESG research platform
    • EIRIS Portfolio Manager – company ESG research platform
    • ASSET4 assetmasterProfessional –  company ESG research platform
    • RiskMetrics ProxyExchange – proxy voting research and processing
    • The Association of British Insurers (ABI) IVIS proxy voting research service 
    • BoardEx - corporate board and remuneration database
    • Specialist databases, such as UN Principles for Responsible Investment (UNPRI), Carbon Disclosure Project (CDP) and Extractives Industry Transparency Directive (EITI)
    • Specialist research from brokers and academics
    • Various specialist journal subscriptions

    A strong relationship exists between our corporate governance team and our fund managers, which enables material non-financial information to be incorporated into our investment processes. ESG research reports produced by our corporate governance team sit alongside all the other existing investment research undertaken by our fund managers on a given security. The corporate governance team also provide relevant news-flow and commentary on ESG issues to our fund managers that they might not receive from other sources.  

    Our fund managers consider ESG research alongside other relevant financial and non-financial factors in the investment decision-making process. The importance that the fund manager attaches to ESG issues is in proportion to their ability to influence security prices.

     

    OMW IPL F&C Stewardship Growth Pn Ethically Balanced Pension UK Equity 04/02/2014
    OMW Ethical Negative Ethical Life Global Equity 19/02/1992
    EdenTree Amity Balanced Fund for Charities Ethically Balanced OEIC/Unit Trust Global Mixed Asset 03/04/2011
    SVM All Europe SRI A Responsible Ownership OEIC/Unit Trust Europe Equity 31/10/2006 More Info (click to view)

    SRI / Ethical Overview

    SRI Policies (Primary strategy in bold)

    • - No primary policy area

    SRI Features

    • RSMR Rated Find funds that are rated by research agency 'Rayner Spencer Mills Research' (awarded 'RSMR SRI Rated' status). Read fund literature on contact RSMR for further information.
    • *Limited/few ethical exclusions Funds with this label tend to avoid fewer companies than other ethical funds or other options with avoidance criteria. Strategies vary. The fund may only avoid companies in one or two areas (eg only exclude tobacco or armaments companies) or they may exclude only the very worst companies when measured against internationally accepted standards (across potentially a range of areas). Read fund literature for further information.

    Corporate Activity

    -

    SRI / Ethical Policy

    Fund focus is engagement but includes limited screening  (tobacco, armaments, pornography)

    Resources, Affiliations & Corporate Strategies

    Aviva Liontrust Sustainable Future Absolute Growth Pn S2 Sustainability Themed Pension Global Equity 05/04/2001 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "Liontrust Sustainable Future Absolute Growth" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing.

    SRI Policies (Primary strategy in bold)

    • Sustainability policy Find fund options that consider issues relating to the sustainability agenda (e.g. resource management, environmental impact, climate change and/or social issues such as equal opportunities, human rights and adherence to recognised codes). This will include funds from all of the different SRI Styles. See fund information for explanations of the different strategies.

    SRI Features

    -

    Corporate Activity

    -

    Links

    -

    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    Barclays Charity R Inc Unclassified OEIC/Unit Trust Global Unclassified 08/09/2013
    OMW F&C Responsible UK Equity Income Pn Ethically Balanced Pension UK Equity Income 26/09/2005 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "BMO (F&C) Responsible UK Income" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing.

    SRI Policies (Primary strategy in bold)

    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.

    SRI Features

    -

    Corporate Activity

    -

    Links

    -

    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    Aviva Ethical Distribution AL Negative Ethical Life UK Mixed Asset 26/05/2002 More Info (click to view)

    SRI / Ethical Overview

    SRI Policies (Primary strategy in bold)

    • Animal testing exclusion policy Find ethical investment options that avoid companies that are involved in testing their products on animals. Ethical fund strategies vary - some exclude all companies that test on animals, others allow companies that test for medical purposes or where required by law. Read fund details for fund specific information.

    SRI Features

    -

    Corporate Activity

    -

    Links

    -

    SRI / Ethical Policy

    Invests via AXA ethical fund - negative screen bias, a distribution fund ABI Mixed Investment 20-60% shares

    Resources, Affiliations & Corporate Strategies

    Jupiter Ecology Inc Environmentally Themed OEIC/Unit Trust Global Equity 31/03/1988 More Info (click to view)

    SRI / Ethical Overview

    The Jupiter Ecology Fund invests in companies that are providing solutions to environmental problems.

    The Fund focuses on companies which respond to environmental challenges by developing a product or service which provides sustainable long-term solutions.

    SRI Policies (Primary strategy in bold)

    • Environmental policy Find investment funds with environmental policies - ie that consider issues such as pollution, climate change, resource management, environmental impact. This will include options from all of the different SRI Styles, including funds where their core strategy is to focus on other areas such as ethical funds. See fund information for fund specific policy details.
    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.
    • Sustainability policy Find fund options that consider issues relating to the sustainability agenda (e.g. resource management, environmental impact, climate change and/or social issues such as equal opportunities, human rights and adherence to recognised codes). This will include funds from all of the different SRI Styles. See fund information for explanations of the different strategies.
    • Animal welfare policy Find ethical fund options that have policies that require specific animal welfare standards to be adopted by investee companies in order for them to be considered for inclusion within the fund.
    • Animal testing exclusion policy Find ethical investment options that avoid companies that are involved in testing their products on animals. Ethical fund strategies vary - some exclude all companies that test on animals, others allow companies that test for medical purposes or where required by law. Read fund details for fund specific information.
    • Tobacco production avoided Find fund options that exclude manufacturers of tobacco (or related) products. This typically relates to ethical funds however funds from other SRI Styles commonly avoid this area also. Strategies vary and funds may invest in retailers of such products (e.g. supermarkets or hotels.) See fund information for further information.
    • Armaments manufacturers avoided Find ethical fund (and other SRI) options that avoid avoids companies that manufacture products intended specifically for military use. Fund strategies vary - particularly with regard to non strategic military products. Read fund literature for specific details.
    • Measures positive impacts Find funds that measure the positive effect of their investment decision making on society and/or the environment. (This may involve eg carbon saved or jobs supported.) Managers aim to quantify the benefits they deliver (relative to other strategies or other benchmarks) to ensure they are delivering positive benefiting. This is a new and evolving area. See fund literature for information
    • Nuclear exclusion policy Find ethical funds (and other options) that have a published policy that sets out the fund's position on avoiding or limiting exposure to nuclear power. See fund literature for details of their policy.
    • Coal, oil &/or gas majors excluded Find sustainable investment and ethical fund options that avoid significant involvement in coal, oil and/or gas producing companies. Funds vary. See individual fund literature to confirm details.
    • Climate change / GHG policy Find sustainable investment and ethical fund options that pay significant attention to climate change related issues such as greenhouse gas/carbon emissions. Strategies vary, see fund literature for individual fund information.
    • Invests in clean energy/renewables Find ethical, sustainable investment and other environmentally aware fund options that aim to invest in companies in the clean technology and renewable energy sectors. Fund strategies vary. Some funds may have limited exposure to this area, others may have significant exposure. Check fund literature for details.