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Fund EcoMarket

the sustainable, responsible and ethical investment information hub

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SRI Classification

SRI Attributes (primary entries only)

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Displaying 394 options from Fund EcoMarket
Print Fund Name SRI Style Product Region Asset Type Launch Date More info
Example Unclassified Other Not Set Unclassified 30/11/-0001 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

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Resources, Affiliations & Corporate Strategies

Family Charities Ethical Exempt S1 Sustainability Themed Life UK Equity 01/07/1996
Aviva F&C Responsible UK Equity Growth Pn S6 Ethically Balanced Pension UK Equity 29/09/2008 More Info (click to view)

SRI / Ethical Overview

This pension product is linked to the "BMO (F&C) Responsible UK Equity 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)

  • 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

Aviva L&G Ethical UK Equity Index Pn Sustainability Themed Pension UK Equity 01/06/2011 More Info (click to view)

SRI / Ethical Overview

This pension product is linked to the "L&G 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.

SRI Features

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Corporate Activity

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Links

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SRI / Ethical Policy

Resources, Affiliations & Corporate Strategies

Aviva Ethical Distribution AP Acc Negative Ethical Pension UK Mixed Asset 01/05/1998 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.

SRI Features

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Corporate Activity

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Links

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SRI / Ethical Policy

Resources, Affiliations & Corporate Strategies

SIP Kames Ethical Equity Pn S6 Negative Ethical Pension UK Equity 12/01/2009 More Info (click to view)

SRI / Ethical Overview

This pension product is linked to the "Kames Ethical Equity" 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

Aviva Jupiter Ecology EP S1 Environmentally Themed Pension Global Equity 01/02/2007 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 Sterling Bond A Ethically Balanced OEIC/Unit Trust UK Fixed Interest 04/03/2008 More Info (click to view)

SRI / Ethical Overview

The Fund aims to provide an attractive level of income. The Fund seeks to invest in a highly diversified portfolio of Government and good quality fixed interest securities issued by 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):   £101.41m 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 votes or aims to vote all* the shares they own at Annual General Meetings and Extraordinary General Meetings. A commitment to voting shares is a key indicator of 'responsible share ownership' - where fund managers consider - and express their views on - the key business issues effecting the companies they part own. (*Allowance is made for exceptional situations such as when shares are in the process of being sold.)
  • 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.

ReAssure HL Global Socially Responsible Pn 1 Unclassified Pension Global Equity 23/08/2004
Aberdeen Ethical World A Acc Ethically Balanced OEIC/Unit Trust Global Equity 01/05/1999 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

  • 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.

Corporate Activity

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Links

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SRI / Ethical Policy

Resources, Affiliations & Corporate Strategies

Aviva Investors (AI) UK Equity Income A Inc Ethically Balanced Life UK Equity 02/04/2015
Aviva Kames Ethical Corporate Bond EP Negative Ethical Pension UK Fixed Interest 06/05/2008 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

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Corporate Activity

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Links

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SRI / Ethical Policy

Resources, Affiliations & Corporate Strategies

Standard Life Inv UK Ethical Trust Ret Negative Ethical OEIC/Unit Trust UK Equity 16/02/1998 More Info (click to view)

SRI / Ethical Overview

Standard Life Investments’ UK Ethical Equity Fund aims to provide long-term growth by investing in a diversified portfolio of 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): £258.6 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

  • 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.
  • 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 votes or aims to vote all* the shares they own at Annual General Meetings and Extraordinary General Meetings. A commitment to voting shares is a key indicator of 'responsible share ownership' - where fund managers consider - and express their views on - the key business issues effecting the companies they part own. (*Allowance is made for exceptional situations such as when shares are in the process of being sold.)
  • 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.

Zurich Jupiter Ecology CS1 Pn Environmentally Themed Pension Global Equity 27/07/2017
Aviva Investors Responsible Ownership Corporate Activity Not Set Unclassified 30/11/-0001 More Info (click to view)

SRI / Ethical Overview

Aviva engage on all equity and mixed assets in all geographic regions.

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

Resources, Affiliations & Corporate Strategies

Aviva Ethical Safeguard Optimiser S2 Ethically Balanced Life UK Equity 09/04/2009
Aviva Liontrust Sustainable Future European Growth S1 Sustainability Themed Life Europe Ex-UK Equity 25/06/2001
OMW EdenTree Amity UK Pn Ethically Balanced Pension UK Equity 17/10/2008 More Info (click to view)

SRI / Ethical Overview

This pension product is linked to the "EdenTree Amity UK" 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

L&G Kames Ethical Equity S2 Negative Ethical Life Not Set Equity 15/07/2015
SLFC (Citibank) Green Pn Cap Ethically Balanced Pension Global Equity 31/10/1997
Scot Eq Ethical Managed Lifestyle Pn Negative Ethical Pension Global Mixed Asset 03/10/2012
Scottish Widows ThreadneedleUK Social Bond Pn S1 Social Themed Pension UK Fixed Interest 14/11/2016
Trojan Ethical Income I Acc Unclassified OEIC/Unit Trust UK Equity Income 06/01/2016 More Info (click to view)

SRI / Ethical Overview

The investment objective of the Trojan Ethical Income Fund is to provide income with the potential for capital growth in the medium term. The Trojan Ethical Income Fund is a UK equity income fund, managed with the same investment philosophy and approach as the Trojan Income Fund, however the Fund will invest in accordance with the parameters of its ethical investment criteria, which consider ethical issues in relation to fossil fuels, pornography, tobacco and certain types of armaments. We have also proposed extending the ethical criteria, which would restrict investments related to alcohol, high interest rate lending and gambling. The Fund delivered a yield of 3.3% in its first year.

 

SRI / themed / ethical assets under management – overview

  • Fund Size (GBP): £57 m
  • Total value of SRI/ethical/environmental/ social/ environmental or sustainability themed funds under management: £57 m
  • Total value of assets covered by responsible ownership policy: £9,472m
  • Total assets under management: £9,472m

(All data as at 31st March 2017, unless stated otherwise)

 

 

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.
  • 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.
  • 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.
  • 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.

SRI Features

  • 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.
  • 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.
  • 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.
  • 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.
  • 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 votes or aims to vote all* the shares they own at Annual General Meetings and Extraordinary General Meetings. A commitment to voting shares is a key indicator of 'responsible share ownership' - where fund managers consider - and express their views on - the key business issues effecting the companies they part own. (*Allowance is made for exceptional situations such as when shares are in the process of being sold.)
  • 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.
  • 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

The present ethical investment criteria mean that the Sub-fund will not invest in any organisation which:

Armaments - (a) generates more than 10% of its total turnover from strategic military supplies relating to conventional weapons and/or (b) produces key parts of, or provides services for, cluster munitions systems, and/or (c) is alleged to have contravened the convention on anti-personnel mines in the last ten years and which has not addressed the allegations, and/or (d) manufactures products, or provides services, which are all or part of a nuclear weapons system.

Tobacco - makes more than 10% of its total turnover from tobacco products.

Pornography - derives more than 3% of its total turnover from pornography or adult entertainment.

Fossil Fuels - (a) derives more than 33% of its total turnover from the refining or extraction of, or generation of power from, fossil fuels and/or (b) derives more than 10% of its turnover from coal mining activities. Companies whose listing falls within the Oil & Gas sector are also excluded.

The following further exclusions are currently pending approval from the FCA:

Alcohol - derives more than 10% of its total turnover from the sale or production of alcohol.

Gambling - derives more than 10% of its total turnover from gambling (including spread betting).

High Interest Rate Lending - derives more than 25% of its total turnover from high interest rate lending (high interest being defined as lending at an annual percentage rate (APR) of over 100%).

 

 

Resources, Affiliations & Corporate Strategies

Hugo Ure manages the Trojan Ethical Income Fund.

Hugo graduated from Oxford University in 1999 and joined Kleinwort Benson in 2004 where he focused on equity analysis until his move to Troy in January 2009.  As well as being the primary manager of the Trojan Ethical Income Fund, Hugo has primary responsibility for a £76m segregated account for a charity.  He is co-manager of Troy Income & Growth Trust plc and assistant manager of the Trojan Income Fund. Hugo is a CFA charterholder.

We try to keep the investment process as simple and intuitive as possible. We only invest in those companies that we feel we thoroughly understand and that we believe have enduring qualities that will allow an investment to compound in value over the long term. We aim to own and not trade investments, so we have to be confident in the ability of a business to deliver growing cash flows into the future.

Troy has a rigorous focus on quality. We invest in businesses with high returns on invested capital which we consider to be sustained by durable competitive advantages. We favour stable and growing companies with a strongly differentiated product or service that new or existing rivals struggle to copy. These are companies with low risk to their earnings that permit sustained high levels of profitability. We also pay particular attention to how management allocates capital and typically avoid highly acquisitive and indebted companies.

Having identified companies that meet our quality criteria, we consider making an investment only when, in our view, three further conditions are met: first, their balance sheets are soundly financed so that management can allocate capital flexibly; second, they are managed by people that act in the best interests of shareholders; and lastly, when their shares are quoted at a price that underestimates future cash flows. We believe this combination of owning high quality companies, purchased at reasonable prices gives us the defensive characteristics we seek.

The first part of the research process is populating and maintaining Troy’s investment universe of approximately 200 stocks that meet our quality criteria. All members of the investment team, including the fund managers, have responsibility for idea generation and research. We do not allocate stock, sector or geographic responsibilities to particular analysts as we consider it to be important that all members of the team are able to compare the merits of a wide spectrum of investments. This ensures pooled responsibility for our investments and healthy internal discussion.

The Trojan Ethical Income Fund’s investment universe excludes approximately 10% of companies from Troy’s overall investment universe of 200 stocks on the basis of its ethical investment criteria.

Troy’s fundamental investment process is supported by VigeoEiris, a leading provider of ESG research, who underpin the ethical screening process and provide additional input on environmental, social and governance issues.

The Investment Manager employs Ethical Investment Research Services (EIRIS) Limited (“EIRIS”) to provide an ethical screening service and research in respect of the Sub-fund.  The Investment Manager shall, for a fee agreed between the Investment Manager and EIRIS, which the Investment Manager shall bear, obtain data and research from EIRIS involving monitoring the behaviour and activities of businesses according to the Sub-fund’s ethical investment criteria. The Investment Manager will use the data and research provided by EIRIS as an element of the investment process.

Where an investment is identified as no longer meeting the Sub-fund’s ethical investment criteria, the Investment Manager will seek to sell the investment within the following 90 days. The prices at which such an investment can be sold in these circumstances may be lower than the prices that might otherwise have been realised for the investment if such a sale was not required.

Investors should note that this document sets out the Sub-fund’s ethical investment criteria as they currently stand.  However, the Investment Manager hopes that investors and prospective investors will understand that the process of investing on a socially responsible basis is constantly evolving.  Therefore, the Investment Manager’s approach, and that of EIRIS, may change which, in turn, may mean that the Sub-fund’s ethical investment criteria may be amended from time to time.

 

 

Aviva F&C Responsible Global Equity Pn S6 Ethically Balanced Pension Global Equity 29/09/2008
Pru M&G Global Select Pn Acc (ex M&G) ESG Integration Pension Global Equity 29/06/1984
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

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Links

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SRI / Ethical Policy

Underlying fund is SWIP Global Islamic Equity

Resources, Affiliations & Corporate Strategies

Aviva Liontrust Sustainable Future European Growth Pn S2 Sustainability Themed Pension Europe Ex-UK Equity 06/04/2001 More Info (click to view)

SRI / Ethical Overview

This pension product is linked to the "Liontrust Sustainable Future European 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

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Corporate Activity

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Links

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SRI / Ethical Policy

Resources, Affiliations & Corporate Strategies

Phoenix Wealth Kames Ethical Corporate Bond Pn S4 Negative Ethical Pension UK Fixed Interest 20/10/2008 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

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Corporate Activity

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Links

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SRI / Ethical Policy

Resources, Affiliations & Corporate Strategies

Standard Life SLI Ethical Corporate Bond S1 Negative Ethical Life Not Set Fixed Interest 11/03/2013 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

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Links

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SRI / Ethical Policy

Resources, Affiliations & Corporate Strategies

Foresight Solar & Infrastructure VCT PLC C Ord 1p Environmentally Themed Investment Trust Global Equity 05/04/2013
Castlefield B.E.S.T. Income Fund Ethically Balanced OEIC/Unit Trust UK Equity Income 02/05/2006 More Info (click to view)

SRI / Ethical Overview

In addition to traditional business and financial criteria, the fund's investment objectives include consideration of environmental, ethical, social, governance and other similar issues. This is reflected in the name of the Fund where "B.E.S.T" is intended to indicate the investment criteria that will be applied to the Fund: Business & financial, Environmental & ethical, Social & governance; and Transparency.

 

SRI / themed / ethical assets under management – overview

 

  • Fund Size (GBP):   c.£27.1 (as at 11 August 2017)
  • Total value of SRI/ethical/environmental/ social/ environmental or sustainability themed funds under management:   c.£224
  • Total value of assets covered by responsible ownership policy:   c.£224m
  • Total assets under management:   c.£600m

 

 

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.
  • 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.
  • 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.
  • 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

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 votes or aims to vote all* the shares they own at Annual General Meetings and Extraordinary General Meetings. A commitment to voting shares is a key indicator of 'responsible share ownership' - where fund managers consider - and express their views on - the key business issues effecting the companies they part own. (*Allowance is made for exceptional situations such as when shares are in the process of being sold.)
  • 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.
  • 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

The Castlefield investment team employ both negative and positive screening criteria to ensure that we remain true the Castlefield approach of “Thoughtful Investing”. The B.E.S.T investment selection methodology identifies investments not only based on traditional financial criteria, but also on a range of other critical success factors. To Castlefield, issues like environmental and social impact, good standards of corporate governance and overall transparency are not just ‘nice to have’; they’re key to generating sound returns, linked to a proper appreciation of risk, defined in its widest sense. This involves excluding companies that are incompatible with this investment view. Exclusion criteria include:

 

•             Companies whose main business is the manufacture and/or retail of alcoholic beverages.

•             Companies involved in the manufacture of animal-tested cosmetics.

•             Companies involved in the retailing of fur, or products containing fur.

•             Companies in the Aerospace & Defence industry.

•             Companies in the Oil & Gas Producers, and Mining industry sectors.

•             Companies in the Gambling industry.

•             Companies involved in the generation of electricity from nuclear power are excluded.

•             Companies involved in pornography, where this is a main part of their business.

•             Companies in the tobacco industry sector are excluded.

 

Fund manager, Simon Holman, will also look to favour companies that offer benefits to society and seek to mitigate their environmental impact through implementation of progressive policies or the generation of clean energy and technology.

Resources, Affiliations & Corporate Strategies

Castlefield is a small firm that specialises in the provision of ethical investment options. As such, the idea of Thoughtful Investing is ingrained into our investment approach meaning everyone on the investment team helps

to analyse potential holdings according to the B.E.S.T principles. Simon Holman is the fund manager and so has the final say on investment decisions following research and discussion amongst the 10 strong team.  The investment team can be found here: http://www.castlefield.com/about-castlefield/meet-the-team/ 

 

We subscribe to the Ethical Screening database to research the investable universe according to a wide range of criteria. We also subscribe to IVIS (Institutional Voting Information Service) in order to get detailed information on forthcoming company votes. This helps us carry out our Stewardship duties more effectively.

Aviva Kames Ethical Equity EP Negative Ethical Pension UK Equity 04/11/2009 More Info (click to view)

SRI / Ethical Overview

This pension product is linked to the "Kames Ethical Equity" 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

SWIS Evergreen Ethically Balanced Life Global Equity 01/03/1990
Old Mutual Ethical A Acc Negative Ethical OEIC/Unit Trust Global Equity 23/09/2005 More Info (click to view)

SRI / Ethical Overview

The fund is a long-only global equity portfolio with focus on sustainable investment and ethical overlay. Sustainable investment (SI), for the team at Quilter Cheviot, identifies companies around the world that provide solutions to the economic and environmental challenges of a cleaner and more efficient economy – delivering more with less for a fast growing population with a finite supply of resources, and within a carbon constrained environment.

SI is different from ethical investment, which just avoids investing in companies based on negative screening (e.g. tobacco or weapons). The fund strategy complies with the ethical policy- it does not invest in companies directly involved in tobacco, alcohol, gambling, armaments, pornography, nuclear power generation, banks, factory farming or animal testing.  The final portfolio is suitable for both ethical and sustainable investors, while keeping in mind that sustainable investment is not the same as ethical investment. 

The funds’ ethical screening is carried out by an independent third party research specialist, www.ethicalscreening.co.uk. The focus is on mid and large-cap equities and we do not invest in blue-sky type companies.  The strategy tends to focus on established business models and cash generative companies. Security selection is focused across four investment themes: low carbon energy, food, resources and water.  The investment process is centralised and final investment oversight is provided by the Chief Investment Strategist. The fund managers leverage from the in-house investment expertise of investment committees and analyst teams.

 

 

SRI / themed / ethical assets under management – overview

 

  • Fund Size (GBP):   £122.2 million as at 31 May 2017
  • Total value of SRI/ethical/environmental/ social/ environmental or sustainability themed funds under management:   Circa £214m as at 31 May 2017.

This includes the Climate Assets Fund and discretionary mandates for private clients and charities based on Quilter Cheviot’s sustainable investment strategy. 

Claudia Quiroz also manages segregated portfolios on behalf of private clients, pensions and charities with a focus on sustainable and ethical investment.

  • Total value of assets covered by responsible ownership policy:   All
  • Total assets under management:    £34,480 million as at 31 March 2017 for the firm across all asset classes (including non-ethical).

 

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.
  • 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' st