FP WHEB Sustainability Impact Fund (now part of Foresight)
SRI Style:
Sustainable Style
SDR Labelling:
Sustainability Impact label
Product:
OEIC
Fund Region:
Global
Fund Asset Type:
Equity
Launch Date:
08/06/2009
Last Amended:
Sep 2024
Dialshifter (
):
Fund/Portfolio Size:
£419.03m
(as at: 09/01/2026)
ISIN:
GB00B8HPRW47, GB00BHBFFN03, GB00BMC2QC11, GB00BMC2QD28, GB00B4LDCG53, GB00B6Y2LD34
Contact Us:
Objectives:
The aim of the Fund is to achieve capital growth over 5 years and contribute to positive sustainability impact over this period. For these purposes positive sustainability impact includes:
supporting a stable climate and healthy ecosystems through activities that:
- deliver Cleaner Energy and avoid the production of greenhouse gases (GHGs);
- provide Environmental Services that reduce the generation of waste and avoid the production of greenhouse gases (GHGs);
- enable improved Resource Efficiency in order to avoid the production of GHGs;
- enable Sustainable Transport that avoids the production of GHGs;
- enable effective Water Management through reductions in the use of freshwater and treatment of polluted water;
and enabling more productive and healthy lives through activities that:
- deliver more Education;
- deliver improved Health through the reduction of both communicable and non-communicable diseases; h) improve Safety by making sure products are safe and by directly protecting people from hazards;
- improve Well-being for people through preventative care; and
- deliver new and better positive impact technologies related to the above activities.
Sustainable, Responsible
&/or ESG Overview:
Awaiting update from fund manager
Sustainability is recognised as having both environmental and social characteristics. The Investment Team targets specific business activities that it believes lead to positive environmental and social impacts as set out in the investment objective. Our overarching theory of change is that the Fund’s investments and investment activities (investor contribution) directly contribute to faster or greater deployment of selected products and services that help solve critical environmental and social problems, leading to improved impacts compared with the present circumstances. The Fund’s sustainability objective can be split into the following four areas (i) supporting a stable climate, (ii) supporting healthy ecosystems, (iii) enabling productive lives and (iv) enabling healthy lives.
Primary fund last amended:
Sep 2024
Information directly from fund manager.
Fund Filters
Sustainability - General
Has policies that consider (environmental and social) sustainability issues. Strategies vary but are likely to consider environmental issues like climate change, carbon emissions, biodiversity loss, resource management, environmental impacts; and social issues like equal opportunities, human rights, labour standards, diversity and adherence to internationally recognised codes. See individual entry information.
Has a significant focus on sustainability issues
Has documented policies or thematic investment approaches supporting investment in more sustainable, greener transport methods. These will typically set out a preference for companies that run, enable or support more sustainable methods of transport.
Aim to encourage higher sustainability standards through responsible ownership / stewardship / engagement / voting activity
Aim to invest (and manage assets) in ways that help to address all or some of the UN's Sustainable Development Goals (SDGs). See https://sdgs.un.org/goals).
Publicly report performance against named sustainability objectives
Has a theme or investment strand focused on the shift to a circular economy - where products are reused and recycled not incinerated or dumped. See eg https://www.ellenmacarthurfoundation.org/topics/circular-economy-introduction/overview
Environmental - General
Has policies which relate to environmental issues. These will typically set out their stance on issues such as pollution, climate change, resource management, biodiversity loss, carbon emissions, plastics and/or additional environmental impacts. Strategies vary.
Options that limit or 'reduce' their exposure to carbon intensive industries (ie sectors which are major contributors to climate change). Strategies vary.
Has documented policies explaining the approach to environmental damage and pollution. Strategies vary.
Has a policy or theme that relates to managing natural resources more efficiently. Strategies vary. See individual entry information.
Aims to invest in companies with strong or market leading environmental policies and practices. Strategies vary. See individual entry information for more detail.
Has a policy describing their response to the challenges posed by plastics (particularly single use, non-recyclable plastics). Strategies vary.
Nature & Biodiversity
Has policies designed to address involvement in irresponsibly managed palm oil or other forms of deforestation (typically exclusion led). Strategies vary.
Avoids assets that are involved in illegal deforestation. This may relate to palm oil, cattle farming or other areas. Strategies vary.
Aims to avoid investing in companies that produce genetically modified seeds or crops. (This does not typically include avoiding companies such as supermarkets).
Avoids assets / companies directly involved in genetic engineering
Climate Change & Energy
Has policies (documented strategies that explain their position) on climate change related issues such as greenhouse gas/carbon emissions, net zero, transitioning to lower carbon. Strategies vary.
Avoid investment in major coal, oil and/or gas (extraction) companies. Strategies vary.
Avoid companies involved in fracking and tar sands - which are widely regarded as controversial methods of oil and gas extraction. Strategies vary.
Avoid companies that are involved in extracting oil from the Arctic regions.
Avoid investing in companies / assets with coal, oil and gas reserves. See individual entry information for further details.
Invest (or may invest) in clean / renewable energy companies and other assets. The proportion directly or indirectly invested in renewable energy may vary over time.
Encourage the transition to lower carbon activities through asset selection and / or responsible ownership activity.
Has an energy efficiency theme - typically meaning that the manager is focused on investing in organisations that manage - or help others to manage - energy use more carefully and less wastefully - and so reduce greenhouse gas emissions.
Invest in renewable energy companies and / or companies where renewable energy is a significant part of their business. Strategies vary.
Has a policy which describes the avoidance or limited investment in the nuclear industry. Strategies vary.
Excludes companies and other assets with direct involvement in fossil fuel exploration (eg coal, oil and gas companies)
Excludes companies / assets with indirect involvement in fossil fuel exploration. This may relate to providers of finance and / or insurance and providers of other services.
Aims to ensure holdings will reduce their greenhouse gas emissions in line with targets set at COP21 in Paris. The core aim is to help achieve ‘net zero emissions by 2050’ and a ‘maximum global temperature increase of +1.5 to +2 degrees above preindustrial levels’. Strategies and opinions vary.
Requires all, or most of, the assets they invest in to have a ‘net zero action plan’ - describing how they will reduce their greenhouse gas emissions.
Social / Employment
Has policies which set out their approach to social issues (e.g. human rights, labour standards, equal opportunities, child labour and/or adherence to internationally recognised codes such as the UN Global Compact). Strategies with social policies typically avoid companies with low standards and/or work to encourage higher standards. See fund information for detail.
Aims to invest in assets with high social values - this may include strong human rights, labour standards and equal opportunities or safety related practices.
Has policies or themes that set out their approach to health and wellbeing issues, typically aims to invest in companies with high standards - or encourage high standards.
Ethical Values Led Exclusions
Has policies that set out their position on ethical or 'personal values' based issues. Strategies vary.
Companies are excluded if they are involved in any aspect of the production chain for tobacco products, including cigarettes, vaping, e-cigarettes, chewing tobacco and cigars.
Avoids companies that manufacture weapons intended specifically for military use. Strategies vary - may or may not include non-strategic military products.
Avoids companies that produce alcohol. Strategies vary; some may allow a small proportion of revenue to come from this area.
Avoids companies with significant involvement in the gambling industry. Some may allow a small proportion of revenues to come from this area.
Avoids companies that derive significant income from pornography and related areas. Strategies vary.
Has policies that require specific animal welfare standards to be met. These may reference well-known welfare standards (3Rs - Replace, Reduce, Refine) or certification schemes. Strategies vary.
Avoids companies that test their products on animals for purposes other than medical benefit (e.g. for cosmetics). Strategies vary.
Human Rights
Has policies relating to human rights issues. Typically require companies to demonstrate higher standards, although some managers work to encourage improvements. Investee companies are often judged against internationally agreed norms or standards. Strategies vary.
Has policies to avoid companies that employ children.
Has policies or a theme that relates to the responsible management of supply chains. These may relate to employment issues, notably people employed by their suppliers, as well as the sourcing of materials and products.
Meeting Peoples' Basic Needs
Have policies or themes that set out the position on investment in the water sector and/or sanitation. Strategies vary.
Has a thematic investment approach focusing on the ‘silver economy’ - in particular (typically) the issues and opportunities presented by changing demographics. This could include finance, healthcare and medicines and/ or longevity science to extend lifespans. Strategies vary.
Has a responsible food production or agriculture theme or strand of investment. May have a single or many themes.
Healthcare and or medical theme or area of investment - may have a single or many themes
Gilts & Sovereigns
Does not invest in, or excludes, gilts and/or government bonds.
Does not invest in / excludes 'sovereigns' - debt issued by governments. See eg https://www.investopedia.com/terms/s/sovereign-debt.asp
Governance & Management
Has 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. Strategies vary.
Avoids investing in companies with poor governance practices.(e.g. board structure, management practices etc.) Views may however vary on what counts as 'poor' practices - and funds may not immediately divest as they may prefer to work to encourage higher standards.
Encourage the companies they invest in to have more diverse board structures (e.g. more women on boards)
Aim to encourage higher ESG standards through responsible ownership / stewardship / engagement /voting activity
Product / Service Governance
Find options that have an external committee that helps steer or advise managers on sustainability, ethical, stewardship or ESG policy or strategy related issues. These people may be paid for their time but are not employees of the fund manager.
Find fund / asset managers that factor in 'environmental, social and governance' issues as part of their investment decision making process. A focus on 'ESG' typically means a fund is carrying out additional research to help reduce ESG related risks. It does not necessarily mean a focus on sustainability. Strategies vary. See fund literature.
Asset Size
Invests more than half of their money in smaller or medium sized companies. (i.e. below around £5 -10 billion)
Invests in a combination of small, medium and larger (potentially multinational) companies / assets.
Targeted Positive Investments
Invests >25% of their capital in companies where a major part of their business is focused on helping to address environmental or social challenges.
Invests >50% of their capital in companies where a major part of their business is focused on helping to address environmental or social challenges.
Invests in between 5-25% of capital in assets which meet the EU Taxonomy requirements. This will typically require adding up the proportion of each individual company's activity that is regarded as 'green' so that the manager can produce an overall total for the whole fund or portfolio.
Impact Methodologies
Has policies that aim to help or support the delivery of positive social or environmental impacts (or societal/real world outcomes) by investing in companies they regard as beneficial to people and / or the planet. Strategies vary.
Aims to measure the positive real world environmental and / or social benefits that are associated with their investment strategy. Investments that aim to deliver positive impacts and measure those impacts may be referred to as 'Impact' - although impact measurement is not restricted to Impact investments. Strategies vary.
Investments which are specifically marketed as ‘Impact investments' and work to deliver both financial performance and specific, measurable positive, real world social and/or environmental benefits. Strategies vary.
Specifically sets out to help deliver positive environmental impacts, benefits or 'real world' outcomes.
Specifically states that they aim to deliver positive social (i.e. people related) impacts and/or outcomes.
Directs investment towards companies where a major part of their business is about solving environmental challenges. e.g. companies helping to address climate change.
Invest in companies where a major part of their business is specifically aimed at helping to address social challenges. e.g. companies helping to address poverty.
Specifically sets out to invest in companies that are regarded as 'disrupting' existing business practices - typically through the development of innovative (sustainability aware) products and/or practices.
Aims to deliver positive environmental and or social impacts (real world benefits) through its engagement with investee assets
Invests more than 50% of capital in assets which are regarded as being significantly focused on providing solutions to environmental or social challenges. Strategies vary.
Policy explains the ways in which the manager believes things need to change in order to deliver a more sustainable future, which they are working to help achieve.
How The Fund/Portfolio Works
Focuses on finding and investing in companies with positive / beneficial attributes. This strategy can be applied in addition to exclusion criteria and engagement/stewardship activity.
Has some exclusions - typically for example excludes tobacco or companies that breach commonly adopted standards or norms such as the UN Global Compact.
Invests in assets which can be 'mapped' (reviewed) their investment selection and management strategies to identify which of the UN Sustainable Development Goals (SDGs) the fund is helping to address.
Invests in assets which have an ESG strategy (which is typically focused on avoiding companies that pose environmental, social or governance related risks) together with additional criteria such as positive and/or negative screens, themes and stewardship strategies.
Considers both the 'positive' and 'negative' aspects of company behaviour and makes balanced, considered decisions as part of their investment approach. May apply to a range of different issues and policy areas.
Publish explanations of their ethical, social and/or environmental policies online (i.e. investment decision making strategies/ buy/sell &/or asset management strategies).
Does not use stock lending for performance or risk purposes.
Unscreened Assets & Cash
Holds between 70-79% of assets which align to the sustainability objectives; which are not being held purely for risk management purposes, such as derivatives and cash equivalent assets.
Holds between 80-89% of assets which align to the sustainability objectives; which are not being held purely for risk management purposes, such as derivatives and cash equivalent assets.
Only invests in cash to aid the practical management (buying and selling) of assets and so do not use additional financial instruments.
All assets - except cash - meet the sustainability criteria published in strategy documentation.
Intended Clients & Product Options
Designed to meet the needs of individual investors with an interest in sustainability issues.
Designed to meet the needs of individual investors with an interest in ‘Impact investment’ which help or support the delivery of positive social or environmental impacts (or societal/real world outcomes) by investing in companies regarded as beneficial to people and / or the planet. Strategies vary.
Has 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).
Labels & Accreditations
Find options that have chosen to adopt one of the Financial Conduct Authority (FCA) SDR labels. Please note: there are a range of reasons why potentially relevant options may not use an SDR label eg. adopting a label may be work in progress, the manager may not yet be allowed to do so because of the product type, a manager may feel they are insufficiently aligned to SDR requirements.
Find options classified under Article 9 of the EU’s SFDR (Sustainable Finance Disclosure Requirements). Article 9 of the SFDR applies to financial products that have sustainable investment 'objectives' - including emissions reduction objectives. (These may currently be referred to as 'impact' funds or aiming to deliver clear, specific positive outcomes.) These rules do not currently apply in the UK so product managers may leave this field blank.
Find options that are rated by research agency 'Rayner Spencer Mills Research' (awarded 'RSMR Rated' status). Contact RSMR for further information.
Fund Management Company Information
About The Business
The leadership team of this fund / asset manager have performance targets linked to environmental goals.
Sustainable, Responsible &/or ESG Policy:
The Fund focuses on nine sustainable investment themes. Five of these themes are environmental (Cleaner Energy, Environmental Services, Resource Efficiency, Sustainable Transport, and Water Management). The other four are social themes (Education, Health, Safety, and Well-being).
Our responsible investment policy is integral to our investment management activities. Our approach can be summarised as follows:
- Focused on investments in businesses that sell products and services that have a positive impact on society or the environment.
- Integrates environmental, social and governance (ESG) issues into investment analysis and decision making processes.
- Is an active owner and integrates ESG issues into its ownership policies and practices.
- Encourages appropriate disclosure on ESG issues by entities in which it invests.
The Investment Team reviews the environmental, social and governance (“ESG”) quality of a business as part of its investment process. The team’s research considers the robustness of risk management systems, governance processes, the extent of any involvement in controversial issues or activities and overall company alignment with the sustainability objectives of the Fund. Based on this analysis, the team assesses the company’s quality and suitability for the Fund and will not invest in assets that conflict with the sustainability objective of the Fund. A non-exhaustive list of controversial activities that are considered to be conflicting with the sustainability objective of the Fund are available from our website:
https://www.whebgroup.com/investing-for-impact/sustainability-policies1
For clarity, the Investment Team cannot guarantee that there will not be any negative impacts associated with investing in the underlying investments and there is always the possibility of ancillary unintended impacts resulting from pursuing the sustainability objective (e.g. increase in the use of plastics as a result of investing in vaccine development). Where companies are no longer considered to be delivering a positive impact in line with the sustainability objective, the Investment Team will engage the management of the company to seek a change in performance. Where subsequent changes are considered to be insufficient, the company will be divested.
Process:
The investment strategy, embodying the theory of change, combines making investments on behalf of the Fund and our own investment activities to contribute to faster or greater deployment of selected products and services that help solve critical environmental and social problems, leading to improved impacts compared with the present circumstances. The Fund’s investment strategy can then be summarised as follows:
Fund Investments
The investment strategy starts with the identification of environmental problems such climate change, biodiversity loss and other forms of environmental pollution and critical social problems including illness and disease, unhealthy lifestyles and lack of educational opportunities.
For each of these environmental and social problems, the Investment Team has identified a set of business activities that directly target critical aspects of these problems and deliver specific pre-defined positive impacts. For example, to limit global warming to <1.5°C, energy efficiency needs to improve by c.4% per annum across the global economy. In healthcare, ischemic heart disease (IHD) alone accounts for nearly 15% of all global deaths. The Investment Team identifies products and services that help address these critical challenges and using an analytical framework known as the ‘impact engine’ assesses the overall impact delivered by the companies supplying these products and services and uses this as a basis for asset selection.
Asset selection
Using analytical tools, the Investment Team identifies businesses that are, in its view, well-placed to deliver strong positive impact in support of the sustainability objective as described above. Companies are only considered to be investable where the majority (>50%) of the company’s revenues are derived from products or services that support the Fund’s sustainability objective.
Once qualified as investable, the products and services supplied by each company being considered for investment are analysed and assessed to consider the ‘intensity’ of the positive impact being delivered. This is assessed using our proprietary ‘impact engine’. This analytical tool is based on the work of the Impact Management Project and the Future-Fit Foundation and considers:
- the importance of the positive outcome the product or service is addressing. This includes assessing the vulnerability of the individuals or communities benefiting from the outcome as well as an assessment of how critical the outcome is to them (e.g. reducing greenhouse gas emissions, or improving healthcare outcomes for people);
- the improvement in the positive outcome that the product or service delivers. This includes an assessment of how significant the improvement in outcome is compared with the previous approach and how widely applicable the product or service is across the economy; and
- the contribution to the outcome made by the product or service. This includes an assessment of how ‘central’ the product or service is (e.g. is it the critical component or just an enabler) as well as how unique it is. For example, is the product unique in delivering the outcome (such as a patented drug) or is it widely available from many companies.
An overall score is generated from this analysis, using both qualitative and quantitative data, and covering these three dimensions. Investments will only be selected where they achieve a positive score (i.e. greater than 0). A positive score using this methodology confirms that the company is delivering a positive impact. The Investment Team believes that together, the revenue threshold and the impact engine analysis and score as described above, represent an appropriate standard for determining the assets in which the Fund invests in accordance with the Fund’s sustainability objective. The higher the score, the more ‘intensely positive’ the impact is considered to be. The analysis also pinpoints the relevant KPI that the company will be measured against and how the investment would contribute both to the fund’s sustainability and financial objectives. Details on the scores that are given for each company in the portfolio are available https://www.whebgroup.com/investing-forat impact/our-portfolio.
The Investment Team determines whether an asset meets the >50% revenue threshold and what impact score the asset should receive.
These standards, methodologies and analysis are routinely and regularly reviewed and validated by WHEB’s independent Investment Advisory Committee and separately by the Investment and Risk Committee.
The Investment Team then selects a portfolio of companies for inclusion in the Fund that are, in its view, well-placed to deliver the sustainability and financial objectives of the Fund. The final decision to invest in one of these companies is then based on a combination of the impact engine and fundamental quality scores as well as the Investment Team’s assessment of the stock valuation and other portfolio construction requirements. The Investment Team’s intention in investing is to support the positive impact of the underlying investments by buying shares in these businesses and holding these over multiple years.
Engagement and Stewardship process
As described in the Theory of Change section above, the investor contribution is delivered through engagement and stewardship activities.
The Investment Team uses a series of "Objective Milestones" to monitor and evaluate the company's progress during an engagement on the way to the objective being achieved. These milestones differ from KPIs in that they allow discrete, rather than continuous, measurement and represent the investor contribution process, more than the resulting outcomes. Still, they are a valuable tool for motivating and focusing investor contribution activities, that may span multiple years where achieving objectives requires changes in company strategy, policy or governance.
For example, where progress through the milestones is deemed to be insufficient on key engagement issues, the Investment Team has put in place a time-bound process (typically 3-6 months) to escalate engagement activity to deliver sufficient change. This involves, but is not limited to, collaboration with other investors, contact with senior directors and board members and, ultimately, where progress is still deemed to be inadequate, divestment.
Resources, Affiliations & Corporate Strategies:
4 FTE working exclusively in sustainable investment strategies.
UNPRI
As Foresight Group is a signatory to the PRI, it is required to submit an annual assessment that grades the business’ performance across three different modules: Strategy and Governance; Infrastructure; Private Equity. Therefore, all investment decisions must factor in, and remain true to, the following six principles:
- We will incorporate ESG issues into investment analysis and decision-making processes;
- We will be active owners and incorporate ESG issues into our ownership policies and practices;
- We will seek appropriate disclosure on ESG issues by the entities in which we invest;
- We will promote acceptance and implementation of the Principles within the investment industry;
- We will work together to enhance our effectiveness in implementing the Principles; and
- We will each report on our activities and progress towards implementing the Principles.
SDGs
The UN’s Sustainable Development Goals (SDGs) also represent a key driver of Foresight’s investment and corporate activities.
Foresight also aligns itself with a number of other external sustainability and ESG focused organisations, all of which guide Foresight’s approach, and some hold it to account by way of annual submissions and reports. These include:
- UN Global Compact;
- UK Sustainable Investment and Finance Association;
- Climate Bonds Initiative;
- Living Wage Foundation;
- Women in Finance Charter;
- Solar Trade Association; and
- GRESB.
Dialshifter
This fund is helping to ‘shift the dial from brown to green’ by…
WHEB Asset Management LLP’s mission is to advance sustainability and create prosperity through positive impact investments.
Impact Investment:
We are an impact investor; which means we consider the positive social and environmental impact of our investments as a critical part of our investment process. We also measure and report the impact of our investments. When we consider impact, we consider the products or services created by the company. We also consider the way in which the company creates those products and services. This includes environmental, social and governance considerations.
Impact Criteria for the FP WHEB Sustainability Fund:
We are the manager of the FP WHEB Sustainability Fund (“the Fund”). The Fund invests in companies providing solutions to sustainability challenges and we apply this principle rigorously using fixed criteria: Specifically, at least half of the company’s revenues must be derived from businesses with positive impact related to our sustainability investment themes. As a consequence, over 80% of companies in the MSCI World Index do not qualify as investments for the Fund. The provision of solutions to sustainability challenges is by definition a positive impact activity. With approximately 85% of aggregate revenues coming from sustainability solutions, we are confident that the Fund’s overall impact is strongly positive.
Ethical Outcomes
In addition, when we analyse companies, we consider potential negative impacts associated with their products and services as well as their operations. We only invest in companies where we are clear on the overall positive impact of the business.
As a result of this approach, we have never invested in any company with activities substantially related to the provision of: alcoholic beverages, cosmetics where animal testing has been involved, gambling products or services, fossil-fuel exploration or production, intensive farming practices, nuclear power generation, pornographic materials, tobacco products, unsustainable timber products or weapons.
We consider these products to have a significant negative impact. Companies that have significant activities in these areas would not be considered to have an overall positive impact and would therefore be ineligible for investment[i].
Our investment process actively reviews the environmental, social and governance quality of a business. Companies with persistently poor practices regarding equal employment opportunities, human rights and environmental management are highly unlikely to be selected for investment. If a company is considered particularly weak on any single metric in our fundamental analysis profile, scoring a zero, it will not be qualified for investment.
Safeguards
Consideration of impact is central to our investment process. Our experienced Investment Team carries out all analysis of impact and environmental, social and governance factors. Additional tools that underpin and safeguard this approach include:
- A current list of the Fund’s holdings, along with a brief impact rationale for them, is always available on our website.
- Our internal Investment and Risk Committee reviews the Investment Team’s decisions on a monthly basis. Our independent Investment Advisory Committee reviews the decisions again every four months with a specific remit to consider the fund’s compliance with the stated positive impact philosophy, policies and objectives of the fund.
- The minutes of the meetings of the Investment Advisory Committee are published on the website and include a summary of the committee’s discussions of each stock purchased for the fund.
[1] We define ‘significant’ as more than 5% of revenues.
SDR Labelling:
Sustainability Impact label
Key Performance Indicators:
The core KPIs typically include:
- Tonnes of CO2e avoided
- MWhs of renewable energy generated
- Tonnes of waste recycled or reused
- Litres of wastewater treated
- Litres of water saved
- Days of tertiary and vocational education
- Number of people treated for communicable and non-communicable diseases
- Number of people with improved well-being
- £’s of investment in equipment and services for positive impact research.
These core KPIs are not definitive, may include qualitative as well as quantitative indicators, and may vary year on year based on the assets held in the portfolio. For example, in 2020 during the COVID pandemic we reported the number of COVID tests supplied by companies held in the portfolio. We stopped reporting this indicator once the pandemic had passed.
Where investments contribute to one of the listed core KPIs indirectly, we use a methodology to scale the contribution from that particular objective, for example in calculating how educational resources contribute towards days of education.
Fund Holdings
Voting Record
| Fund Name | SRI Style | SDR Labelling | Product | Region | Asset Type | Launch Date | Last Amended |
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|---|---|---|---|---|---|---|---|---|
FP WHEB Sustainability Impact Fund (now part of Foresight) |
Sustainable Style | Sustainability Impact label | OEIC | Global | Equity | 08/06/2009 | Sep 2024 | |
ObjectivesThe aim of the Fund is to achieve capital growth over 5 years and contribute to positive sustainability impact over this period. For these purposes positive sustainability impact includes: supporting a stable climate and healthy ecosystems through activities that:
and enabling more productive and healthy lives through activities that:
|
Fund/Portfolio Size: £419.03m (as at: 09/01/2026) ISIN: GB00B8HPRW47, GB00BHBFFN03, GB00BMC2QC11, GB00BMC2QD28, GB00B4LDCG53, GB00B6Y2LD34 Contact Us: jaya.govindan@whebgroup.com |
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Sustainable, Responsible &/or ESG OverviewAwaiting update from fund manager
Sustainability is recognised as having both environmental and social characteristics. The Investment Team targets specific business activities that it believes lead to positive environmental and social impacts as set out in the investment objective. Our overarching theory of change is that the Fund’s investments and investment activities (investor contribution) directly contribute to faster or greater deployment of selected products and services that help solve critical environmental and social problems, leading to improved impacts compared with the present circumstances. The Fund’s sustainability objective can be split into the following four areas (i) supporting a stable climate, (ii) supporting healthy ecosystems, (iii) enabling productive lives and (iv) enabling healthy lives. |
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Primary fund last amended: Sep 2024 |
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Information received directly from Fund Manager |
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Fund FiltersSustainability - General
Sustainability policy
Has policies that consider (environmental and social) sustainability issues. Strategies vary but are likely to consider environmental issues like climate change, carbon emissions, biodiversity loss, resource management, environmental impacts; and social issues like equal opportunities, human rights, labour standards, diversity and adherence to internationally recognised codes. See individual entry information.
Sustainability focus
Has a significant focus on sustainability issues
Sustainable transport policy or theme
Has documented policies or thematic investment approaches supporting investment in more sustainable, greener transport methods. These will typically set out a preference for companies that run, enable or support more sustainable methods of transport.
Encourage more sustainable practices through stewardship
Aim to encourage higher sustainability standards through responsible ownership / stewardship / engagement / voting activity
UN Sustainable Development Goals (SDG) focus
Aim to invest (and manage assets) in ways that help to address all or some of the UN's Sustainable Development Goals (SDGs). See https://sdgs.un.org/goals).
Report against sustainability objectives
Publicly report performance against named sustainability objectives
Circular economy theme
Has a theme or investment strand focused on the shift to a circular economy - where products are reused and recycled not incinerated or dumped. See eg https://www.ellenmacarthurfoundation.org/topics/circular-economy-introduction/overview Environmental - General
Environmental policy
Has policies which relate to environmental issues. These will typically set out their stance on issues such as pollution, climate change, resource management, biodiversity loss, carbon emissions, plastics and/or additional environmental impacts. Strategies vary.
Limits exposure to carbon intensive industries
Options that limit or 'reduce' their exposure to carbon intensive industries (ie sectors which are major contributors to climate change). Strategies vary.
Environmental damage & pollution policy
Has documented policies explaining the approach to environmental damage and pollution. Strategies vary.
Resource efficiency policy or theme
Has a policy or theme that relates to managing natural resources more efficiently. Strategies vary. See individual entry information.
Favours cleaner, greener companies
Aims to invest in companies with strong or market leading environmental policies and practices. Strategies vary. See individual entry information for more detail.
Plastics policy
Has a policy describing their response to the challenges posed by plastics (particularly single use, non-recyclable plastics). Strategies vary. Nature & Biodiversity
Deforestation / palm oil policy
Has policies designed to address involvement in irresponsibly managed palm oil or other forms of deforestation (typically exclusion led). Strategies vary.
Illegal deforestation exclusion policy
Avoids assets that are involved in illegal deforestation. This may relate to palm oil, cattle farming or other areas. Strategies vary.
Avoids genetically modified seeds / crop production
Aims to avoid investing in companies that produce genetically modified seeds or crops. (This does not typically include avoiding companies such as supermarkets).
Genetic engineering exclusion
Avoids assets / companies directly involved in genetic engineering Climate Change & Energy
Climate change / greenhouse gas emissions policy
Has policies (documented strategies that explain their position) on climate change related issues such as greenhouse gas/carbon emissions, net zero, transitioning to lower carbon. Strategies vary.
Coal, oil & / or gas majors excluded
Avoid investment in major coal, oil and/or gas (extraction) companies. Strategies vary.
Fracking & tar sands excluded
Avoid companies involved in fracking and tar sands - which are widely regarded as controversial methods of oil and gas extraction. Strategies vary.
Arctic drilling exclusion
Avoid companies that are involved in extracting oil from the Arctic regions.
Fossil fuel reserves exclusion
Avoid investing in companies / assets with coal, oil and gas reserves. See individual entry information for further details.
Clean / renewable energy theme or focus
Invest (or may invest) in clean / renewable energy companies and other assets. The proportion directly or indirectly invested in renewable energy may vary over time.
Encourage transition to low carbon through stewardship activity
Encourage the transition to lower carbon activities through asset selection and / or responsible ownership activity.
Energy efficiency theme
Has an energy efficiency theme - typically meaning that the manager is focused on investing in organisations that manage - or help others to manage - energy use more carefully and less wastefully - and so reduce greenhouse gas emissions.
Invests in clean energy / renewables
Invest in renewable energy companies and / or companies where renewable energy is a significant part of their business. Strategies vary.
Nuclear exclusion policy
Has a policy which describes the avoidance or limited investment in the nuclear industry. Strategies vary.
Fossil fuel exploration exclusion - direct involvement
Excludes companies and other assets with direct involvement in fossil fuel exploration (eg coal, oil and gas companies)
Fossil fuel exploration exclusion – indirect involvement
Excludes companies / assets with indirect involvement in fossil fuel exploration. This may relate to providers of finance and / or insurance and providers of other services.
Paris aligned strategy
Aims to ensure holdings will reduce their greenhouse gas emissions in line with targets set at COP21 in Paris. The core aim is to help achieve ‘net zero emissions by 2050’ and a ‘maximum global temperature increase of +1.5 to +2 degrees above preindustrial levels’. Strategies and opinions vary.
Require net zero action plan from all / most companies
Requires all, or most of, the assets they invest in to have a ‘net zero action plan’ - describing how they will reduce their greenhouse gas emissions. Social / Employment
Social policy
Has policies which set out their approach to social issues (e.g. human rights, labour standards, equal opportunities, child labour and/or adherence to internationally recognised codes such as the UN Global Compact). Strategies with social policies typically avoid companies with low standards and/or work to encourage higher standards. See fund information for detail.
Favours companies with strong social policies
Aims to invest in assets with high social values - this may include strong human rights, labour standards and equal opportunities or safety related practices.
Health & wellbeing policies or theme
Has policies or themes that set out their approach to health and wellbeing issues, typically aims to invest in companies with high standards - or encourage high standards. Ethical Values Led Exclusions
Ethical policies
Has policies that set out their position on ethical or 'personal values' based issues. Strategies vary.
Tobacco & related product manufacturers excluded
Companies are excluded if they are involved in any aspect of the production chain for tobacco products, including cigarettes, vaping, e-cigarettes, chewing tobacco and cigars.
Armaments manufacturers avoided
Avoids companies that manufacture weapons intended specifically for military use. Strategies vary - may or may not include non-strategic military products.
Alcohol production excluded
Avoids companies that produce alcohol. Strategies vary; some may allow a small proportion of revenue to come from this area.
Gambling avoidance policy
Avoids companies with significant involvement in the gambling industry. Some may allow a small proportion of revenues to come from this area.
Pornography avoidance policy
Avoids companies that derive significant income from pornography and related areas. Strategies vary.
Animal welfare policy
Has policies that require specific animal welfare standards to be met. These may reference well-known welfare standards (3Rs - Replace, Reduce, Refine) or certification schemes. Strategies vary.
Animal testing - excluded except if for medical purposes
Avoids companies that test their products on animals for purposes other than medical benefit (e.g. for cosmetics). Strategies vary. Human Rights
Human rights policy
Has policies relating to human rights issues. Typically require companies to demonstrate higher standards, although some managers work to encourage improvements. Investee companies are often judged against internationally agreed norms or standards. Strategies vary.
Child labour exclusion
Has policies to avoid companies that employ children.
Responsible supply chain policy or theme
Has policies or a theme that relates to the responsible management of supply chains. These may relate to employment issues, notably people employed by their suppliers, as well as the sourcing of materials and products. Meeting Peoples' Basic Needs
Water / sanitation policy or theme
Have policies or themes that set out the position on investment in the water sector and/or sanitation. Strategies vary.
Demographic / ageing population theme
Has a thematic investment approach focusing on the ‘silver economy’ - in particular (typically) the issues and opportunities presented by changing demographics. This could include finance, healthcare and medicines and/ or longevity science to extend lifespans. Strategies vary.
Responsible food production or agriculture theme
Has a responsible food production or agriculture theme or strand of investment. May have a single or many themes.
Healthcare / medical theme
Healthcare and or medical theme or area of investment - may have a single or many themes Gilts & Sovereigns
Gilts / government bonds - exclude all
Does not invest in, or excludes, gilts and/or government bonds.
Does not invest in sovereigns
Does not invest in / excludes 'sovereigns' - debt issued by governments. See eg https://www.investopedia.com/terms/s/sovereign-debt.asp Governance & Management
Governance policy
Has 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. Strategies vary.
Avoids companies with poor governance
Avoids investing in companies with poor governance practices.(e.g. board structure, management practices etc.) Views may however vary on what counts as 'poor' practices - and funds may not immediately divest as they may prefer to work to encourage higher standards.
Encourage board diversity e.g. gender
Encourage the companies they invest in to have more diverse board structures (e.g. more women on boards)
Encourage higher ESG standards through stewardship activity
Aim to encourage higher ESG standards through responsible ownership / stewardship / engagement /voting activity Product / Service Governance
External oversight / advisory committee (fund / service)
Find options that have an external committee that helps steer or advise managers on sustainability, ethical, stewardship or ESG policy or strategy related issues. These people may be paid for their time but are not employees of the fund manager.
ESG integration strategy
Find fund / asset managers that factor in 'environmental, social and governance' issues as part of their investment decision making process. A focus on 'ESG' typically means a fund is carrying out additional research to help reduce ESG related risks. It does not necessarily mean a focus on sustainability. Strategies vary. See fund literature. Asset Size
Over 50% small / mid cap companies
Invests more than half of their money in smaller or medium sized companies. (i.e. below around £5 -10 billion)
Invests in small, mid & large cap companies / assets
Invests in a combination of small, medium and larger (potentially multinational) companies / assets. Targeted Positive Investments
Invests >25% in environmental / social solutions companies
Invests >25% of their capital in companies where a major part of their business is focused on helping to address environmental or social challenges.
Invests >50% of fund in environmental / social solutions companies
Invests >50% of their capital in companies where a major part of their business is focused on helping to address environmental or social challenges.
EU Sustainable Finance Taxonomy holdings 5-25% of assets
Invests in between 5-25% of capital in assets which meet the EU Taxonomy requirements. This will typically require adding up the proportion of each individual company's activity that is regarded as 'green' so that the manager can produce an overall total for the whole fund or portfolio. Impact Methodologies
Aims to generate positive impacts (or 'outcomes')
Has policies that aim to help or support the delivery of positive social or environmental impacts (or societal/real world outcomes) by investing in companies they regard as beneficial to people and / or the planet. Strategies vary.
Measures positive impacts
Aims to measure the positive real world environmental and / or social benefits that are associated with their investment strategy. Investments that aim to deliver positive impacts and measure those impacts may be referred to as 'Impact' - although impact measurement is not restricted to Impact investments. Strategies vary.
Described as an ‘impact investment’
Investments which are specifically marketed as ‘Impact investments' and work to deliver both financial performance and specific, measurable positive, real world social and/or environmental benefits. Strategies vary.
Positive environmental impact theme
Specifically sets out to help deliver positive environmental impacts, benefits or 'real world' outcomes.
Positive social impact theme
Specifically states that they aim to deliver positive social (i.e. people related) impacts and/or outcomes.
Invests in environmental solutions companies
Directs investment towards companies where a major part of their business is about solving environmental challenges. e.g. companies helping to address climate change.
Invests in social solutions companies
Invest in companies where a major part of their business is specifically aimed at helping to address social challenges. e.g. companies helping to address poverty.
Invests in sustainability / ESG disruptors
Specifically sets out to invest in companies that are regarded as 'disrupting' existing business practices - typically through the development of innovative (sustainability aware) products and/or practices.
Aim to deliver positive impacts through engagement
Aims to deliver positive environmental and or social impacts (real world benefits) through its engagement with investee assets
Over 50% in assets providing environmental or social ‘solutions’
Invests more than 50% of capital in assets which are regarded as being significantly focused on providing solutions to environmental or social challenges. Strategies vary.
Publish ‘Theory of Change’ explanation
Policy explains the ways in which the manager believes things need to change in order to deliver a more sustainable future, which they are working to help achieve. How The Fund/Portfolio Works
Positive selection bias
Focuses on finding and investing in companies with positive / beneficial attributes. This strategy can be applied in addition to exclusion criteria and engagement/stewardship activity.
Limited / few ethical exclusions
Has some exclusions - typically for example excludes tobacco or companies that breach commonly adopted standards or norms such as the UN Global Compact.
Assets mapped to SDGs
Invests in assets which can be 'mapped' (reviewed) their investment selection and management strategies to identify which of the UN Sustainable Development Goals (SDGs) the fund is helping to address.
Combines ESG strategy with other SRI criteria
Invests in assets which have an ESG strategy (which is typically focused on avoiding companies that pose environmental, social or governance related risks) together with additional criteria such as positive and/or negative screens, themes and stewardship strategies.
Balances company 'pros and cons' / best in sector
Considers both the 'positive' and 'negative' aspects of company behaviour and makes balanced, considered decisions as part of their investment approach. May apply to a range of different issues and policy areas.
SRI / ESG / Ethical policies explained on website
Publish explanations of their ethical, social and/or environmental policies online (i.e. investment decision making strategies/ buy/sell &/or asset management strategies).
Do not use stock / securities lending
Does not use stock lending for performance or risk purposes. Unscreened Assets & Cash
Assets typically aligned to sustainability objectives 70 - 79%
Holds between 70-79% of assets which align to the sustainability objectives; which are not being held purely for risk management purposes, such as derivatives and cash equivalent assets.
Assets typically aligned to sustainability objectives 80 – 89%
Holds between 80-89% of assets which align to the sustainability objectives; which are not being held purely for risk management purposes, such as derivatives and cash equivalent assets.
No ‘diversifiers’ used other than cash
Only invests in cash to aid the practical management (buying and selling) of assets and so do not use additional financial instruments.
All assets (except cash) meet published sustainability criteria
All assets - except cash - meet the sustainability criteria published in strategy documentation. Intended Clients & Product Options
Intended for clients interested in sustainability
Designed to meet the needs of individual investors with an interest in sustainability issues.
Intended for clients who want to have a positive impact
Designed to meet the needs of individual investors with an interest in ‘Impact investment’ which help or support the delivery of positive social or environmental impacts (or societal/real world outcomes) by investing in companies regarded as beneficial to people and / or the planet. Strategies vary.
Faith friendly
Has 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). Labels & Accreditations
SDR Labelled
Find options that have chosen to adopt one of the Financial Conduct Authority (FCA) SDR labels. Please note: there are a range of reasons why potentially relevant options may not use an SDR label eg. adopting a label may be work in progress, the manager may not yet be allowed to do so because of the product type, a manager may feel they are insufficiently aligned to SDR requirements.
SFDR Article 9 fund / product (EU)
Find options classified under Article 9 of the EU’s SFDR (Sustainable Finance Disclosure Requirements). Article 9 of the SFDR applies to financial products that have sustainable investment 'objectives' - including emissions reduction objectives. (These may currently be referred to as 'impact' funds or aiming to deliver clear, specific positive outcomes.) These rules do not currently apply in the UK so product managers may leave this field blank.
RSMR rated
Find options that are rated by research agency 'Rayner Spencer Mills Research' (awarded 'RSMR Rated' status). Contact RSMR for further information. Fund Management Company InformationAbout The Business
Senior management KPIs include environmental goals (AFM companywide)
The leadership team of this fund / asset manager have performance targets linked to environmental goals. Sustainable, Responsible &/or ESG Policy:The Fund focuses on nine sustainable investment themes. Five of these themes are environmental (Cleaner Energy, Environmental Services, Resource Efficiency, Sustainable Transport, and Water Management). The other four are social themes (Education, Health, Safety, and Well-being). Our responsible investment policy is integral to our investment management activities. Our approach can be summarised as follows:
The Investment Team reviews the environmental, social and governance (“ESG”) quality of a business as part of its investment process. The team’s research considers the robustness of risk management systems, governance processes, the extent of any involvement in controversial issues or activities and overall company alignment with the sustainability objectives of the Fund. Based on this analysis, the team assesses the company’s quality and suitability for the Fund and will not invest in assets that conflict with the sustainability objective of the Fund. A non-exhaustive list of controversial activities that are considered to be conflicting with the sustainability objective of the Fund are available from our website: https://www.whebgroup.com/investing-for-impact/sustainability-policies1 For clarity, the Investment Team cannot guarantee that there will not be any negative impacts associated with investing in the underlying investments and there is always the possibility of ancillary unintended impacts resulting from pursuing the sustainability objective (e.g. increase in the use of plastics as a result of investing in vaccine development). Where companies are no longer considered to be delivering a positive impact in line with the sustainability objective, the Investment Team will engage the management of the company to seek a change in performance. Where subsequent changes are considered to be insufficient, the company will be divested. Process:The investment strategy, embodying the theory of change, combines making investments on behalf of the Fund and our own investment activities to contribute to faster or greater deployment of selected products and services that help solve critical environmental and social problems, leading to improved impacts compared with the present circumstances. The Fund’s investment strategy can then be summarised as follows: Fund Investments The investment strategy starts with the identification of environmental problems such climate change, biodiversity loss and other forms of environmental pollution and critical social problems including illness and disease, unhealthy lifestyles and lack of educational opportunities. For each of these environmental and social problems, the Investment Team has identified a set of business activities that directly target critical aspects of these problems and deliver specific pre-defined positive impacts. For example, to limit global warming to <1.5°C, energy efficiency needs to improve by c.4% per annum across the global economy. In healthcare, ischemic heart disease (IHD) alone accounts for nearly 15% of all global deaths. The Investment Team identifies products and services that help address these critical challenges and using an analytical framework known as the ‘impact engine’ assesses the overall impact delivered by the companies supplying these products and services and uses this as a basis for asset selection. Asset selection Using analytical tools, the Investment Team identifies businesses that are, in its view, well-placed to deliver strong positive impact in support of the sustainability objective as described above. Companies are only considered to be investable where the majority (>50%) of the company’s revenues are derived from products or services that support the Fund’s sustainability objective. Once qualified as investable, the products and services supplied by each company being considered for investment are analysed and assessed to consider the ‘intensity’ of the positive impact being delivered. This is assessed using our proprietary ‘impact engine’. This analytical tool is based on the work of the Impact Management Project and the Future-Fit Foundation and considers:
An overall score is generated from this analysis, using both qualitative and quantitative data, and covering these three dimensions. Investments will only be selected where they achieve a positive score (i.e. greater than 0). A positive score using this methodology confirms that the company is delivering a positive impact. The Investment Team believes that together, the revenue threshold and the impact engine analysis and score as described above, represent an appropriate standard for determining the assets in which the Fund invests in accordance with the Fund’s sustainability objective. The higher the score, the more ‘intensely positive’ the impact is considered to be. The analysis also pinpoints the relevant KPI that the company will be measured against and how the investment would contribute both to the fund’s sustainability and financial objectives. Details on the scores that are given for each company in the portfolio are available https://www.whebgroup.com/investing-forat impact/our-portfolio. The Investment Team determines whether an asset meets the >50% revenue threshold and what impact score the asset should receive. These standards, methodologies and analysis are routinely and regularly reviewed and validated by WHEB’s independent Investment Advisory Committee and separately by the Investment and Risk Committee. The Investment Team then selects a portfolio of companies for inclusion in the Fund that are, in its view, well-placed to deliver the sustainability and financial objectives of the Fund. The final decision to invest in one of these companies is then based on a combination of the impact engine and fundamental quality scores as well as the Investment Team’s assessment of the stock valuation and other portfolio construction requirements. The Investment Team’s intention in investing is to support the positive impact of the underlying investments by buying shares in these businesses and holding these over multiple years. Engagement and Stewardship process As described in the Theory of Change section above, the investor contribution is delivered through engagement and stewardship activities. The Investment Team uses a series of "Objective Milestones" to monitor and evaluate the company's progress during an engagement on the way to the objective being achieved. These milestones differ from KPIs in that they allow discrete, rather than continuous, measurement and represent the investor contribution process, more than the resulting outcomes. Still, they are a valuable tool for motivating and focusing investor contribution activities, that may span multiple years where achieving objectives requires changes in company strategy, policy or governance. For example, where progress through the milestones is deemed to be insufficient on key engagement issues, the Investment Team has put in place a time-bound process (typically 3-6 months) to escalate engagement activity to deliver sufficient change. This involves, but is not limited to, collaboration with other investors, contact with senior directors and board members and, ultimately, where progress is still deemed to be inadequate, divestment. Resources, Affiliations & Corporate Strategies:4 FTE working exclusively in sustainable investment strategies. UNPRI As Foresight Group is a signatory to the PRI, it is required to submit an annual assessment that grades the business’ performance across three different modules: Strategy and Governance; Infrastructure; Private Equity. Therefore, all investment decisions must factor in, and remain true to, the following six principles:
SDGs The UN’s Sustainable Development Goals (SDGs) also represent a key driver of Foresight’s investment and corporate activities. Foresight also aligns itself with a number of other external sustainability and ESG focused organisations, all of which guide Foresight’s approach, and some hold it to account by way of annual submissions and reports. These include:
Dialshifter (Fund)This fund is helping to ‘shift the dial from brown to green’ by… WHEB Asset Management LLP’s mission is to advance sustainability and create prosperity through positive impact investments. Impact Investment: We are an impact investor; which means we consider the positive social and environmental impact of our investments as a critical part of our investment process. We also measure and report the impact of our investments. When we consider impact, we consider the products or services created by the company. We also consider the way in which the company creates those products and services. This includes environmental, social and governance considerations. Impact Criteria for the FP WHEB Sustainability Fund: We are the manager of the FP WHEB Sustainability Fund (“the Fund”). The Fund invests in companies providing solutions to sustainability challenges and we apply this principle rigorously using fixed criteria: Specifically, at least half of the company’s revenues must be derived from businesses with positive impact related to our sustainability investment themes. As a consequence, over 80% of companies in the MSCI World Index do not qualify as investments for the Fund. The provision of solutions to sustainability challenges is by definition a positive impact activity. With approximately 85% of aggregate revenues coming from sustainability solutions, we are confident that the Fund’s overall impact is strongly positive. Ethical Outcomes In addition, when we analyse companies, we consider potential negative impacts associated with their products and services as well as their operations. We only invest in companies where we are clear on the overall positive impact of the business. As a result of this approach, we have never invested in any company with activities substantially related to the provision of: alcoholic beverages, cosmetics where animal testing has been involved, gambling products or services, fossil-fuel exploration or production, intensive farming practices, nuclear power generation, pornographic materials, tobacco products, unsustainable timber products or weapons. We consider these products to have a significant negative impact. Companies that have significant activities in these areas would not be considered to have an overall positive impact and would therefore be ineligible for investment[i]. Our investment process actively reviews the environmental, social and governance quality of a business. Companies with persistently poor practices regarding equal employment opportunities, human rights and environmental management are highly unlikely to be selected for investment. If a company is considered particularly weak on any single metric in our fundamental analysis profile, scoring a zero, it will not be qualified for investment. Safeguards Consideration of impact is central to our investment process. Our experienced Investment Team carries out all analysis of impact and environmental, social and governance factors. Additional tools that underpin and safeguard this approach include:
[1] We define ‘significant’ as more than 5% of revenues. SDR Labelling:Sustainability Impact label Key Performance Indicators:
The core KPIs typically include:
These core KPIs are not definitive, may include qualitative as well as quantitative indicators, and may vary year on year based on the assets held in the portfolio. For example, in 2020 during the COVID pandemic we reported the number of COVID tests supplied by companies held in the portfolio. We stopped reporting this indicator once the pandemic had passed. Where investments contribute to one of the listed core KPIs indirectly, we use a methodology to scale the contribution from that particular objective, for example in calculating how educational resources contribute towards days of education. Fund HoldingsVoting Record |
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