Starting universe cannot include any controversial weapons related company. These companies are excluded by the Compliance department and therefore not made available on the internal IT system to trade from, for all asset classes (the list includes listed and non listed companies).
We also exclude the worst companies based on their E, S or G scores (i.e. not on a combination of their ESG score but on the basis of their E score, their S score and their G score). Depending on the initial investment universe we exclude 20 to 25% of the worst E, S and G scores.