Negative screens by Sector/Product include:
Companies principally engaged in the manufacture and sale of tobacco. We believe the increasing focus on the externalities associated with tobacco companies (e.g. higher healthcare costs, organised crime) reduces the sustainability of earnings.
Companies principally engaged in the manufacture and sale of armaments or pornography.
We do not invest in companies head quartered in Emerging Market countries unless they have an ADR or GDR listed on a recognised Developed Market exchange such as New York or London. This is to provide an additional layer of disclosure around listing requirements and compliance.