It is difficult to specify the percentage reduction of the starting universe as we apply this differently across our equity assets.
We have a firm-wide controversial weapons exclusion policy, which excludes companies involved in the manufacture and production of anti-personnel landmines, cluster munitions and biological and chemical weapons. As at the end of December 2019, this list comprised of 19 companies.
Strategy level exclusions
Our dedicated sustainability funds impose specific screening criteria. Our Global Environment Fund excludes companies which have revenues that would be significantly eroded by the carbon transition are excluded.
Our UK Sustainable Equity Fund excludes the following sectors: Alcohol, gambling, tobacco, controversial weapons, adult entertainment and heavy extractive industries.
Client mandate exclusions
We have a number of clients that have their own screening guidelines and exclusion lists. These guidelines vary from client to client and hence have varying effects on the reduction of their starting universe.