Sectoral Exclusion: We do not invest in 5 sectors under our ESG Fund viz. Alcohol, Tobacco, Adult Entertainment, Gambling and Controversial Weapons. This sectoral exclusion has led to exclusion of a large Indian FMCG Conglomerate from the ESG based fund due to its Tobacco business despite its above average ESG scores. This approach signifies our view that despite having all favourable policies and initiatives in place, if the product portfolio of the company is controversial or socially unsustainable, then the stock will not be included in our ESG Fund.