Carnegie Fonder has an exclusion policy that covers the following sectors: tobacco, pornography, alcohol, weapons or war material, anti-personnel mines, cluster bombs, chemical and biological weapons as well as nuclear weapons. The mentioned industries are excluded in all our funds; however, the majority of our funds also exclude commercial gambling and coal. Each fund manager is welcome to narrow down the investment universe further by excluding fossil fuels for example. Current sector exclusions on fund level may be found here: https://www.carnegiefonder.se/app/uploads/file-manager/pdfer/Ansvarsfulla%20investeringar/Branschdefinitioner.pdf
The effect on the available universe and portfolios is insignificant, and we deem these exclusions to have a positive, rather than negative, effect on performance in the long term.