MAS Conservative Fund

Companies of Concern

• Animal Cruelty 0.48%

  • LVMH Moët Hennessy Louis Vuitton Se

    0.12%

    0.12%
    Animal Welfare Issues

    Where companies, through their products or operations, cause harm to animals e.g., animal entertainment (such as marine parks and rodeos), livestock exports, whale meat etc.

    Fur & Speciality Leather

    Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).

    LVMH Moët Hennessy Louis Vuitton Se Animal Welfare Issues Fur & Speciality Leather

    Uses exotic leather and fur products in its luxury ranges such as crocodile, python and ostrich. Brands containing exotic leather include Donna Karan, Louis Vuitton, Fendi, Bvlgari, Céline. In addition it sells cosmetics and fragrances in China where testing on animals is required.

  • The Sherwin-Williams Co.

    0.05%

    0.05%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

  • Procter & Gamble Co.

    0.04%

    0.04%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

    Procter & Gamble Co. Animal Testing

    Procter & Gamble Co. is a consumer products company involved in home goods, cosmetics and healthcare products. The company says they are committed to being cruelty free and ending animal testing, but are still involved in animal testing their cosmetic products, particularly on ingredients for cosmetics.

  • Akzo Nobel Nv

    0.03%

    0.03%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

  • Bayer

    0.02%

    0.02%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

    GMOs

    Where companies are involved in the development or release of GMO plants and seeds.

    Highly Hazardous Chemicals

    Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.

  • L'Oréal SA

    0.02%

    0.02%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

    L'Oréal SA Animal Testing

    L'Oréal is a personal care company and cosmetics company concentrating on hair colour, skin care, sun protection, make-up, perfume, and hair care. The company states that its products are sold in countries where animal testing of cosmetic products is required by law.

  • Novozymes A/S

    0.02%

    0.02%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

  • Church & Dwight Co., Inc.

    0.01%

    0.01%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

  • Colgate-Palmolive Co.

    0.01%

    0.01%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

  • PPG Industries, Inc.

    0.01%

    0.01%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

  • Rpm International, Inc.

    0.01%

    0.01%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

  • Shin-Etsu Chemical Co., Ltd.

    0.01%

    0.01%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

  • Umicore

    0.01%

    0.01%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

• Human Rights Violations 1.78%

  • UBS

    0.76%

    0.76%
    Business Ethics

    Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.

    UBS Business Ethics

    Acquired Credit Suisse in 2023, a bank with very poor governance which aided clients with tax evasion and money laundering. As a result, UBS has inherited ongoing regulatory fines and lawsuits relating to these failures. UBS has also been subject to lawsuits relating to its own manipulation of foreign exchange and interbank rates. It holds a provision of USD $4bn for claims (which may not be sufficient).

  • Wells Fargo

    0.44%

    0.44%
    Business Ethics

    Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.

    Wells Fargo Business Ethics

    Wells Fargo is a multinational financial services company which serves millions of customers in 35 countries. They have been involved in significant business ethics scandals for false inflation, cross selling and misleading customers over a period of 2002 to 2016.

  • Meta Platforms, Inc.

    0.38%

    0.38%
    Public Safety

    Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.

    Meta Platforms, Inc. Public Safety

    The world’s largest social network (Facebook, Instagram, Messenger, WhatsApp). Company has faced claims and legal actions due to mental health harm (notably to young people), breaches of user privacy / data rights, and the spread of misinformation. Inadequate moderating in non-English speaking countries (e.g. Myanmar) allowed the platform to be used to incite ethnic violence. Removal of content moderation from strt of 2025 increases risk of social and political harm.

  • Johnson & Johnson

    0.07%

    0.07%
    Public Safety

    Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.

    Johnson & Johnson Public Safety

    Johnson & Johnson is the world's largest and most diverse healthcare firm. Repeated incidents related to the quality and safety of several of its products across drugs, devices, and consumer products. Exceptioanlly high number of liability claims relating to talc based products and links to cancers.

  • Thermo Fisher Scientific

    0.04%

    0.04%
    Human Rights Abuses

    Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.

    Thermo Fisher Scientific Human Rights Abuses

    Thermo Fisher Scientific sells scientific instruments and laboratory equipment, diagnostics consumables, and life science reagents. Thermo Fisher DNA testing kits have been linked to surveillance and discriminatory purposes by the legal authorities in Xinjiang (a region of China) for monitoring and tracking the Muslim Uyghur ethnic group and other minorities. Evidence that DNA sequencing products continue to be distributed in China, despite the company announcing it would halt sales to the region.

  • Caterpillar

    0.02%

    0.02%
    War & Conflict

    Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.

    Caterpillar War & Conflict

    Manufactures heavy equipment including large D9 bulldozers over a long period to the Israeli military. They have been used in demolishing Palestinian homes in illegally occupied territories, constructing illegal settlements and infrastructure. Also evidence of use in other conflict-affected areas, including Myanmar and the Western Sahara. Continued supply to conflict areas indicates lack of governance over human rights impacts and international norms.

  • Motorola Solutions Inc

    0.02%

    0.02%
    War & Conflict

    Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.

    Motorola Solutions Inc War & Conflict

    Motorola is an American provider of communication products, video equipment, telecommunications equipment, software, systems, and services. Motorola Solutions and its subsidiary, Motorola Israel, have been accused of complicity in human rights violations due to its sale of communication products to the Israeli Ministry of Defence in the occupied Palestinian territories. Israeli settlements in occupied Palestinian territories are deemed illegal under international law.

  • Uber Technologies, Inc.

    0.02%

    0.02%
    Labour Rights Violations

    Where the actions of companies have violated global standards on labour rights and freedoms; including poor treatment of workers, child and forced labour, and modern slavery.

    Uber Technologies, Inc. Labour Rights Violations

    A ride and food delivery service provider. As Uber considers its drivers to be contractors, this limits their employee rights to the minimum wage, and providing the same benefits and rights as traditional taxi companies.

• Social Harm 0.09%

  • Diageo

    0.02%

    0.02%
    Alcohol

    Where companies are involved in the production or retail of alcoholic beverages, or alcohol-related products and services.

  • Brown-Forman Corp.

    0.01%

    0.01%
    Alcohol

    Where companies are involved in the production or retail of alcoholic beverages, or alcohol-related products and services.

  • Constellation Brands, Inc.

    0.01%

    0.01%
    Alcohol

    Where companies are involved in the production or retail of alcoholic beverages, or alcohol-related products and services.

• Fossil Fuels 0.13%

  • Cassa Depositi E Prestiti Spa

    0.04%

    0.04%
    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

  • Fairfax Financial Holdings Ltd.

    0.02%

    0.02%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

  • The Southern Co.

    0.02%

    0.02%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

  • Dassault Systèmes Se

    0.01%

    0.01%
    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

• Weapons 0.14%

  • Walmart, Inc.

    0.03%

    0.03%
    Firearms

    Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.

    Walmart, Inc. Firearms

    The USA’s largest retailer by sales, selling a variety of general merchandise and grocery items. Walmart retails shotguns, pistols and ammunition at some of its stores in the USA, as well as components for firearms such as scopes (less than 1% given scale of other lines). Walmart operates stricter controls on firearms than required by US federal law.

  • Amphenol Corp.

    0.02%

    0.02%
    Military Weapons

    Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.

  • Heico Corp.

    0.02%

    0.02%
    Military Weapons

    Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.

  • Howmet Aerospace, Inc.

    0.02%

    0.02%
    Military Weapons

    Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.

  • Transdigm Group, Inc.

    0.02%

    0.02%
    Military Weapons

    Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.

  • Mtu Aero Engines AG

    0.01%

    0.01%
    Military Weapons

    Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.

• Environmental Harm 0.13%

  • PepsiCo

    0.03%

    0.03%
    Environmental Damage

    Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

    PepsiCo Environmental Damage

    The world’s second largest source of plastic garbage in the world’s oceans, which has devastating impacts on our oceans, wreaking havoc on wildlife and sending plastic particles into the food chain. Alongside other large companies who use plastics, PepsiCo appeared to lobby against some improvements propopsed by the Global Plastics Treaty.

  • The Coca-Cola Company

    0.03%

    0.03%
    Environmental Damage

    Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

    The Coca-Cola Company Environmental Damage

    Collectively the Coca-Cola related entities produce the most plastic rubbish in our oceans at 3 million tons of plastic packaging annually, which has devastating impacts on our oceans, wreaking havoc on wildlife and sending plastic particles into the food chain. Coca-Cola has also been subject to several lawsuits relating to marketing claims about the sustainability of its products.

  • Bayer

    0.02%

    0.02%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

    GMOs

    Where companies are involved in the development or release of GMO plants and seeds.

    Highly Hazardous Chemicals

    Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.