Funds

MAS Global Equities Fund

Fund type: Aggressive fund

Returns are the average of the latest 3 years of data reported, after fees and taxes. This fund does not yet have 3 years of data.

Annual Fees: 0.98%

Annual fees, including management and administration fees, but not membership fee. Please note that lower fees don’t always mean higher net returns.

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Total Ethical Concerns: 8.74%

The average total concerns of all managed aggressive funds is 12.02%.

Companies of Concern

Environmental Harm 0.31%
Mowi Asa
0.09%

ocean
This company is harming the ocean

Ocean Harm

This company is harming the ocean

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.

Environmental Damage

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

Mowi Asa Animal Welfare IssuesEnvironmental Damage

The Norwegian-based seafood company is heavily involved in the aquaculture industry, accounting for 23% of the global salmon market. They have been criticised for malpractice by NGO, Wildfish, for using chemical pesticides and causing animal harm in their Scottish salmon farms and by First Nation groups for environmental damage and biodiversity loss in Canada.

Unilever
0.05%

ocean
This company is harming the ocean

Ocean Harm

This company is harming the ocean

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.

Environmental Damage

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

Unilever Animal TestingEnvironmental Damage

Diversified personal-care, homecare, and packaged food company. The company states that its products are sold in countries where animal testing of cosmetic products is required by law. Also, the third largest producer of plastics in the world’s oceans and is the biggest corporate seller of plastic sachets, which are significantly destructive, particularly in the Global South. Has pushed back its plastic reduction targets from 2025 to 2034.

Southern Copper Corporation
0.04%

Environmental Damage

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

Archer-Daniels Midland
0.02%

Deforestation

Where companies are involved in, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.

Environmental Damage

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

Bayer
0.02%

ocean
This company is harming the ocean

Ocean Harm

This company is harming the ocean

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.

Coca-Cola Bottler
0.02%

ocean
This company is harming the ocean

Ocean Harm

This company is harming the ocean

Environmental Damage

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

Coca-Cola Bottler Environmental Damage

Manufacture and bottle Coca-Cola beverages under licence. 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.

Glencore
0.02%

OPT
Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

Occupied Palestinian Territories

Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

ocean
This company is harming the ocean

Ocean Harm

This company is harming the ocean

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.

Deforestation

Where companies are involved in, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.

Environmental Damage

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

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.

Glencore Business EthicsDeforestationEnvironmental DamageFossil Fuel Production

Glencore is a multinational commodity trading and mining company. Glencore has been repeatedly criticised for not having adequate policies in place to ensure that its palm oil suppliers in Southeast Asia do not engage in deforestation or other environmentally harmful practices. Glencore also operates mines in several countries, including Indonesia and the Democratic Republic of Congo, where the mining industry has been linked to deforestation and other environmental damage.

Mitsubishi Corp.
0.02%

!!
This company is expanding their fossil fuel production and is off track with the UN target to limit global temperature rise to 1.5°C

Fossil Fuel Expander

This company is expanding their fossil fuel production and is off track with the UN target to limit global temperature rise to 1.5°C

ocean
This company is harming the ocean

Ocean Harm

This company is harming the ocean

Environmental Damage

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

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.

Mitsubishi Corp. Environmental DamageFossil Fuel Production

Mitsubishi Corporation is the largest seafood corporation in the world, with control over large companies, Cermaq and Toyo Reizo. The company has been charged by the Chilean Superintendence for the Environment for overproduction of salmon, for excessive krill harvesting in the Antarctic and called out for a controversial North West Shelf project, linked to various parts of their business including the companies they own.

PepsiCo
0.02%

ocean
This company is harming the ocean

Ocean Harm

This company is harming the ocean

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
0.02%

ocean
This company is harming the ocean

Ocean Harm

This company is harming the ocean

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.
Fossil Fuels 0.52%
Quanta Services
0.17%

ocean
This company is harming the ocean

Ocean Harm

This company is harming the ocean

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.

Quanta Services Fossil Fuel Production

Quanta Services provides infrastructure solutions for the oil and gas industry. Companies involved in oil and gas services provide tailor-made products and services for the oil and gas sector including exploration and production.

Dassault Systèmes Se
0.11%

ocean
This company is harming the ocean

Ocean Harm

This company is harming the ocean

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.

Bkw AG
0.04%

Fossil Fuel Power Generation

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

Kghm Polska Miedz SA
0.03%

Fossil Fuel Power Generation

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

Engie Brasil Energia SA
0.02%

!!
This company is expanding their fossil fuel production and is off track with the UN target to limit global temperature rise to 1.5°C

Fossil Fuel Expander

This company is expanding their fossil fuel production and is off track with the UN target to limit global temperature rise to 1.5°C

ocean
This company is harming the ocean

Ocean Harm

This company is harming the ocean

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.

Glencore
0.02%

OPT
Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

Occupied Palestinian Territories

Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

ocean
This company is harming the ocean

Ocean Harm

This company is harming the ocean

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.

Deforestation

Where companies are involved in, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.

Environmental Damage

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

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.

Glencore Business EthicsDeforestationEnvironmental DamageFossil Fuel Production

Glencore is a multinational commodity trading and mining company. Glencore has been repeatedly criticised for not having adequate policies in place to ensure that its palm oil suppliers in Southeast Asia do not engage in deforestation or other environmentally harmful practices. Glencore also operates mines in several countries, including Indonesia and the Democratic Republic of Congo, where the mining industry has been linked to deforestation and other environmental damage.

Grupo México S.A.B. De C.V.
0.02%

ocean
This company is harming the ocean

Ocean Harm

This company is harming the ocean

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.

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.

Itochu Corp.
0.02%

!!
This company is expanding their fossil fuel production and is off track with the UN target to limit global temperature rise to 1.5°C

Fossil Fuel Expander

This company is expanding their fossil fuel production and is off track with the UN target to limit global temperature rise to 1.5°C

ocean
This company is harming the ocean

Ocean Harm

This company is harming the ocean

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.

Mitsubishi Corp.
0.02%

!!
This company is expanding their fossil fuel production and is off track with the UN target to limit global temperature rise to 1.5°C

Fossil Fuel Expander

This company is expanding their fossil fuel production and is off track with the UN target to limit global temperature rise to 1.5°C

ocean
This company is harming the ocean

Ocean Harm

This company is harming the ocean

Environmental Damage

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

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.

Mitsubishi Corp. Environmental DamageFossil Fuel Production

Mitsubishi Corporation is the largest seafood corporation in the world, with control over large companies, Cermaq and Toyo Reizo. The company has been charged by the Chilean Superintendence for the Environment for overproduction of salmon, for excessive krill harvesting in the Antarctic and called out for a controversial North West Shelf project, linked to various parts of their business including the companies they own.

Rio Tinto
0.02%

Fossil Fuel Power Generation

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

Human Rights Abuses

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

Rio Tinto Fossil Fuel Power GenerationHuman Rights Abuses

A global diversified miner, predominantly in iron ore but also copper, aluminium, diamonds, gold, and industrial minerals. In 2020, Rio Tinto destroyed Aboriginal 46,000-year-old sacred sites at an iron mine in Western Australia, leaving a considerable and irrepairable impact on the traditional owners. Also a pattern of harmful community-related incidents in West Papua, South Africa, Canada, the US and Serbia. The company also derives revenue from coal power plants through multiple associates and subsidiaries.

Fairfax Financial Holdings Ltd.
0.01%

Fossil Fuel Power Generation

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

Fortum Oyj
0.01%

1.5°C
This company is on a 1.5°C pathway

1.5°C Warning

This company is on a 1.5°C pathway

Fossil Fuel Power Generation

Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Animal Cruelty 1.33%
LVMH Moët Hennessy Louis Vuitton Se
0.45%

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 IssuesFur & 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.
0.18%

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.

Mowi Asa
0.09%

ocean
This company is harming the ocean

Ocean Harm

This company is harming the ocean

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.

Environmental Damage

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

Mowi Asa Animal Welfare IssuesEnvironmental Damage

The Norwegian-based seafood company is heavily involved in the aquaculture industry, accounting for 23% of the global salmon market. They have been criticised for malpractice by NGO, Wildfish, for using chemical pesticides and causing animal harm in their Scottish salmon farms and by First Nation groups for environmental damage and biodiversity loss in Canada.

L'Oréal SA
0.06%

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
0.06%

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.

Unilever
0.05%

ocean
This company is harming the ocean

Ocean Harm

This company is harming the ocean

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.

Environmental Damage

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

Unilever Animal TestingEnvironmental Damage

Diversified personal-care, homecare, and packaged food company. The company states that its products are sold in countries where animal testing of cosmetic products is required by law. Also, the third largest producer of plastics in the world’s oceans and is the biggest corporate seller of plastic sachets, which are significantly destructive, particularly in the Global South. Has pushed back its plastic reduction targets from 2025 to 2034.

Akzo Nobel Nv
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.

Church & Dwight Co., Inc.
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.

PPG Industries, Inc.
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.

Ecolab, Inc.
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.

Kimberly-Clark Corp.
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.

Rpm International, Inc.
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.

The Clorox Co.
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.

Albemarle Corp.
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.

Bayer
0.02%

ocean
This company is harming the ocean

Ocean Harm

This company is harming the ocean

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.

Colgate-Palmolive Co.
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.

Hermès International Sca
0.02%

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).

Hormel Foods Corp
0.02%

Factory Farming

Where companies are involved in intensive poultry operations, including managing direct operations which raise birds or managing a network of contracted farmers, slaughtering, packaging and onward sale to wholesalers, retailers, and restaurant chains.

Procter & Gamble Co.
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.

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.

Shin-Etsu Chemical Co., Ltd.
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.

Dupont De Nemours
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.

Givaudan SA
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.

The Estée Lauder Companies, Inc.
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.

The Estée Lauder Companies, Inc. Animal Testing

Estee Lauder is a multinational cosmetics company, a manufacturer and marketer of makeup, skincare, fragrance, and hair care products. The company states that its products are sold in countries where animal testing of cosmetic products is required by law.
Human Rights Violations 5.87%
Meta Platforms, Inc.
2.33%

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.

Tesla
0.68%

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.

Tesla Business Ethics

Tesla has been involved in violations across human rights categories including business ethics due to CEO leadership style, limiting of shareholder rights and poor governance. There have also been big safety and human rights concerns with Tesla’s supply chain and production line.

Booking Holdings
0.63%

OPT
Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

Occupied Palestinian Territories

Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

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.

Booking Holdings War & Conflict

Online travel platforms, are complicit in the severe human rights violations to Palestinians from illegal settlement in Occupied Palestinian Territories. Promotion of tourism to these settlements normalises annexation and provides income supporting settlement. Under UN Principles, companies have obligations to prevent Human Rights breaches from services in situations of conflict.

Johnson & Johnson
0.42%

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.

Palantir Technologies
0.41%

OPT
Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

Occupied Palestinian Territories

Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

Human Rights Abuses

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

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.

Palantir Technologies Human Rights AbusesWar & Conflict

Has developed AI-based predictive policing systems. These are sold to Israeli security forces and used in surveillance of Palestinian in occupied Palestinian territories. The systems were originally designed for US immigration authorities and are used in the US to target immigrants and manage raids.

IBM
0.38%

OPT
Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

Occupied Palestinian Territories

Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

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.

IBM War & Conflict

Develops and operates Israel’s Population Registry System which holds information on residents of Occupied Palestinian Territories. The registry enables control of work and travel permits for Palestinians. This supports severe violations of human rights including freedom of movement and data privacy rights.

Wells Fargo
0.29%

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.

Thermo Fisher Scientific
0.16%

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.

Motorola Solutions Inc
0.12%

OPT
Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

Occupied Palestinian Territories

Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

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.

Kingspan Group
0.11%

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.

Uber Technologies, Inc.
0.09%

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.

Toronto-Dominion Bank
0.08%

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
0.06%

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).

Airbnb
0.03%

OPT
Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

Occupied Palestinian Territories

Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

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.

Airbnb War & Conflict

Online travel platforms, are complicit in the severe human rights violations to Palestinians from illegal settlement in Occupied Palestinian Territories. Promotion of tourism to these settlements normalises annexation and provides income supporting settlement. Under UN Principles, companies have obligations to prevent Human Rights breaches from services in situations of conflict.

Glencore
0.02%

OPT
Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

Occupied Palestinian Territories

Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

ocean
This company is harming the ocean

Ocean Harm

This company is harming the ocean

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.

Deforestation

Where companies are involved in, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.

Environmental Damage

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

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.

Glencore Business EthicsDeforestationEnvironmental DamageFossil Fuel Production

Glencore is a multinational commodity trading and mining company. Glencore has been repeatedly criticised for not having adequate policies in place to ensure that its palm oil suppliers in Southeast Asia do not engage in deforestation or other environmentally harmful practices. Glencore also operates mines in several countries, including Indonesia and the Democratic Republic of Congo, where the mining industry has been linked to deforestation and other environmental damage.

Grupo México S.A.B. De C.V.
0.02%

ocean
This company is harming the ocean

Ocean Harm

This company is harming the ocean

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.

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.

Rio Tinto
0.02%

Fossil Fuel Power Generation

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

Human Rights Abuses

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

Rio Tinto Fossil Fuel Power GenerationHuman Rights Abuses

A global diversified miner, predominantly in iron ore but also copper, aluminium, diamonds, gold, and industrial minerals. In 2020, Rio Tinto destroyed Aboriginal 46,000-year-old sacred sites at an iron mine in Western Australia, leaving a considerable and irrepairable impact on the traditional owners. Also a pattern of harmful community-related incidents in West Papua, South Africa, Canada, the US and Serbia. The company also derives revenue from coal power plants through multiple associates and subsidiaries.

Kbr, Inc.
0.01%

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.

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.
Social Harm 0.19%
Diageo
0.05%

Alcohol

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

Brown-Forman Corp.
0.04%

Alcohol

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

Constellation Brands, Inc.
0.02%

Alcohol

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

Anheuser-Busch Inbev SA/Nv
0.01%

Alcohol

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

Asahi Group Holdings Ltd.
0.01%

Alcohol

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

Kweichow Moutai Co., Ltd.
0.01%

Alcohol

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

Molson Coors Beverage Co.
0.01%

Alcohol

Where companies are involved in the production or retail of alcoholic beverages, or alcohol-related products and services.
Weapons 0.77%
Walmart, Inc.
0.21%

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.
0.16%

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.

Jacobs Solutions, Inc.
0.10%

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.

Curtiss-Wright Corp.
0.05%

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.

FANUC Corp.
0.05%

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.
0.05%

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.

Booz Allen Hamilton Holding Corp.
0.03%

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.

CACI International Inc
0.03%

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.

Nuclear Weapons

Where companies are involved in the manufacturing or sale of nuclear weapons or components or services thereof.

Hensoldt AG
0.03%

Firearms

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

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.

Daikin Industries Ltd.
0.01%

Controversial Weapons

Where companies are involved in the manufacturing or retail of controversial weapons (e.g., landmines and cluster munitions) or components or services thereof.

Kbr, Inc.
0.01%

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.

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.

Invest in this fund »

From the Fund Provider

About this fund

About this Fund

Fund type: Aggressive fund

Past Returns: *14.80%

Returns are the average of the latest 3 years of data reported, after fees and taxes. This fund does not yet have 3 years of data.

Annual Fees: 0.98%

Annual fees, including management and administration fees, but not membership fee. Please note that lower fees don’t always mean higher net returns.

In their own words

The Global Equities Fund usually invests only in growth assets. The Fund aims to provide higher returns over the long term. It is suitable for investors who are prepared to accept a higher level of investment risk to potentially achieve a higher return.

MAS is proud to be a New Zealand-owned insurance and investment company that’s been enhancing the financial health and wellbeing of our Members since 1921. Originally founded by doctors for doctors, today we support all New Zealand professionals and their families with a range of insurance and investment solutions to help grow your wealth and protect what’s important. As a mutual we're owned by our Members, so we have your best interests at heart and not a single dollar goes to offshore shareholders. If you'd like to discuss your insurance or investment requirements, we'd love to talk.

Value	$7.12M NZD
Period of data report	30th Sept. 2025
Fund started	31st Jan. 2024
Total annual fund fees	0.98%
Total performance based fees	0.0%
Manager's basic fee	0.89%
Other management and administration charges	0.09%
Total other charges	0.0
Total other charges currency	NZD

Key Personnel

Brendan O’Donovan	Currently: Chair Investment Committee (8 years, 3 months) Previously: Independent Director, MAS (3 years, 8 months)
Daniel Mead	Currently: Head of Investment (2 years, 2 months) Previously: Senior Portfolio Manager, AMP (2 years, 4 months)
Hayden Griffiths	Currently: Head of Asset Allocation, JBWere (29 years, 5 months) Previously: Analyst, BZW (2 years, 5 months)
Rickey Ward	Currently: Head of Investment Strategy & Research, JBWere (0 years, 5 months) Previously: Australasian Equity Manager, JBWere (11 years, 0 months)
Phil Borkin	Currently: Senior Strategist, JBWere (6 years, 9 months) Previously: Senior Macro Strategist, ANZ (4 years, 0 months)

This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th Sept. 2025.

Past Returns

Past annual returns for this fund are after fees and taxes. Please note that higher past returns do not always mean higher future returns.

Year	Market Average	Fund Annual Return
2025	4.07%	5.16%

The market average is the average return for funds of the same risk category, sourced from the Commission for Financial Capability's Sorted website. The fund information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th Sept. 2025.

Investments

Top 10 Investments

Fisher & Paykel Healthcare Ltd

New Zealand Australasian Equities

4.74%
Infratil Ltd

New Zealand Australasian Equities

3.89%
Apple Inc

United States International Equities

3.09%
Nvidia Corp

United States International Equities

2.98%
Microsoft Corp

United States International Equities

2.43%
Auckland International Airport Ltd

New Zealand Australasian Equities

2.15%
Alphabet Inc Class A

United States International Equities

2.1%
Meridian Energy Limited

New Zealand Australasian Equities

1.82%
A2 Milk Company Ltd

New Zealand Australasian Equities

1.63%
Mainfreight Ltd

New Zealand Australasian Equities

1.56%

Type	Target	Actual
Cash and Cash Equivalents	0.0%	1.63%
New Zealand Fixed Interest	0.0%	0.0%
International Fixed Interest	0.0%	0.0%
Australasian Equities	30.0%	29.96%
International Equities	70.0%	68.41%
Listed Properties	0.0%	0.0%
Unlisted Properties	0.0%	0.0%
Other	0.0%	0.0%
Commodities	0.0%	0.0%

Investment Mix

How the money in this fund is invested by asset type.

This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th Sept. 2025.

This data is compiled by Mindful Money from the fund information and portfolios that each fund has filed with the Disclose register to 30th Sept. 2025 and Mindful Money analysis of funds within those portfolios. The list of companies of concern has been drawn from ratings agencies and public sources, including the Norwegian Sovereign Fund, NZ Super Fund, Sustainalytics and research organisations.

Please note that companies may breach more than one of these areas of concern.

The listing of companies of concern is based on definitions used in Mindful Money's methodology. These definitions may be different from the exclusions policy and definitions applied by the fund provider.

Mindful Money uses the term Mindful Funds as our standard for ethical investment and responsible investment. This does not imply that other funds are unethical or that the fund providers that do not meet these standards are unethical providers.

Companies of Concern
About this fund
Past Returns
Investments

Issues of Concern

0.31% Environmental Harm
0.52% Fossil Fuels
1.33% Animal Cruelty
5.87% Human Rights Violations
0.19% Social Harm
0.77% Weapons

Companies of Concern

Environmental Harm
- Mowi Asa
  0.09%
  
  ocean
  This company is harming the ocean
  
  Ocean Harm
  
  This company is harming the ocean
  
  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.
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
  
  Mowi Asa Animal Welfare IssuesEnvironmental Damage
  
  The Norwegian-based seafood company is heavily involved in the aquaculture industry, accounting for 23% of the global salmon market. They have been criticised for malpractice by NGO, Wildfish, for using chemical pesticides and causing animal harm in their Scottish salmon farms and by First Nation groups for environmental damage and biodiversity loss in Canada.
- Unilever
  0.05%
  
  ocean
  This company is harming the ocean
  
  Ocean Harm
  
  This company is harming the ocean
  
  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.
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
  
  Unilever Animal TestingEnvironmental Damage
  
  Diversified personal-care, homecare, and packaged food company. The company states that its products are sold in countries where animal testing of cosmetic products is required by law. Also, the third largest producer of plastics in the world’s oceans and is the biggest corporate seller of plastic sachets, which are significantly destructive, particularly in the Global South. Has pushed back its plastic reduction targets from 2025 to 2034.
- Southern Copper Corporation
  0.04%
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
- Archer-Daniels Midland
  0.02%
  
  Deforestation
  
  Where companies are involved in, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
- Bayer
  0.02%
  
  ocean
  This company is harming the ocean
  
  Ocean Harm
  
  This company is harming the ocean
  
  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.
- Coca-Cola Bottler
  0.02%
  
  ocean
  This company is harming the ocean
  
  Ocean Harm
  
  This company is harming the ocean
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
  
  Coca-Cola Bottler Environmental Damage
  
  Manufacture and bottle Coca-Cola beverages under licence. 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.
- Glencore
  0.02%
  
  OPT
  Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories
  
  Occupied Palestinian Territories
  
  Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories
  
  ocean
  This company is harming the ocean
  
  Ocean Harm
  
  This company is harming the ocean
  
  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.
  
  Deforestation
  
  Where companies are involved in, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
  
  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.
  
  Glencore Business EthicsDeforestationEnvironmental DamageFossil Fuel Production
  
  Glencore is a multinational commodity trading and mining company. Glencore has been repeatedly criticised for not having adequate policies in place to ensure that its palm oil suppliers in Southeast Asia do not engage in deforestation or other environmentally harmful practices. Glencore also operates mines in several countries, including Indonesia and the Democratic Republic of Congo, where the mining industry has been linked to deforestation and other environmental damage.
- Mitsubishi Corp.
  0.02%
  
  !!
  This company is expanding their fossil fuel production and is off track with the UN target to limit global temperature rise to 1.5°C
  
  Fossil Fuel Expander
  
  This company is expanding their fossil fuel production and is off track with the UN target to limit global temperature rise to 1.5°C
  
  ocean
  This company is harming the ocean
  
  Ocean Harm
  
  This company is harming the ocean
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
  
  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.
  
  Mitsubishi Corp. Environmental DamageFossil Fuel Production
  
  Mitsubishi Corporation is the largest seafood corporation in the world, with control over large companies, Cermaq and Toyo Reizo. The company has been charged by the Chilean Superintendence for the Environment for overproduction of salmon, for excessive krill harvesting in the Antarctic and called out for a controversial North West Shelf project, linked to various parts of their business including the companies they own.
- PepsiCo
  0.02%
  
  ocean
  This company is harming the ocean
  
  Ocean Harm
  
  This company is harming the ocean
  
  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
  0.02%
  
  ocean
  This company is harming the ocean
  
  Ocean Harm
  
  This company is harming the ocean
  
  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.
Fossil Fuels
- Quanta Services
  0.17%
  
  ocean
  This company is harming the ocean
  
  Ocean Harm
  
  This company is harming the ocean
  
  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.
  
  Quanta Services Fossil Fuel Production
  
  Quanta Services provides infrastructure solutions for the oil and gas industry. Companies involved in oil and gas services provide tailor-made products and services for the oil and gas sector including exploration and production.
- Dassault Systèmes Se
  0.11%
  
  ocean
  This company is harming the ocean
  
  Ocean Harm
  
  This company is harming the ocean
  
  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.
- Bkw AG
  0.04%
  
  Fossil Fuel Power Generation
  
  Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
- Kghm Polska Miedz SA
  0.03%
  
  Fossil Fuel Power Generation
  
  Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
- Engie Brasil Energia SA
  0.02%
  
  !!
  This company is expanding their fossil fuel production and is off track with the UN target to limit global temperature rise to 1.5°C
  
  Fossil Fuel Expander
  
  This company is expanding their fossil fuel production and is off track with the UN target to limit global temperature rise to 1.5°C
  
  ocean
  This company is harming the ocean
  
  Ocean Harm
  
  This company is harming the ocean
  
  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.
- Glencore
  0.02%
  
  OPT
  Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories
  
  Occupied Palestinian Territories
  
  Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories
  
  ocean
  This company is harming the ocean
  
  Ocean Harm
  
  This company is harming the ocean
  
  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.
  
  Deforestation
  
  Where companies are involved in, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
  
  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.
  
  Glencore Business EthicsDeforestationEnvironmental DamageFossil Fuel Production
  
  Glencore is a multinational commodity trading and mining company. Glencore has been repeatedly criticised for not having adequate policies in place to ensure that its palm oil suppliers in Southeast Asia do not engage in deforestation or other environmentally harmful practices. Glencore also operates mines in several countries, including Indonesia and the Democratic Republic of Congo, where the mining industry has been linked to deforestation and other environmental damage.
- Grupo México S.A.B. De C.V.
  0.02%
  
  ocean
  This company is harming the ocean
  
  Ocean Harm
  
  This company is harming the ocean
  
  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.
  
  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.
- Itochu Corp.
  0.02%
  
  !!
  This company is expanding their fossil fuel production and is off track with the UN target to limit global temperature rise to 1.5°C
  
  Fossil Fuel Expander
  
  This company is expanding their fossil fuel production and is off track with the UN target to limit global temperature rise to 1.5°C
  
  ocean
  This company is harming the ocean
  
  Ocean Harm
  
  This company is harming the ocean
  
  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.
- Mitsubishi Corp.
  0.02%
  
  !!
  This company is expanding their fossil fuel production and is off track with the UN target to limit global temperature rise to 1.5°C
  
  Fossil Fuel Expander
  
  This company is expanding their fossil fuel production and is off track with the UN target to limit global temperature rise to 1.5°C
  
  ocean
  This company is harming the ocean
  
  Ocean Harm
  
  This company is harming the ocean
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
  
  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.
  
  Mitsubishi Corp. Environmental DamageFossil Fuel Production
  
  Mitsubishi Corporation is the largest seafood corporation in the world, with control over large companies, Cermaq and Toyo Reizo. The company has been charged by the Chilean Superintendence for the Environment for overproduction of salmon, for excessive krill harvesting in the Antarctic and called out for a controversial North West Shelf project, linked to various parts of their business including the companies they own.
- Rio Tinto
  0.02%
  
  Fossil Fuel Power Generation
  
  Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
  
  Human Rights Abuses
  
  Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
  
  Rio Tinto Fossil Fuel Power GenerationHuman Rights Abuses
  
  A global diversified miner, predominantly in iron ore but also copper, aluminium, diamonds, gold, and industrial minerals. In 2020, Rio Tinto destroyed Aboriginal 46,000-year-old sacred sites at an iron mine in Western Australia, leaving a considerable and irrepairable impact on the traditional owners. Also a pattern of harmful community-related incidents in West Papua, South Africa, Canada, the US and Serbia. The company also derives revenue from coal power plants through multiple associates and subsidiaries.
- Fairfax Financial Holdings Ltd.
  0.01%
  
  Fossil Fuel Power Generation
  
  Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
- Fortum Oyj
  0.01%
  
  1.5°C
  This company is on a 1.5°C pathway
  
  1.5°C Warning
  
  This company is on a 1.5°C pathway
  
  Fossil Fuel Power Generation
  
  Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Animal Cruelty
- LVMH Moët Hennessy Louis Vuitton Se
  0.45%
  
  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 IssuesFur & 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.
  0.18%
  
  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.
- Mowi Asa
  0.09%
  
  ocean
  This company is harming the ocean
  
  Ocean Harm
  
  This company is harming the ocean
  
  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.
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
  
  Mowi Asa Animal Welfare IssuesEnvironmental Damage
  
  The Norwegian-based seafood company is heavily involved in the aquaculture industry, accounting for 23% of the global salmon market. They have been criticised for malpractice by NGO, Wildfish, for using chemical pesticides and causing animal harm in their Scottish salmon farms and by First Nation groups for environmental damage and biodiversity loss in Canada.
- L'Oréal SA
  0.06%
  
  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
  0.06%
  
  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.
- Unilever
  0.05%
  
  ocean
  This company is harming the ocean
  
  Ocean Harm
  
  This company is harming the ocean
  
  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.
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
  
  Unilever Animal TestingEnvironmental Damage
  
  Diversified personal-care, homecare, and packaged food company. The company states that its products are sold in countries where animal testing of cosmetic products is required by law. Also, the third largest producer of plastics in the world’s oceans and is the biggest corporate seller of plastic sachets, which are significantly destructive, particularly in the Global South. Has pushed back its plastic reduction targets from 2025 to 2034.
- Akzo Nobel Nv
  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.
- Church & Dwight Co., Inc.
  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.
- PPG Industries, Inc.
  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.
- Ecolab, Inc.
  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.
- Kimberly-Clark Corp.
  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.
- Rpm International, Inc.
  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.
- The Clorox Co.
  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.
- Albemarle Corp.
  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.
- Bayer
  0.02%
  
  ocean
  This company is harming the ocean
  
  Ocean Harm
  
  This company is harming the ocean
  
  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.
- Colgate-Palmolive Co.
  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.
- Hermès International Sca
  0.02%
  
  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).
- Hormel Foods Corp
  0.02%
  
  Factory Farming
  
  Where companies are involved in intensive poultry operations, including managing direct operations which raise birds or managing a network of contracted farmers, slaughtering, packaging and onward sale to wholesalers, retailers, and restaurant chains.
- Procter & Gamble Co.
  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.
  
  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.
- Shin-Etsu Chemical Co., Ltd.
  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.
- Dupont De Nemours
  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.
- Givaudan SA
  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.
- The Estée Lauder Companies, Inc.
  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.
  
  The Estée Lauder Companies, Inc. Animal Testing
  
  Estee Lauder is a multinational cosmetics company, a manufacturer and marketer of makeup, skincare, fragrance, and hair care products. The company states that its products are sold in countries where animal testing of cosmetic products is required by law.
Human Rights Violations
- Meta Platforms, Inc.
  2.33%
  
  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.
- Tesla
  0.68%
  
  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.
  
  Tesla Business Ethics
  
  Tesla has been involved in violations across human rights categories including business ethics due to CEO leadership style, limiting of shareholder rights and poor governance. There have also been big safety and human rights concerns with Tesla’s supply chain and production line.
- Booking Holdings
  0.63%
  
  OPT
  Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories
  
  Occupied Palestinian Territories
  
  Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories
  
  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.
  
  Booking Holdings War & Conflict
  
  Online travel platforms, are complicit in the severe human rights violations to Palestinians from illegal settlement in Occupied Palestinian Territories. Promotion of tourism to these settlements normalises annexation and provides income supporting settlement. Under UN Principles, companies have obligations to prevent Human Rights breaches from services in situations of conflict.
- Johnson & Johnson
  0.42%
  
  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.
- Palantir Technologies
  0.41%
  
  OPT
  Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories
  
  Occupied Palestinian Territories
  
  Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories
  
  Human Rights Abuses
  
  Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
  
  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.
  
  Palantir Technologies Human Rights AbusesWar & Conflict
  
  Has developed AI-based predictive policing systems. These are sold to Israeli security forces and used in surveillance of Palestinian in occupied Palestinian territories. The systems were originally designed for US immigration authorities and are used in the US to target immigrants and manage raids.
- IBM
  0.38%
  
  OPT
  Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories
  
  Occupied Palestinian Territories
  
  Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories
  
  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.
  
  IBM War & Conflict
  
  Develops and operates Israel’s Population Registry System which holds information on residents of Occupied Palestinian Territories. The registry enables control of work and travel permits for Palestinians. This supports severe violations of human rights including freedom of movement and data privacy rights.
- Wells Fargo
  0.29%
  
  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.
- Thermo Fisher Scientific
  0.16%
  
  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.
- Motorola Solutions Inc
  0.12%
  
  OPT
  Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories
  
  Occupied Palestinian Territories
  
  Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories
  
  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.
- Kingspan Group
  0.11%
  
  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.
- Uber Technologies, Inc.
  0.09%
  
  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.
- Toronto-Dominion Bank
  0.08%
  
  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
  0.06%
  
  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).
- Airbnb
  0.03%
  
  OPT
  Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories
  
  Occupied Palestinian Territories
  
  Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories
  
  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.
  
  Airbnb War & Conflict
  
  Online travel platforms, are complicit in the severe human rights violations to Palestinians from illegal settlement in Occupied Palestinian Territories. Promotion of tourism to these settlements normalises annexation and provides income supporting settlement. Under UN Principles, companies have obligations to prevent Human Rights breaches from services in situations of conflict.
- Glencore
  0.02%
  
  OPT
  Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories
  
  Occupied Palestinian Territories
  
  Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories
  
  ocean
  This company is harming the ocean
  
  Ocean Harm
  
  This company is harming the ocean
  
  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.
  
  Deforestation
  
  Where companies are involved in, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
  
  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.
  
  Glencore Business EthicsDeforestationEnvironmental DamageFossil Fuel Production
  
  Glencore is a multinational commodity trading and mining company. Glencore has been repeatedly criticised for not having adequate policies in place to ensure that its palm oil suppliers in Southeast Asia do not engage in deforestation or other environmentally harmful practices. Glencore also operates mines in several countries, including Indonesia and the Democratic Republic of Congo, where the mining industry has been linked to deforestation and other environmental damage.
- Grupo México S.A.B. De C.V.
  0.02%
  
  ocean
  This company is harming the ocean
  
  Ocean Harm
  
  This company is harming the ocean
  
  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.
  
  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.
- Rio Tinto
  0.02%
  
  Fossil Fuel Power Generation
  
  Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
  
  Human Rights Abuses
  
  Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
  
  Rio Tinto Fossil Fuel Power GenerationHuman Rights Abuses
  
  A global diversified miner, predominantly in iron ore but also copper, aluminium, diamonds, gold, and industrial minerals. In 2020, Rio Tinto destroyed Aboriginal 46,000-year-old sacred sites at an iron mine in Western Australia, leaving a considerable and irrepairable impact on the traditional owners. Also a pattern of harmful community-related incidents in West Papua, South Africa, Canada, the US and Serbia. The company also derives revenue from coal power plants through multiple associates and subsidiaries.
- Kbr, Inc.
  0.01%
  
  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.
  
  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.
Social Harm
- Diageo
  0.05%
  
  Alcohol
  
  Where companies are involved in the production or retail of alcoholic beverages, or alcohol-related products and services.
- Brown-Forman Corp.
  0.04%
  
  Alcohol
  
  Where companies are involved in the production or retail of alcoholic beverages, or alcohol-related products and services.
- Constellation Brands, Inc.
  0.02%
  
  Alcohol
  
  Where companies are involved in the production or retail of alcoholic beverages, or alcohol-related products and services.
- Anheuser-Busch Inbev SA/Nv
  0.01%
  
  Alcohol
  
  Where companies are involved in the production or retail of alcoholic beverages, or alcohol-related products and services.
- Asahi Group Holdings Ltd.
  0.01%
  
  Alcohol
  
  Where companies are involved in the production or retail of alcoholic beverages, or alcohol-related products and services.
- Kweichow Moutai Co., Ltd.
  0.01%
  
  Alcohol
  
  Where companies are involved in the production or retail of alcoholic beverages, or alcohol-related products and services.
- Molson Coors Beverage Co.
  0.01%
  
  Alcohol
  
  Where companies are involved in the production or retail of alcoholic beverages, or alcohol-related products and services.
Weapons
- Walmart, Inc.
  0.21%
  
  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.
  0.16%
  
  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.
- Jacobs Solutions, Inc.
  0.10%
  
  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.
- Curtiss-Wright Corp.
  0.05%
  
  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.
- FANUC Corp.
  0.05%
  
  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.
  0.05%
  
  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.
- Booz Allen Hamilton Holding Corp.
  0.03%
  
  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.
- CACI International Inc
  0.03%
  
  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.
  
  Nuclear Weapons
  
  Where companies are involved in the manufacturing or sale of nuclear weapons or components or services thereof.
- Hensoldt AG
  0.03%
  
  Firearms
  
  Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
  
  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.
- Daikin Industries Ltd.
  0.01%
  
  Controversial Weapons
  
  Where companies are involved in the manufacturing or retail of controversial weapons (e.g., landmines and cluster munitions) or components or services thereof.
- Kbr, Inc.
  0.01%
  
  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.
  
  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.

About this Fund

Fund type: Aggressive fund

Past Returns: *14.80%

Returns are the average of the latest 3 years of data reported, after fees and taxes. This fund does not yet have 3 years of data.

Annual Fees: 0.98%

Annual fees, including management and administration fees, but not membership fee. Please note that lower fees don’t always mean higher net returns.

In their own words

Value	$7.12M NZD
Period of data report	30th Sept. 2025
Fund started	31st Jan. 2024
Total annual fund fees	0.98%
Total performance based fees	0.0%
Manager's basic fee	0.89%
Other management and administration charges	0.09%
Total other charges	0.0
Total other charges currency	NZD

Key Personnel

Brendan O’Donovan	Currently: Chair Investment Committee (8 years, 3 months) Previously: Independent Director, MAS (3 years, 8 months)
Daniel Mead	Currently: Head of Investment (2 years, 2 months) Previously: Senior Portfolio Manager, AMP (2 years, 4 months)
Hayden Griffiths	Currently: Head of Asset Allocation, JBWere (29 years, 5 months) Previously: Analyst, BZW (2 years, 5 months)
Rickey Ward	Currently: Head of Investment Strategy & Research, JBWere (0 years, 5 months) Previously: Australasian Equity Manager, JBWere (11 years, 0 months)
Phil Borkin	Currently: Senior Strategist, JBWere (6 years, 9 months) Previously: Senior Macro Strategist, ANZ (4 years, 0 months)

This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th Sept. 2025.

Past Returns

Past annual returns for this fund are after fees and taxes. Please note that higher past returns do not always mean higher future returns.

Year	Market Average	Fund Annual Return
2025	4.07%	5.16%

Top 10 Investments

Fisher & Paykel Healthcare Ltd

New Zealand Australasian Equities

4.74%
Infratil Ltd

New Zealand Australasian Equities

3.89%
Apple Inc

United States International Equities

3.09%
Nvidia Corp

United States International Equities

2.98%
Microsoft Corp

United States International Equities

2.43%
Auckland International Airport Ltd

New Zealand Australasian Equities

2.15%
Alphabet Inc Class A

United States International Equities

2.1%
Meridian Energy Limited

New Zealand Australasian Equities

1.82%
A2 Milk Company Ltd

New Zealand Australasian Equities

1.63%
Mainfreight Ltd

New Zealand Australasian Equities

1.56%

Type	Target	Actual
Cash and Cash Equivalents	0.0%	1.63%
New Zealand Fixed Interest	0.0%	0.0%
International Fixed Interest	0.0%	0.0%
Australasian Equities	30.0%	29.96%
International Equities	70.0%	68.41%
Listed Properties	0.0%	0.0%
Unlisted Properties	0.0%	0.0%
Other	0.0%	0.0%
Commodities	0.0%	0.0%

Investment Mix

How the money in this fund is invested by asset type.

This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th Sept. 2025.

Funds

MAS Global Equities Fund

Total Ethical Concerns: 8.74%

Companies of Concern

Environmental Harm 0.31%

Fossil Fuels 0.52%

Animal Cruelty 1.33%

Human Rights Violations 5.87%

Weapons 0.77%

From the Fund Provider

About this fund

About this Fund

In their own words

Key Personnel

Past Returns

Past Returns

Investments

Top 10 Investments

Investment Mix

Issues of Concern

Companies of Concern

Environmental Harm

Fossil Fuels

Animal Cruelty

Human Rights Violations

Weapons

About this Fund

In their own words

Key Personnel

Past Returns

Top 10 Investments

Investment Mix

Disclosures

Investing Risk

How we are funded

Privacy