The Company has identified a number of sectors where sustainability risks are considered so significant that fund investments in these sectors are fully excluded. The funds exclude investments in the following sectors: tobacco, cannabis, alcohol, pornography, commercial gambling services, weapons, fossil fuels, and GICS sector 10. In addition, certain forms of energy production based on fossil fuels and nuclear power are also excluded. Furthermore, norm-based exclusions are applied to companies subject to applicable EU or UN sanctions. To determine whether a company falls within any of the above sectors or activities, thresholds established by the Company are used. Individual funds may apply stricter criteria.

 

Tobacco
Production: 0% of revenue
Distribution: 5% of revenue

• Includes the production of cigars, cigarettes, e-cigarettes, smokeless tobacco, snus, and chewing tobacco, as well as the cultivation or processing of tobacco leaves.
• Distribution refers to the sale of the products listed above. For example, convenience store chains are excluded when tobacco sales exceed five percent of total revenue.
• The exclusion criteria do not apply to related products and services, such as cardboard used for tobacco product packaging..

 

Cannabis
Production: 0% of revenue
Distribution: 5% of revenue

• Includes the production of cannabis products, excluding medical cannabis in prescription drugs.
• Distribution refers to the sale of cannabis products.
• The exclusion criteria do not apply to related products and services, such as the manufacturing of packaging materials for cannabis products.

 

Alcohol
Production: 5% of revenue
Distribution: 5% of revenue

• Includes the production of alcoholic beverages.
• Distribution refers to the sale of alcoholic beverages. For example, hotel chains and grocery stores are excluded when alcohol sales exceed five percent of revenue.
• The exclusion criteria do not apply to related products and services, such as the manufacturing of glass bottles for alcoholic beverages.

 

Pornography
Production: 0% of revenue
Distribution: 1% of revenue

• Includes the production of pornography, defined as material that explicitly depicts sexual situations or acts in a manner that violates human dignity and respect.
• Distribution refers to active distribution. Active distribution is defined as marketing or sales resulting from the Company’s own proactive actions.

 

Commercial Gambling Services
Production: 5% of revenue
Distribution: 5% of revenue

• Refers to operators and platforms involved in gambling activities.
• Includes the production of products and services necessary for the design or development of software or platforms for commercial gambling services.
• Does not include video game companies.

 

Conventional weapons
Production: 0% of revenue
Distribution: 1% of revenue

• Conventional weapons refer to armaments used in armed conflicts and include all weapons that are not weapons of mass destruction.
• For companies generating revenue from the production of weapons or military equipment that is central to combat functionality, a zero-tolerance threshold applies.
• Does not include related products and services that are not central to combat functionality or that are considered dual-use (military/civil) and/or have no clear connection to combat functionality. For example, gearboxes that can be used in both civilian and military vehicles.

 

Military Equipment & Technical Assistance
Production: 1% of revenue
Distribution: 1% of revenue

• Military equipment refers to products or components specifically developed to be part of weapons or weapons systems. This includes all combat-related military equipment as well as products and services for other military equipment that have been significantly modified (customized) for use in combat-related military equipment.
• Technical assistance refers to specific information, technical data, or technical support necessary for the production or use of military equipment
• For companies generating revenue from the production of weapons or military equipment that is central to combat functionality, a zero-tolerance threshold applies.
• Does not include related products and services that are considered dual-use (military/civil) and/or have no clear connection to combat functionality.

 

Controversial Weapons & Nuclear Weapons
Production: 0% of revenue
Distribution: 0% of revenue

• Refers to weapons of a particularly inhumane nature, such as cluster munitions, landmines and anti-personnel mines, chemical and biological weapons, nuclear weapons, as well as weapons using white phosphorus or depleted uranium*. The exclusion criteria also cover the production of components or services related to nuclear weapons.

*Applies to activities that: 1.produce, store, trade, or use cluster munitions; 2. produce, store, trade, or use anti-personnel mines; 3. produce, store, trade, or use biological weapons; 4. produce, store, trade, or use chemical weapons.

Fossil Fuels
Production: 0% of revenue
Distribution: 5% of revenue
Companies within GICS Sector 10 “Energy” (oil, gas, coal, and industry-related equipment) are fully excluded.

• Production refers to total revenue from the extraction and/or exploration and refining of coal, oil, gas, and oil sands.
• Distribution refers to the sale of fossil fuels.
• Does not include the distribution of gas via pipelines.

Related Services & Products: 25 % of revenue

• Exclusion applies to companies with other types of operations or service providers that derive more than 25% of their revenue from fossil fuel activities or other companies within GICS Sector 10.
• Does not include companies whose products and services are considered multi-purpose and not specifically developed for fossil fuel activities, e.g., the sale of lamps.

Majority Owners

• Exclusion applies to investment companies that are majority owners of companies extracting fossil fuels or other companies within GICS Sector 10.

Fossil Reserves

• Companies with significant fossil fuel reserves are excluded through the exclusion of GICS Sector 10.

 

Fossil-Based Energy Production
Energy production based on fossil fuels: 25% of installed capacity

• Refers to energy-producing companies where the energy capacity based on fossil fuels exceeds 25%.

Electricity distribution from fossil sources: 25% of distribution

• Refers to electricity distributors where more than 25% of the electricity distributed comes from fossil sources.

Electricity production from thermal coal combustion: 5% of revenue

• Refers to companies where electricity production from thermal coal combustion exceeds 5% of revenue.

 

Nuclear Power

Refers to companies that produce or distribute electricity where more than 25% of the generated energy comes from nuclear power.