What can the Stewart Investors Worldwide Leaders Fund actually invest in?
The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each.
Strategic asset allocation ranges
| Asset class | Target | Min | Max |
|---|---|---|---|
| Cash and cash equivalents | 10% | 0% | 10% |
| Global equities | 90% | 90% | 100% |
Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift.
Explicit exclusions (13)
- Companies with material exposure to exploration, production or generation of fossil fuel energy (coal, unconventional oil & gas, conventional oil & gas) — 5% gross revenue threshold
- Companies materially involved in nuclear energy — 5% gross revenue threshold
- Companies that wilfully or persistently neglect their environmental obligations — no materiality threshold
- Companies materially involved in the production of alcohol products — 5% gross revenue threshold
- Companies involved in the production of Tobacco Products — 0% revenue threshold; wholesaling/distribution/dedicated services to tobacco producers — 5% threshold
- Companies materially involved in gambling operations or provision of gambling opportunities — 5% gross revenue threshold
- Companies involved in production of pornography — 0% gross revenue threshold; material distribution of pornography — 5% threshold
- Companies materially involved in the export of live animals, cruel production practices (e.g. factory farming), or trade of controversial animal products such as ivory — 5% gross revenue threshold
- Companies involved in animal testing during production of consumer/medical/chemical/household products except where testing meets ethical standards, is regulatory-required, or no alternative methods exist — 5% gross revenue threshold
- Companies that discriminate against or seek to impinge on abortion rights for women — no materiality threshold
- Companies involved in research for reproductive cloning of human beings or animals — no materiality threshold
- Companies with poor records on globally accepted human rights norms including modern slavery, child labour, capital punishment, indigenous rights and community impacts — no materiality threshold
- Companies materially involved in manufacture of armaments including Controversial Weapons (anti-personnel mines, cluster weapons, biological and chemical weapons, depleted uranium, nuclear weapons, white phosphorus munitions — 0% threshold) and other armaments such as hand guns — 5% threshold
Responsible-investment approach
The Investment Manager takes into account labour standards or environmental, social and ethical considerations for the purpose of selecting, retaining or realising investments. Stewart Investors evaluates companies through a Quality Assessment and Sustainability Assessment using qualitative judgements rather than quantitative thresholds, and excludes companies with material exposure to harmful and controversial products, services or practices including fossil fuels, nuclear power, tobacco, armaments (controversial weapons at 0% threshold), gambling, pornography, alcohol production, and others as set out in the Position Statement.