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Alcohol

Involvement in this sector refers either to production (manufacture) or distribution (sales) of alcoholic beverages. Distribution refers to companies that derive more than five percent of their turnover from sales of alcoholic beverages. This excludes, for example, certain hotel and restaurant chains for which more than five percent of turnover is derived from sales of alcohol. We do not invest in companies where more than five percent of turnover is derived from the production or distribution of alcohol. Does not refer to related products and services, such as packaging and glass bottles.

Production: 5%

Distribution: 5%

Weapons and/or munitions

Includes the manufacture of weapons for military purposes and manufacture of critical components for weapons or munitions for military purposes. Does not refer to related products and services that are not critical weapon components, such as materials that can also be used in other areas, such as goods vehicles or helmets. We do not invest in companies where more than five percent of turnover is derived from the production (manufacture) or distribution (sales) of weapons including combat arms or other munitions.

Production: 5%

Distribution: 5%