Kernel KiwiSaver Global Infrastructure (NZD Hedged) Fund

Companies of Concern

• Social Harm 0.13%

  • Beijing Enterprises Holdings Ltd.

    0.13%

    0.13%
    Alcohol

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

    Fossil Fuel Power Generation

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

• Fossil Fuels 52.63%

  • Enbridge, Inc.

    6.96%

    !!

    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

    6.96%
    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.

  • National Grid PLC

    5.31%

    5.31%
    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.

    NATIONAL GRID PLC Fossil Fuel Production

    Operates electric and natural gas transmission systems in the UK and US. It also operates facilities for storing LNG. including the Grain LNG terminal in the UK which is the largest LNG facility in Europe and 8th globally.

  • Tc Energy Corp.

    3.88%

    !!

    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

    3.88%
    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.

    TC ENERGY CORP. Fossil Fuel Production

    Headquartered in Canada, TC Energy operates natural gas, oil, and power generation assets in Canada and the USA. The company operates nearly 100,000km of oil and gas pipelines, and currently has 2,170.6km of pipelines under development. Projects include Coastal GasLink.

  • The Williams Cos., Inc.

    3.44%

    !!

    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

    3.44%
    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.

  • Oneok, Inc.

    3.29%

    3.29%
    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.

  • Sempra Energy

    3.27%

    !!

    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

    3.27%
    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.

  • Kinder Morgan, Inc.

    2.64%

    !!

    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

    2.64%
    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.

  • Pg&E Corp

    2.61%

    2.61%
    Environmental Damage

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

    Fossil Fuel Power Generation

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

  • Cheniere Energy, Inc.

    2.52%

    !!

    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

    2.52%
    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.

  • Consolidated Edison, Inc.

    2.23%

    2.23%
    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.

  • Targa Resources Corp.

    2.00%

    2.00%
    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.

  • Pembina Pipeline Corp.

    1.88%

    !!

    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

    1.88%
    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.

  • Fortis, Inc.

    1.77%

    !!

    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

    1.77%
    Fossil Fuel Power Generation

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

    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.

  • Atmos Energy Corp.

    1.33%

    1.33%
    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.

  • Centerpoint Energy, Inc.

    1.19%

    1.19%
    Fossil Fuel Power Generation

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

  • Nisource, Inc.

    0.96%

    0.96%
    Fossil Fuel Power Generation

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

  • Snam Spa

    0.82%

    !!

    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

    0.82%
    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.

  • Hong Kong & China Gas Co. Ltd.

    0.70%

    !!

    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

    0.70%
    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.

  • Tokyo Gas Co., Ltd.

    0.65%

    !!

    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

    0.65%
    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.

  • Keyera Corp.

    0.56%

    !!

    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

    0.56%
    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.

  • Apa Group

    0.54%

    !!

    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

    0.54%
    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.

  • Dt Midstream, Inc.

    0.47%

    0.47%
    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.

  • Enn Clean Energy International Investment Ltd.

    0.45%

    0.45%
    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.

  • Brookfield Infrastructure Partners Lp

    0.41%

    0.41%
    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.

  • Naturgy Energy Group SA

    0.32%

    0.32%
    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.

  • Antero Midstream Corp.

    0.31%

    0.31%
    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.

  • Kunlun Energy Co. Ltd.

    0.30%

    !!

    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

    0.30%
    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.

  • Enagás SA

    0.29%

    !!

    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

    0.29%
    Fossil Fuel Power Generation

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

    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.

  • Royal Vopak Nv

    0.24%

    !!

    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

    0.24%
    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.

  • Spire Inc.

    0.24%

    0.24%
    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.

  • Enlink Midstream Llc

    0.23%

    0.23%
    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.

  • Northwestern Corp.

    0.22%

    0.22%
    Fossil Fuel Power Generation

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

  • Gibson Energy, Inc.

    0.21%

    0.21%
    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.

  • Chesapeake Utilities Corp.

    0.17%

    0.17%
    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.

  • Beijing Enterprises Holdings Ltd.

    0.13%

    0.13%
    Alcohol

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

    Fossil Fuel Power Generation

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

  • Westshore Terminals Investment Corp.

    0.05%

    0.05%
    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.

  • New Fortress Energy, Inc.

    0.04%

    !!

    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

    0.04%
    Fossil Fuel Production

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

• Environmental Harm 2.61%

  • Pg&E Corp

    2.61%

    2.61%
    Environmental Damage

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

    Fossil Fuel Power Generation

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