Bentham Global Income PIE Fund

Companies of Concern

• Animal Cruelty 0.31%

  • Topgolf Callaway Brands Corp.

    0.11%

    0.11%
    Fur & Speciality Leather

    Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).

  • Seaworld Entertainment, Inc.

    0.09%

    0.09%
    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.

  • Avient Corp.

    0.03%

    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.

  • Element Solutions, Inc.

    0.03%

    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.

  • Tronox Holdings PLC

    0.03%

    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.

  • Six Flags Entertainment Corp.

    0.02%

    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.

• Human Rights Violations 0.18%

  • Ubs

    0.11%

    0.11%
    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).

  • Kbr, Inc.

    0.06%

    0.06%
    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.

  • Mattel, Inc.

    0.01%

    0.01%
    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.

• Social Harm 0.33%

  • Caesars Entertainment, Inc.

    0.14%

    0.14%
    Adult Entertainment/Pornography

    Where companies are involved in the production or distribution of adult entertainment.

    Gambling

    Where companies are involved in the manufacture or retail of gambling specialised equipment, gambling supporting products and services, or gambling operations.

  • Paysafe Ltd.

    0.08%

    0.08%
    Gambling

    Where companies are involved in the manufacture or retail of gambling specialised equipment, gambling supporting products and services, or gambling operations.

  • Entain PLC

    0.04%

    0.04%
    Gambling

    Where companies are involved in the manufacture or retail of gambling specialised equipment, gambling supporting products and services, or gambling operations.

  • Light & Wonder Inc.

    0.04%

    0.04%
    Gambling

    Where companies are involved in the manufacture or retail of gambling specialised equipment, gambling supporting products and services, or gambling operations.

  • Performance Food Group Co.

    0.02%

    0.02%
    Tobacco

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

  • Lottomatica Group Spa

    0.01%

    0.01%
    Gambling

    Where companies are involved in the manufacture or retail of gambling specialised equipment, gambling supporting products and services, or gambling operations.

• Fossil Fuels 1.29%

  • BP

    0.86%

    !!

    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

    0.86%
    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.

    BP Fossil Fuel Production

    BP, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company has as reportable segments: gas & low carbon energy, oil production & operations, customers & products, and Rosneft. Additionally, BP plc owns and operates crude oil and natural gas pipelines, processing facilities and NGLs extraction business.
    Between 2020 and 2022, the company spent on average US$1,104 million per year on exploration activities alone. After generating 1,066 million barrels of oil in 2021, the company plans to expand their operations an additional 287% in the short term (1-7 years). The expansion is proposed to extend far and wide across the globe, including in Indonesia, India, Azerbaijan, UAE, Egypt, Mauritania, Brazil, Argentina, Bolivia, Trinidad and Tobago, USA and the UK. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 34.7%.

  • Enbridge, Inc.

    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.

  • Northern Oil & Gas, Inc.

    0.05%

    !!

    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

    0.05%
    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.

  • Alliant Energy Corp.

    0.02%

    0.02%
    Fossil Fuel Power Generation

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

  • Civitas Resources, Inc.

    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

    0.02%
    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.

  • Hess Midstream Lp

    0.02%

    0.02%
    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.

  • Rockcliff Energy Llc

    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

    0.02%
    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.

  • Sunoco Lp

    0.02%

    0.02%
    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.

  • Genesis Energy Lp

    0.01%

    0.01%
    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.

  • Matador Resources Co.

    0.01%

    !!

    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

    0.01%
    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.

  • Murphy Oil Corp.

    0.01%

    !!

    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

    0.01%
    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.

    0.01%

    !!

    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

    0.01%
    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.

• Weapons 0.29%

  • Transdigm Group, Inc.

    0.18%

    0.18%
    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.

  • Kbr, Inc.

    0.06%

    0.06%
    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.

  • Ttm Technologies, Inc.

    0.03%

    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.

  • Compass Diversified Holdings

    0.02%

    0.02%
    Firearms

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